One thing that I run into with older clients is a worry that they help their adult children too much. If they are worried about this, chances are they are right! By giving adult children money for cell phone bills, insurance, or unexpected car repairs, parents are not teaching them to save for unexpected expenses and live within their means.
Obviously, these habits start early. Click below to see a Wall Street Journal column by Veronica Dagher about now not to raise financially spoiled kids. Truly, these habits can save you and your children a lifetime of problems.
One idea I liked a lot and will start implementing now is under #7 – Teach them to give back. She suggests that before every birthday and Christmas, kids go through their toys and books and give away those things they don’t need anymore to kids who go without. This is a way for you to reduce clutter and your kids to remember that not everyone has a room full of toys and books.
Next week, I’ll start a series on 3 easy ways to take control of your spending and save more for long term goals.