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3 Lessons to Teach Your Kids About Finance – Cain & Daniels, Inc. – Medium

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As parents, we always want to set our children up to be as successful as possible. While practical lessons about the world and various subjects are things we always remember to impart, lessons on how to properly manage finances are sometimes not. Although there are many things that could be taught, here are a few of the most important, yet possibly easiest, habits and mindsets to remember when it comes to being a financially successful adult.

The most important lesson, and one that is somewhat of a cliche, is to always make a realistic budget. There will always be bills to pay and things that they will want to buy, but knowing how much they can afford and when various bills need to be paid will help prevent overspending. Stress that while credit cards can be useful in a pinch, making needless purchases on them is detrimental in the long run. Budgets don’t need to be complicated; a simple listing of expenses and due dates will help them be able to stick to it more easily.

In the same vein, teaching your kids to be content with what they have will also prevent overspending. This isn’t to say that they should never spend on themselves or have fun every once in a while, but always chasing the newest toy or gadget will transform itself into large credit card debt faster than one might imagine.

Finally, setting up proper bank accounts with good interest rates will also help in the long run, particularly a good savings account. Collecting interest on savings can be just as important as putting money aside for savings itself and, while it might not seem useful at the time, will literally pay dividends in the future.

At Cain and Daniels, we hope that everyone can be financially successful and we strive to help those that are struggling with debt and legal battles related to it. To learn about the services that we offer and how we can help you and your kids be financial successful now and into the future, please call us any time at 855–780–1164.

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