Helping Your Child Prepare for a Successful Financial Life

Sun, May 24, 2015

Bankruptcy, Debt Mitigation

 Some rights reserved by jeffdjevdetMany of us grew up without anyone teaching us about budgeting. Perhaps parents didn’t have time, or thought there would be time later or even that school was teaching this sort of thing. The sad fact is, not everyone receives a detailed budgeting education.

Enrolling your child for any available household budgeting classes is a great idea. Classes that teach about simple things like writing a check or how to balance a checkbook are important. Of course, parents are a child’s first teacher. Talk about how to open a bank account, how to balance a checkbook, and ways to save money. Don’t be afraid to have these conversations with your child. Learning how to budget is not an organically learned skill, and learning by example is very effective.

Many banks offer a way for your child to begin saving money. Find an appropriate way for your child to earn money and have them save some in an account. Teach them to save up for big expenses, but allow them to spend a little here and there without going overboard. Include your child in making a family budget or savings plan for vacations or other family purchases.

Getting your child involved in decision making now is a great way for them to learn how to make decisions in their own life. You don’t want your child repeating your financial mistakes. If you make one, consider involving them in some way so they can learn from your mistakes—perhaps it will save them from making one of their own.

Attorney Christopher D. Smith, Sr. is designated a Board Certified Consumer Bankruptcy Lawyer by the American Board of Certification.  SmithLaw is located in Lakewood Ranch, Florida.  Attorney Smith concentrates on bankruptcy, civil litigation, probate, estate planning, and elder exploitation cases in the Sarasota and Bradenton area.  Call 941-202-2222 to learn more.  SmithLaw offers free consultations in certain areas, including consumer bankruptcy, probate, and personal injury matters.

Image:  Some rights reserved by jeffdjevdet

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