Teach Your Kids to Be Financially Independent

Your kids are getting older and they also make sure that they’re taking their own decisions. They believe it’s time the decisions in there are taken by them. It could be from buying clothes to educating themselves. But at who’s cost? Are you supposed to be bearing those expenses? When the choices are theirs and the money is yours?

It isn’t wrong to pay for your child’s fantasies but the issue is till how long will you pay for them? They’re making the decisions and sticking to it, why don’t they back it up with their own money? Who doesn’t want to know the ways to raise a money smart kid!

They would make their choices without your consent but wouldn’t be able to fund it without your guidance. Earning and saving money is thought. The kid who has been in his comfort zone would find it very difficult to go out there and start earning.

The struggle is real and you need to start inculcating them before they face the real world. As a parent, you need to be sure of what you want to give them and what you would want them to earn themselves.

It is better late than to be sorry. Inculcate values in kids to help them finance themselves for the things that they desire.

You are ageing and they’re growing older, it’s time they start valuing your money and spending their own.

Let’s look at a few ways to teach your kids to be financially independent and also understand the importance of saving;

  •    Babysitting can be a good option to increase the weight of your child’s pocket. This is for the younger ones. While they wish to buy their fancy games and accessories they can invest time to earn some money by babysitting.
  •    Getting involved in technologies and software isn’t a bad option either, while people are looking for part time creative helpers, they can earn a good amount of money by working on projects in their free time.
  •    It is not possible for your kids to work full time and attend college too, it will drain them out. However, a part-time job that pays the hourly wages is workable to bring in the extra buck.
  •    Freelancing and volunteering also give your child the exposure and the extra money.

But all of these are wise ways to earn for themselves but what about the savings? It is a very important thing to do.

“Unless you control your spending, making more money won’t help. You’ll just end up with bigger payments.”
Maureen O’Connell, Scholastic.

As a parent, you must make sure that their wants are not more than their necessity, it will help them save for baseless purchases. Also saving up in the accounts that you’ve opened up for them will help them during emergencies.

You earn for your child’s well-being and there’s nothing wrong if they’re spending a bit of it but when it’s time it is time. They ought to bring in the change in their lives and start being financially independent. This will only allow you to spend on things that you had been sacrificing while raising your child. While it’s time for you to live your life, it is also time for the kids to structure their own.

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