It’s more important than ever to teach children about smart money habits. Children pick up on all of the things that we do so if they’ve seen you dealing with money problems, it’s very likely they will view this as normal behaviour.
If you’ve managed to avoid money troubles, then you’re lucky. Many of us haven’t got this far without borrowing but you do always have to beware of your children picking this up.
Your money habits will teach them, whether they are good or bad, about how to view their finances. It’s important to guide them from an early age, no matter what your situation. Many people choose to talk to their children directly and many choose to show them through their actions, everyone deals with it differently.
Teaching children the value of money will help them in the long run. You can teach them that some borrowing is suitable such as mortgages or university fees. You can, however, highlight that debts like credit cards and store cards are bad debts.
Knowing the difference between good and bad debts can help a child as they get older and banks are trying to persuade them to take out student overdrafts and credit cards. If children know they have to save for things they want from an early age, they will be less likely to use credit cards and loans to buy things that they don’t need immediately.
Take the time to talk to your child about money and teach them smart money habits. You’ll find they pick these tips up more quickly than you think, and it will stand them in good stead for when they start to go off to university and move out of the family home.
As always, we are here to help with any money problems that you may have. Our team can talk you through solutions that are available to you if you are struggling with debt. Call us today on 0141 380 0558.