As our children get older we are focused so much about protecting them for the safety, but what about their financial safety as well? One day they will start to make their own money, own homes, get married, and hopefully live financially responsible without making bad financial decisions like missing payments, going to debt, or excessive spending, so it is up to us to teach kids about money as early as possible so they can not only take financial responsibilities seriously, but to make the right decisions.
Live Within Your Means
The simple reason that we go into debt is that we are spending much more than what is coming in, so it is important to teach the importance of living within our means of what we can afford. Each family’s situation is different, but we want to stress the importance of appreciating what you have, and also giving to those less fortunate as well. Teaching the fundamentals of a budget could be a great way to ensure that you spend what you can afford by allocating certain funds and not going over budget and pulling from other areas or backing with a credit card.
Stay Organized
Organization is key when it comes to handling the household finances, keeping track of not only which bills are due when and how much, but making sure you can continue to afford. Eliminating unnecessary purchases is a great way to free up extra money each month, and a way to ensure is to making a shopping list prior to leaving the house, and sticking to that list while at the store. It will make your trip more organized by looking for what is on your list, as well as not having your budget thrown off by extra purchases (and even forgetting items you went to get in the first place).
Find the Best Deal
If we were to price match when I was a kid, it would entail driving across town to store to store to look at the best deal, so by the time you factor in your time and gas prices, was it even worth it. With online shopping at our finger tips, you can price compare from site to site and have the best deal out there within minutes, whereas before it could have taken all day driving around. Only problem with online shopping is there is so much, and it never clothes, so willpower needs to be key.
It’s Ok to Seek Help
We as adults may think we have all the answers, but we still don’t, so no matter what age you are at, it’s always good to consult a family or friend that you trust to divulge some financial tips, as well as a professional as well. If you are having money troubles, spending beyond your means, and falling into debt, waiting will only make it worse, so it’s good to keep someone in the loop that you can even bounce ideas off, or to make sure you’re following the correct path.
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