Children are the future of any generation, and they imitate whatever adults do in front of them. The habits they procure is a result of what they see, are taught or witness when they are learning about the little things that mold their resourceful brains. It’s said that habits and practices are what maketh a man, and it depends on the older and more experienced person along with a kid that could make his/her future.
Coming down to money practices; one of the chief matters that give shape to the future of your spending habits which most people ignore passing on to their kids. Legit, because even they had never been taught by their elders about handling money the right way from their early days. This gives rise to a lousy learning and unconscious teaching that it’s ok to regress and regret in the later years.
Young adults strain every day on creating a sound financial bank for themselves so that they can enjoy the profits later on in life. They save, invest and spend on things that give them the sense of monetary freedom for the present and the future growth that they are planning for but most of them would readily agree that nobody ever taught them in the initial days of their lives about generating a good saving or spending habit. They learned from their own mistakes and realizations.
Now the time has come to realize that even our children, the flag bearers of our future need to learn from our mistakes and start taking better financial decisions from the very beginning. Let’s check up on some of the bad money habits that we are knowingly or unintentionally passing on to our kids instead of doing its opposite.
- Kid’s instant gratification: Children often get attracted to objects and make a fuss about acquiring it. It’s up to the parents to handle the situation and make them understand the importance of that object. Being stern at times would also justify if it helps to make the kid understand the importance and value of money.
- Ignoring paying your bills on time: Children observe everything, even if they can’t grasp the significance of the events taking place they can still understand the difference between being responsible and procrastinating. The more you pile up your bills, the more you are shrugging off the responsibilities. It not only puts you in a bad light in front of your kids but it also is going to damage your finances when multiplied.
- Overspending: When kids see their parents buying unnecessary things they also get convinced that doing so is fine and later they acquire the habit themselves. Making a list of what is needed and what is wanted helps in this matter. Do that not only for your better financial judgment but also for your kid’s financial literacy.
- Not saving/ Living pay-cheque to pay-cheque: Teaching your child about saving money is the primary good parenting that a family can take upon. But if you are failing, it gets passed on to the children pretty easily and later reviving them from this comes with a cost.
- Not talking about financial matters: It is seen that whenever the elders discuss money, kids are always sent away or are kept away from the discussion. Their opinion isn’t counted as it is thought that they are not smart enough to advise on finances. Even if so, keep them in the loop to empower them for their financial wisdom which could help them in the more extended run.
As parents you always want your children to do better than you in life. It is necessary to help them learn, be it teaching a habit or by learning from your own mistakes. It is better to pick up hints from your not-so-perfect financial habits sooner and pass on only the excellent money traits to your children than to make bad decisions and regret it later.