There is lots of advice out there on parenting, and I think most of what I have read has really helped. Still it's a challenge. It's deeply personal, and there is not one solution for every situation.
But a common theme is that children watch what you do, not what you say. In my case, I remember more of what my parents did than what they said.
We say a lot, so maybe it's not encouraging to know that 20 or 30 years later, our children won't be able to remember much of the wonderful advice we gave over the years.
But they will remember what they saw.
And children view their own situation as normal; they think all families are like their family. This narrow window of time is the opportunity we have to mold their thinking in the right way.
There are two areas we struggle in: our words and our actions.
First, we have to watch what we say about money. Do you complain about not having enough money? Do you communicate by your words that the topic of money is stressful? When facing a money crunch, are you solutions oriented or passive or even fatalistic?
Second, there is value in pulling back the curtain a little on how your household manages money. You shouldn't share everything right away; we need to be age-appropriate in what we share. But there are things we can do even with young children. A budget system using envelopes or glass jars can be very effective.
Planning meals rather than resorting to fast food each night can also teach valuable lessons.
It's okay to talk through these issues depending on your situation. As children are able to understand, you can explain what happens when you pay with your debit card at the grocery store. You can explain how a bank works if you deposit money. Allowances are a great way for children to experience saving, spending, giving.
We shouldn't stress about our responsibilities to teach our children how to handle money. It is a huge responsibility for sure. Think of what you learned from your parents about money, good or bad.
You can do it!
And later, much later, you may see the reward when your own children handle their money wisely. It's worth it.
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Disclaimer: The views expressed on this website reflect the personal opinions and experiences of the writer. Nothing in this article constitutes financial advice in any way. Information on this website should not be relied upon for investment or business advice. Please consult with a qualified financial professional before making any financial decisions.
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