As parents, there's a lot we need to teach our children about. It's our duty to prepare our children as much as possible for the future, whether we're helping them get to grips with their homework, teaching them to cook or to drive safely, there are lots of little things we can do to ensure that they grow into healthy, happy adults.
However, there are some things that we probably shouldn’t pass onto our kids. Bad habits that can have a detrimental effect on their lives. Bad food habits, heavy drinking, a lack of exercise and ignorance are just some of the bad behaviours we might be passing onto our kids. One of the most dangerous habits, however, is poor money management.
Making poor money choices due to a lack of knowledge and guidance from you can lead your child down a dangerous road of debt and uncontrollable spending practices. The last thing any parent would want for their child is to see debt collectors turning up on their doorstep moneynerd.co.uk/capquest-debt-collectors
Read on to discover the bad money habits you shouldn't be passing onto your kids.
Not saving for the future
Saving for a rainy day, a house deposit, a holiday or for your retirement is essential. Putting any amount of money aside each month could mean the difference between achieving your financial dreams and struggling to get through a tricky financial situation. Junior ISAs are the perfect way to introduce your children to saving and get them in the habit of thinking about their futures. Start now!
Constant overspending
Spend. Spend. Spend. If your child wants something do you ever say no? Are you constantly getting home deliveries and treating yourself without checking your bank balance? If your child doesn't witness you checking your bank account and instead sees you treating your funds as a bottomless pit, then they're not going to understand the importance of good money management and being careful with your cash.
Ignoring those bills
You might not think that your kids notice the stress and concern that spreads over your face when you open those bills. But they do. If you're constantly ignoring the bills that come through the mail, avoiding phone calls and missing final payment reminders then your kids are going to think that this kind of behaviour is normal. Debt is incredibly dangerous, and it can impact both your physical and mental health. Make sure your kids understand the importance of paying your bills on time and sensible borrowing.
And finally, fighting about money
Money is the main cause of arguments between couples. Your other half is spending too much, has hidden debts, you don’t earn enough, you want to go on holiday but can't afford it…the reasons are endless. However, if you and your partner are often seen and heard arguing about money then your kids are going to pick up on it. This normalises the opinion that money is something that causes friction and pain between couples. If you’re having money problems, make sure the kids don’t suffer, or seek financial help from an advisor.
It’s your turn
The sooner you educate your kids about money, the more likely they are to make better money choices as they get older.
0 Comments