How to Raise Financially Responsible Children

Raise Financially Responsible Children

( Smart Quiz! What Can You Give Your Children to Make Them More Responsible Adults?

  • Money
  • Obligations
  • Car
  • House

Answer: Obligations
We’ve all seen them. They are the ones who live at home until the grandparents are raising the grandchildren and the parents are “trying to find themselves.” And, let’s be fair; the distance between the cost of living and wages earned has grown significantly over the years, and starting out isn’t what it used to be, but that doesn’t mean you have to create a spoiled adult brat of your own.

If your adult children are still living with you, you have a fear that they are going to be, or know a friend in this position, use the information below to change the course of things.

Create Boundaries and Financial Obligations
Kids ride for free, not adults. Since adults are living with you, it’s time for them to pay rent and put some aside to get out on their own. If you don’t need the financial help, put their rent aside as part of their savings… but don’t tell them about it. Along with the savings plan, set a timeline. If they show the effort required, extend the timeline as needed, but again, don’t let them know it.

Set Them Up for Success
Cable television and iPads are great, but not necessities. You may want your grandchildren to have the best of everything, but when you spoil them, you set the parents up for failure. Young parents may not be able to afford these things, and when you do it for them, you set the parents up for a lifetime of leaning on you and you set the grandchildren up for a lack of respect for the parents.

Remove the Age Limit from Chores
Whether you have an adult child living with you or young grandchildren, everyone should have a responsibility. There’s no need for you to bear all the burdens. More importantly, everyone needs something they can be proud of at the end of the day.

Even a toddler can help take out the bathroom trash and the adult children should be doing more of the chores in the house than you are so that they can be in the habit of running their own household when they move out. Offer the young children an allowance and the adults a discount on rent to help them all learn to manage their money.

The world makes it much harder to start out on your own than it used to be, but as parents, no matter how old we are, we still need to help our offspring to be productive members of society rather than the ones who throw tantrums until they get that credit card they want to take to college with them.

~Here’s to Your Financial Health!

Copyright 2021