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Children Affected by Their Parents Management of Money

Jul 11, 2008
Children are great imitators, learning by what they see other people, especially their parents, doing. Children also learn how to care for financial matters by observing what their parents do, so setting a good example will help them later on in life financially.

Children who spend money without considering what consequences it could bring are usually raised by parents that act the same way. It would not be wise to teach children that money is simply a means to an end. Instead, emphasize that money is important for physical necessities like food and shelter but is not the most important thing in life.

Money that is handled with respect is money that will be around for more than one day. Lack of money is the reason why many couples in a marriage argue. Parents that come from two different backgrounds when it comes to money will likely butt heads. Before the children become adversely affected, the parents need to talk out their differences and come to a common viewpoint on how to handle the family finances.

Parents have not all had great examples of how to save money in their pasts to look to, and learning to do so does not happen overnight. Reading books or taking classes on money management can help end bad financial practices and will also influence children in positive ways when it is shared with them, perhaps at family meetings.

Get the family together and make a financial plan if you dont already have one in place. Make the kids part of the process so that they learn the proper use of money in a family. Talking together about problems and solutions to money problems can be beneficial as well.

My parents never had excess amounts of money while I was growing up, and I spent everything I made on stuff I wanted when I started working. Despite working hard, I spent my earnings in an effort to not feel like I was missing out on anything.

This carried over into my adult life and created problems when I got married and started a family. My parents didn't do anything wrong, there just could have been a few more "right" things done. We never talked about money. It was a "grown-up" thing and children weren't included. I went with what I perceived to be the truth when it came to money.

Teaching children about money is certainly preferable to simply leaving them alone to figure out financial things. Let children be part of conversations on big financial adjustments in the family so they know how things will be handled. This does not mean, however, that children have to know about every little decision you make regarding money.

Poor money choices, even for the right reasons, can affect the way children deal with money. You may think that the children aren't watching, but they are carefully. Make use of every opportunity that you have to arm them with the tools that produce good money management decisions.
About the Author
Are you stressed out about your debt? Do you have a list of things you would do if you weren't putting all your money towards your debt? Learn how you can legally eliminate debt on the Debt Smackdown website. Visit http://www.debtsmackdown.com for more tips & advice.
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