Most people especially the younger generations don’t know the basics about money, why debt is bad, why saving matters, and how to budget. And incidentally, these are the basis for financial freedom and future planning.
You can change this trend, starting in your home. By teaching your family healthy view of money, you’ll put them in a great position to succeed early in life. As a parent, you have the unique opportunity to empower your spouse and children with life-changing financial principles.
Firstly, let them know that debt isn’t the good one. Loans, car payments, credit cards, they’re a way of life for a most people.
Possibly you may be hearing about good debt and bad debt at some point. But there’s no such thing. All debt is bad debt. It complicates your life, adds unneeded stress, and places a huge obstacle in your path as soon as your repayment date is due. Make sure your find all possible way to avoid it.
Secondly, create a budget to build more wealth because budget is your plan. It’s how you tell your money where to go, before the month begins, instead of wondering where it went at the end of the month. A budget will help you avoid overspending on things that are not necessary at a particular time.
Another factor is living generously, I mean, giving out your things unnecessary, it can be money or material items. Though there is nothing wrong in giving, because its part of God wills that we should be generous, right? But sometimes reverse is the case. You focus less on yourself and see the needs of others more. One of the best things you can do for yourself and family is to learn how to appreciate and understand the power of giving before you do it.
Finally, for kids, for instance, many of them go to school, randomly choose a course of study, and start careers they’re not the least bit passionate about. I think this is the time, we need to realized that as from 18 years of age, children doesn’t need to know the career they want to work in, but they should at least begin the process of examining their strengths, weaknesses, and passions.
I know that you care for your children and want to see them succeed in all things, including money. If you’re serious about putting your kids on the right track financially.
One of the most important tasks for parents to tackle while raising kids is ensuring that they have a proper understanding of how money and finances work. By providing your children with a solid financial literacy foundation, you will set them on the right path to be financially responsible adults.
TIAMIYU ADIO ISMAIL