How To Avoid Parenting Money Mistakes

Whether we want to admit it or not, the fact is that most of us learn about money through our parents. And the reality is, even though they had the best of intentions, moms and dads sometimes give kids the wrong idea of how money works.

money mistakesEver find yourself chatting with a child about money? Depending on their age, their answers to inquiries on where it comes from can be quite comical! However, there are other mistakes parents make when teaching kids about money. And the truth is it’s how they themselves approach it!

Here are some key money mistakes to avoid – not just because young eyes are watching – but also because it’s good thinking all the way around in forming good money habits;

• Did you see something you love at the mall? Had to have it? Think of your child the last time they hollered for a toy they just HAD to have…did we cave? If you find yourself telling your child he or she doesn’t “need” something, perhaps it would help us to take the same approach. A treat now and then is important for the soul, but, don’t make it an everyday habit.

• How many times have you found yourself rescuing your child from a financial blunder? Again, depending on their age, the hole could be just a puddle deep, or, could be several months of salary deep. It’s important for kids (no matter the age) to learn that they have to live within their means. Bailing them out each time doesn’t foster that – they will always think “Mom and Dad can help me.”

• Do you find yourself “paying” for grades? Molly gets $5 for every A…? This doesn’t help Molly feel the satisfaction of a job well done for the sake of achieving a goal, but rather for the carrot being dangled. Regardless of the financial gain, sometimes it’s best to do a job well done for the work ethic.

• Do you find yourself “buying” your child’s love? Feelings of guilt can lead to this tactic and it is no substitute for your time or love. Granted, some children appreciate gifts; even have this as their strongest love language. But, keep it within a reasonable frame and be sure it’s moderated with time spent with you.

William Wolske, CPA wants to be sure everyone in your family is making good money decisions. Need help with your family monthly budget? Or saving for your retirement or next vacation? Make an appointment with William Wolske, CPA. He can assist you in your money saving goals and show you ways to invest. Contact our offices at 843-706-9644 and schedule a free consultation. We’ll go through your financial situation together and have your peace of mind waiting on the other end.