9 Year Mortgage Advice: Teaching Financial Responsibility to Children

 9 Year Mortgage Advice: Teaching Financial Responsibility to Children

The last thing you want as a parent is to see your child grow up to struggle with financial problems and debt like the hundreds of thousands of Americans who currently are.  9 Year Mortgage has 5 suggestions for teaching your children how to be money-smart.

Start Early. 9 Year Mortgage advises that you start talking to your children about money from a young age. You should tell them that you have a job where you earn money to pay for things so they understand that money doesn’t grow on trees, and that plastic card in your wallet isn’t magic. It’s difficult for kids to understand the concept of paying for something when they see you pay with a credit or debit card. It can be helpful to sometimes pay with cash to help them get a visualization of a transaction.

Teach by example. Let your children see you practice self-restraint. Set an example by budgeting and show them how compare prices while you’re out shopping. 9 Year Mortgage knows that kids will follow the example their parents set, regardless of the lessons you try to teach them.  If your kids don’t see you applying these important lessons into your own life, there isn’t a good chance that they will either.

Let them practice. 9 Year Mortgage believes that using an allowance is a great method to teach kids about spending wisely. Let them experience spending money on a purchase that isn’t well thought out. If your son spends his money on something wasteful, and later realizes he wants something else, teach him that he should think about how he spends his money before making a purchase. Don’t bail him out. Kids are more likely to remember that experience the next time they have money in their pocket, and will hopefully be more inclined to spend on something worthwhile, or even save for a bigger purchase.

Chores. 9 year Mortgage is certain that if children have to work for their money, they will value it even more.  Follow through on your end, and make sure that they complete chores necessary in order to earn their allowance. It’s important that children understand the concept of earning money, rather than being handed money freely. Some experts believe that there should be 2 sets of chores in the home. The first is the normal expectations of a family member, picking up after yourself, brushing teeth, etc. The second group is extra chores that kids can be paid on. These include washing the car, setting the table, mowing the grass, etc. This instills the idea that family members have certain expectations, but also that it’s necessary to work to earn money.

Savings. Teach your kids about saving money for bigger purchases. It’s important that children learn to control the need for instant gratification. It’s also important to teach them to save money for college. When they receive birthday or Christmas money, advise them to save a percentage, maybe 25% or even half. 9 year Mortgage knows that if kids learn to save a portion of their income from a young age, it will be a lot easier to have those good habits as an adult.

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