When I graduated from high school, I was not ready for the world. Specifically, my parents didn’t teach me how to save or spend money. Like most parents, my parents told me to leave the house, go to college, and learn how to take care of myself. While they told me to do these things, they didn’t actually provide any instructions on how I was supposed to transition from being a teenager to an adult.
To avoid the challenges and hurdles I faced, here are some financial aspects your child needs to understand:
- Managing and budgeting the money they receive
- Understanding how to pay and file taxes
- Why having good credit is important
- Paying bills on time/beforehand
- Automating all bills
- Using cash when possible
- Credit card money doesn’t belong to them and there are limits to credit card usage
- Pay yourself first
- Tithe – give God his 10%
- The importance of spending responsibly
Now, I know many parents struggle with all or some of the things I listed above. If you do, please get help so you can teach your child to be great at managing their money.
Giving your children this foundation when it comes to money will help them be productive citizens in society. Additionally, it will give them the confidence they need to make smart and valuable decisions.
While I ended up being ok, I learned about money management very late in my life. If I was taught about spending, saving, investing, and giving early on, things would have been a lot different for me.
What you do in your twenties will determine how financially successful you are in your 30s and 40s. Similarly, what you do in your 40s will determine your financial state in your 50s, 60s, 70s, and 80s. As life expectancy continues to increase, you will have to ensure you have enough money to take care of your basic needs for many years to come. Some basic needs include food, shelter, clothes, healthcare, and insurance.
If you want to set your child up for financial success, check out my blog on Kids & Money by visiting https://www.thefinanciallady.com/kids-money/. It will give you the tips and tools to support your child when it comes to understanding money. Over the years, I have learned that if you make understanding money simple and on a child’s level, it will not make financial talk scary and boring.
Click here https://www.thefinanciallady.com/resources/ to access my FREE financial worksheets that will help you and your child!
The Financial Lady is here to help you if you’re still lost when it comes to money. I can also help children learn the skills needed to manage money. To get the help you or your child needs, simply click on the link to schedule a time with me: https://www.thefinanciallady.com/book-me/
Be aware, be informed!