Children learn about life by watching their parents and other influential adults in their life. When it comes to finances, ask yourself this: Are you modeling how you want your kids to handle money?
The topic can be intimidating for some parents, especially since few feel like they have all the answers, or that they’re handling their own finances perfectly. Shannon Ryan of The Heavy Purse tells parents, “Get over it… a little discomfort on your part is a small price to pay when your child’s financial future is on the line.” See: You Don’t Need to Be Financially Literate to Teach Your Kids about Money.
There are many varieties of family units these days. According to an article in Yahoo Finance Canada, a recent TD Bank survey found that couples starting over in new relationships place a high importance on blending their finances. This can be tricky for couples bringing their financial baggage from past relationships, but there are ways to make these conversations easier. See The Challenge of Financial Planning for Modern Families.
Teens and shopping – recipe for disaster? It doesn’t have to be! Canada’s Financial Consumer Agency wants to equip parents with the tools to teach their teens to be responsible with their money. They include tips on how to handle things like budgets, allowances, savings and charities. See Teaching Teens About Money.
If your teens are heading to college or university, you’ve likely already discussed student loans. One site claims that the average university graduate leaves school with about $23,000 in debt, and they want to encourage students to save for school instead. They take readers through the process of getting and paying off student loans, and how that impacts the rest of your life. This article will motivate you and your teen to start saving early for this important investment in their future. See Student Loans vs Debt Free – A Lifetime Comparison.
Finally, for young adults getting their start in the world, these heartfelt words from a father to his two children provide an excellent foundation for financial success. See 9 Financial Strategies Every Twenty-Something Needs To Know.