Raising Your Child to be Financially Mature | Part 10

Raising Your Child to be Financially Mature | Part 10

Jul 08

The Series Wrap-up

What do I do if I feel like my child is just not getting the concept of how to deal with money?  As a parent, having to constantly repeat yourself can become very frustrating.  We have to remember that we are dealing with people not a computer, it is not a simple one time download.  Parenting is process oriented not result oriented.  We have to allow for the process to take time, not getting frustrated and giving up, if it appears as though something is just not sinking in.  In those times where it feels frustrating we must focus our efforts not on the discouragement, but on any small glimmer of progress.  When we see that glimmer of progress we must go crazy with praise for the child.  There are times when we may not feel the freedom to praise because the child has not reached the goal yet.  We have to keep in mind that part of our job as parents is to be our child’s cheerleader and encourager.  This will help through those times where it feels as though they will never get the concept.  Our encouragement and praise may just be the catalyst that makes that lesson sink in!

 

Listen to today’s podcast for more insight on training your child to be financially responsible.

 

 
Raising Your Child to be Financially Mature | Part 9

Raising Your Child to be Financially Mature | Part 9

Jul 07

Preparing My Children for Financial Independence

One of the main goals for parenting is to train our children to be a responsible adult, which includes their finances.  Training our children requires that we put a plan into place early on to prepare them to handle money wisely.   If we don’t and we drop them off on a college campus or watch them go out the door as adults we have possibly set them up for failure.  To come up with a plan you can start at the end, or goal, and work backwards.  As your child leaves your home the goal is to have them fully prepared to use the tools that come with money, such as a debit card, credit card and budget.

We have talked over the past week how to use allowance with your small children to teach saving and then creating a budget with your older children.  As teens approach the end of high school there must be a plan in place to help train them to use a debit card, bank account and credit card responsibly.  This will take a lot of trust and communication on the part of the parent.  It is necessary to help your child be prepared to handle the financial temptations of the adult world and be strong enough to say no.

 

Listen to today’s podcast for more insight on training your child how to be financially independent.

 
Raising Your Child to be Financially Mature | Part 8

Raising Your Child to be Financially Mature | Part 8

Jul 06

Teaching Budgeting

Teaching our children to be financially responsible is more than just teaching them to save, it is also teaching them how to budget.  As our children get older one of the ways we can prepare them for adulthood is by training them to be organized financially.  This will require a few things of us as parents.  We will need to be organized ourselves so that we will know how much they need in order to pay for their own overhead, such as toiletries, ect.  The next thing is to help our child have a system in order to budget this money.  There are many systems out there that can be helpful, envelopes or a binder with pockets can be used.  The next step is to allow them to practice this training.  Just as with teaching them to save it is our job to get out of the way and allow them to make their own decisions.  As with anything practiced it won’t be perfect right away, we must allow them to fail in order to learn the lesson and do better next time.  Keep in mind that it will be much easier on our kids to practice and fail at budgeting now rather than in adulthood.

 

Listen to today’s podcast for more insight on teaching your child how to budget.

 
Raising Your Child to be Financially Mature | Part 7

Raising Your Child to be Financially Mature | Part 7

Jul 05

Chores and Allowance

Allowance and chores are both a great opportunity to teach your children what it means to be responsible within the family unit.  If we don’t attach a child’s weekly chores to their allowance we are teaching them that there are things that you do to simply contribute to the family.   As soon as a child is old enough they can begin with simple chores such as picking up their room and making their bed.  As they get older family chores can be slowly added.

One of the reasons to give children chores, such as taking care of their own bedroom, is to teach them responsibility and time management.  It is also good to continue to teach them life skills as they get older because we will not always be there to clean up behind them.  It is also a valuable lesson to teach that chores are done around the house simply to contribute to the family.  Adults don’t get “paid” to make their bed in the morning or do the dishes.  As we have been discussing over the past week, allowance should also be treated as an important training tool for teaching responsibility as well.

Listen to today’s podcast for more insight on teaching your child responsibility through allowance and chores.

 
Raising Your Child to be Financially Mature | Part 6

Raising Your Child to be Financially Mature | Part 6

Jul 04

Encouraging Good Stewardship

Is it truly more blessed to give than receive?  For children this may be a hard lesson to get across if we their parents don’t live like we believe it.  Today we are going to talk about the concept of good stewardship.  Good stewardship is not just learning to be good with money it takes this a step farther.  It means learning to be Godly with our money.

The first lesson in stewardship, tithing, is easy to teach your child using their allowance.  Letting your child put aside some of their own money to give back to God on Sunday is very important. We must use this experience to communicate with our children the very essence of stewardship.  This is the fact that God as Creator owns it all and we are merely managers of what He has given us.  If we can continually remind our children, and ourselves, of this concept it helps us not only keep an attitude of gratitude but also of generosity.  As we give our children more and more opportunities to be generous with others they will begin to learn that it is truly more blessed to give then receive.

Listen to today’s podcast for more insight on teaching your child stewardship.