While browsing in the secondhand store today, I purchased the book 101 Things You Should Do Before Your Kids Leave Home by David Bordon and Tom Winters. Some of the ideas are part wit and whimsy, and others are practical ideas to prepare your kids for life outside your reach.
Since I write posts about finances, two of the ideas relating to finances are “Explore the Fine Points of Financial Management” and “Instill a Passion for Thriftiness.” In exploring the fine points of financial management it is important to begin when they are old enough to understand the purpose of money. Train them to spend some, save some, have fun with a little, and donate some. Your efforts will carry more weight as your kids see you managing your finances well.
With the changes in the economy, it has been more important than ever to teach kids the importance of being thrifty. It is common for us to want more things and better things than we can afford. With it being easy to get credit, it is easy to spend more money than we may be able to afford. It is important to teach them the value of waiting until they have saved the money to afford what they want.
It doesn’t mean depriving yourself, but if you take steps to consider what you really do want and what you can afford, you may be happier than if you buy items you cannot afford. The more you own and can’t afford, the more stressed out you will be.