The Diary of a Budgeter – Day 37

Bobbi Olson Articles, The Diary of a Budgeter

If I’d known then…

I often wish I could go back to being a kid with the knowledge I have now…don’t we all?! But since I can’t, I hope I can impress on kids, and their parents, how important financial literacy is.

There is so much time spent teaching skills for the workplace and how to make money, but never what to do with it! No wonder we fall into debt so easily, and stay in it for so long! What if you could help your children sidestep the paycheck to paycheck cycle?

Kids are almost always broke when they start out on their own and it seems inevitable that they will go into debt, just trying to make their way in the world. But it doesn’t have to be that way!

If we taught our children about the importance of having an emergency fund and saving for what we want and need, instead of charging it, they could start and continue life on their own in a much better place, financially. Saving money will never be easier than when they’re living at home.

Parents, help your children take a realistic look at what it will cost to live on their own. Then help them find ways to make money and save what they need to start out – plus an emergency fund for the inevitable setbacks.

You can start this process young! It doesn’t have to be all at once, but if you start good money habits early in life, the financial rewards for your children will be immeasurable. And it could benefit you too. The more self-reliant your kids are, the less chance they’ll have to move back home later on, with you footing the bill!

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