Some may try to convince you otherwise, but being a good parent is no easy job. You will quickly learn the importance of prioritizing things like time and money as well as realizing how you rarely have enough of either.
With a lot of people, learning about managing money can be a bit of a learn-as-you-go venture. Sometimes you can make cutbacks in spending habits, other times you have no choice but to supplement your income. What’s important is figuring out how to strike the balance between family and work.
Being financially responsible isn’t just about making sure you’re earning enough money to support your family and lifestyle. You also have to consider providing for them after you’re no longer on this earth. Just because you aren’t here doesn’t mean their needs for financial security go with you. Speak with a professional who can make sure your life insurance needs are seen; they can advise you on appointing a primary beneficiary.
Are you familiar with the expression, “Work smarter, not harder?” That doesn’t only apply to being creative with your approach to problem-solving. It also means knowing your limits, don’t be afraid to ask for help when you need it, and especially in these times, letting technology be your friend. There are apps and software that can do anything from help you manage your business, investments, calendar, and budget. Don’t waste precious time doing something that can be done in a fraction of the time with the use of technology.
Teach Your Kids
Being good with your money is a great discipline to have, make sure you pass that information along to your kids. It’s never too early to start! There’s no certain time to instill good money sense in your children. Encourage your kids to set goals and help them to see money to reach them.
To encourage your child to save money, offer to match the amount they save. Chances are, they’ll be excited about saving more and more money knowing that your contribution is going with theirs.
Make them earn it. Assign money values with chores and upon satisfactory completion of these tasks, pay them. Better yet, have a running tally all week and the amount they earned is their weekly allowance. Make sure they understand whatever amount they earned will have to last them until their next payday. It will help to solidify the importance of choosing how they spend their money and a great introduction to budgeting.
Lead By Example
No matter what you tell your children about how they should be with money, how to treat others, or the importance of being honest your actions will speak louder. Whether you realize it or not, your children are always watching you. They’re learning by how you interact with others or complete certain tasks and will mimic your behavior. The things you do, as opposed to the words you speak, are what will make the biggest impression on your kids. Mimicking behavior is how we learn.
Love and Support
When raising a family, there are plenty of details about what you should pass on to your kids and what you will pass on inadvertently. The biggest service you can do for your kids is to make sure they know and understand that you love and support them. There is a fine line between being authoritarian and exercising authority. Be stern with limits and expectations but also explain why you’re disappointed when those standards aren’t met. Raising someone who knows they are truly loved and supported will help them to foster healthy relationships in the future.