You might not realize it, but your kids watch you all the time and then copy your habits.
The financial behaviour that parents display in front of kids needs to be healthy in order for them to learn well. You are their role model for good and bad habits. Your intentions might be right, but you still might be sending negative signals in a subtle manner, especially when it comes to use of credit cards and debt handling.
Have a look at some behaviour related to finances, habits and attitudes that you might want to reconsider as a parent.
1. You Don’t Save Anything
If you don’t save for a rainy day and are always working neck to neck, then your children will do the same. Learn to save and plan, and set a good example for them. Encourage them to set aside a small amount from their pocket money.
2. Buying Things You Don’t Need
Is your house getting full of items you bought on the spur? Are your closets spilling clothes out and you have lost your control of passing a garage sale? If your answer is yes, please be informed that you have no control over yourself and should expect major financial problems soon. There’s no harm in asking for help from a friend or a professional.
3. Don’t Pay Credit Card Bill On Time
A credit card bill has to be paid at the end of the month. There is no way that goes away without paying. So if you charge everything to your card, be ready to pay up on time. Missing a payment means high interest rates and bad credit history. And remember when you card gets declined it’s the customers in the store and your kids who are watching.
4. Don’t Pay Bills on Time
Do you throw the mail in the bin in front of your kids stating- just some bills. Your kids will do the same in a few years. Teach them to not to borrow and return a loan on time. Be careful of your statements in front of them.
The above guest post is contributed by Lim Chuwei from http://www.championtutor.com/
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