Dads: Teach your kids pos­i­tive money man­age­ment habits

Centre Daily Times (Sunday) - - Explore -

“Daddy, please buy me a ...” I am sure ev­ery par­ent has heard this plea more than once. For­tu­nately, my wife and I es­tab­lished a money man­age­ment plan for our chil­dren which seems to have elim­i­nated many ar­gu­ments, fights and tears over money.

Each week, we paid our chil­dren an al­lowance for do­ing some ba­sic house­hold tasks, such as tak­ing out the trash and re­cy­clables, clean­ing up af­ter the dogs, clean­ing their rooms. How­ever, our kids could not spend 100 per­cent of their al­lowance: A por­tion had to be set aside for “sav­ings,” a por­tion had to be set aside for “char­i­ties” and the rest they could “spend” as they see fit. Sur­pris­ingly, the hard­est part for us par­ents was re­sist­ing the urge to stop our kids from mak­ing im­pul­sive pur­chases with their “spend­ing” funds, such as candy and ar­cade games. What are some things you can do with your chil­dren?

AC­TION IDEAS:

● Have an hon­est dis­cus­sion about money with your chil­dren. Ex­plain the bills you have to pay to main­tain the house­hold, what types of char­i­ta­ble or­ga­ni­za­tions you sup­port and how you were able to achieve some long term fi­nan­cial goals, such as pay­ing off a big debt or mak­ing a ma­jor pur­chase. ● Es­tab­lish a list of age ap­pro­pri­ate house­hold chores which your chil­dren can han­dle to help make a con­tri­bu­tion to the main­te­nance of your house­hold. ● Give your chil­dren some free­dom to make some im­pru­dent pur­chases so that they can learn from their own mis­takes.

The lo­cal fa­ther­ing ef­fort, in co­op­er­a­tion with the Na­tional Cen­ter for Fa­ther­ing, pro­vides monthly Ac­tion Ideas to stim­u­late con­ver­sa­tion be­tween fathers and par­ents. To com­ment on this ar­ti­cle, or for more in­for­ma­tion or to join lo­cal con­ver­sa­tions, con­tact Doug Lo­vis­cky at [email protected]­vis­ck­y­law.com or Marc McCann at marc.mc­[email protected]

BY DOUG LO­VIS­CKY

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