Parenthood is such a privilege! I don’t think it’s possible for anyone else to be closer to your heart than your children (and your spouse, of course). With that privilege of being a parent, comes responsibilities – many of them, which include love, support, food, clothing, shelter, discipline, and so on.
Responsibility (noun): Taking care of your duty.
When we are blessed with things, it becomes our responsibility to provide continual care and maintenance. This applies to everything we acquire, but with this post, I would like to focus on the relationships of parent-child, family-home, and family-money.
Not only is parenthood a privilege with many responsibilities, but so is home ownership. Taking care of a home has its responsibilities as well, and even more so – a home with children. As parents we lead by example and teach our kids to help with household chores like cleaning their rooms, taking out trash, sweeping, clearing the table, etc. Those are life lessons that will follow children into their adulthood.
In my home my husband and I make sure chores are completed before some privileges. (It comes with battles just like everyone else’s home!) Sometimes, depending on the layout of the day and events, we help our children come up with a schedule to complete their chores and still have their pleasurable activities that allow for fun to come before work. The goal with this is to teach responsibility, self-discipline, and time management. It doesn’t work smoothly or perfectly every time, but it is preparing them for adulthood – if they like it or not.
Financial Literacy (concept): The skill sets needed to make smart financial decisions.
What about teaching financial responsibility? It is just as important. Along with chores, children need to be financially literate as well. Teach them to make smart decisions on spending and saving money. This could be as simple as teaching your kids to compare prices when shopping, letting them help clip coupons, and through allowances. All these instances allow for you and your child to start a dialogue about money-management. Also, understanding credit and credit card use is definitely a big topic that needs to be discussed and its foundation set in all households. My husband is great with this in our home!
Another big lesson in money-management (perhaps the biggest of all) comes from setting a budget for your family and involve your children in learning what will and will not fit into your budget. This is great for teaching decision-making skills, problem-solving, and determining what priorities are. You’ll be rewarded by teaching your children these values of responsibility and money management. The reward is raising responsible citizens.
- Top 10 Money Tips to Achieve Financial Literacy (prweb.com)
- An Economic Survival Guide for Teenagers (optionsanimal.com)
- How to Help Your Kids Be Financially Literate (ally.com)