Train your children about money
Train your children about moneyI have noticed that people getting into financial difficulty seem to be getting younger than in prior years. I hope that this is not just myself getting older. It is an obligation that we have as parents to train our children to understand what it means to earn money and to not foolishly spend it.
Simply giving them an allowance is not good enough. They should do something simple such as making their bed, cleaning the kitchen table after dinner or cutting the grass in order to earn the allowance. The concept or work equals money is very important when training young children. As they grow older and want to play organized sports, go to camp or go on trips, it is wise to have them get a part time job to pay a small portion of the cost. If they are going to university, there are several months of time off in the summer to find a part time job which teaches them about money, time management, discipline and much that will help them in school and their future job. If you decide to introduce your children to a credit card, consider having a very serious discussion about the credit card being for emergency use only. The options are to give them their own low limit card (which often requires the parent to guarantee) or to give them a duplicate card from the parent’s credit card. The downside to the latter is that they can have access to the entire limit on your credit card.
As a parent, your duty is to properly train your children, have faith that they learned what you taught them and pray they do not abuse the freedom that they have as they grow older.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
