Set a Good Financial Example for Your Kids

Do you grit your teeth when you give your kids their allowance and it immediately disappears on candy and CDs? Do you feel like your kids have no idea of the value of money or the importance of learning to save?  Do you wish your children would learn to set a financial goal, such as putting aside their money for a special purchase?  Family budget counseling could give you the edge you need.  With family budget counseling, you will set a good example for your children.  If they are old enough, you may even include their input in the family budget counseling process.

 

There are so many issues to address in family budget counseling.  Whether your children are tiny or ready to drive a car, their needs figure highly in family budget counseling.  The basic expenses such as food, clothing, school and medical care are always a factor, but as children age they seem to be more expensive.  Your family budget counseling should include starting a column for saving money specifically for the big ticket items that are still far down the road: a car, insurance, college tuition, a wedding.  By creating a reasonable and responsible budget, you will be making sure your family’s resources are used in the most financially sound way. 

 

By participating in family budget counseling, you will also be showing your children the best way to handle money.  You will show them the importance of planning your spending ahead of time as well as the value of knowing where your money goes.  You will model saving money and the fun of anticipating a big purchase only when you can afford it.  And it might even be nice to sit down with your children and create  “kid budgets,” encouraging them to set some spending categories of their own.  Remind them that a percentage of their money should be saved each week, even if they do not have a specific purchase in mind.

 

Family budget counseling yields healthier financial behavior for everyone in your home.  It takes the guesswork out of your spending habits and lets you plan for the future.  And if you do your job well, your children will grow up to be responsible consumers who know how to manage their own finances.

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