Good Parenting

As Passion Parents, we want the most for our children. Most of us were raised learning Reading, Writing, and Arithmetic. Too bad that list didnÂ’t include personal finance, not only for our financial future, but for our childrenÂ’s as well. Great news! It is not too late!

Getting an early start has huge benefits. The benefits of teaching your children about money early on are both immediate and long term. In the short term, they can develop strong saving habits, learn how to make smart purchases, and begin to understand the true meaning of “investment.” You can teach them life skills of not getting everything you want immediately and not wanting everything. That quality may be more expensive on the price tag, but less expensive in the long run. This is also a great time to introduce the idea of giving, both service and charity.

In the long term, you can help them avoid accumulating debt. And by teaching the value of saving for the future, you can help them plan for financial security. Opening the door to discussing finances can also lead to other conversations about right mind thinking and how to create and how to create a life by design. How to plan instead of just accepting what comes their way.

As you think about how, what, and when to teach your children, consider letting them direct you by using their natural inquisitiveness.

An ideal time to begin teaching your children about the basics of money is when they first begin to notice it. I was amazed when my daughter seemed to ‘know’ what a gum ball machine was and that it took money to get the item out of the machine. Likewise was my humor when she replied that we should go to the grocery store to get more money when I told her that she could not have the item she wanted as I did not have any money with me.

That response made me aware that I needed to pay attention to how I responded, even that early! I want her to grow up with a healthy understanding and relationship to money. Young children may not be able to understand why you can not meet their every desire, but reaching for the easy excuse that we don’t have money, money doesn’t grow on trees, or other clichés may not give them the outcome you desire for them. A more constructive and honest explanation may serve both of you better.

I know many adults that do not have a healthy relationship with their money. For many people, when they get real honest with themselves, do not feel worthy of having an abundance of money. It is common for people clearing static around money, to find instances in their childhood that they keep replaying in their adult lives. They were told that they had been bad, or they did not have enough money, or other families can buy that stuff but they can not. Maybe they heard their parents fight over money or there was tension about money that was not talked about, but the tension was heavy and obvious. Being honest and aware of your responses to money issues can help your child have a healthy relationship with their finances.

HereÂ’s to being a Passion Parent!

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This entry was posted on Saturday, September 20th, 2008 at 2:09 pm and is filed under Good Parenting.