Teaching Our Children Healthy Financial Responsibilities is a Must

Posted on Oct 09, 2014 By Gail Donaldson

Gail Donaldson Montgomery AL attorneyThrough my years of practice, I have had the pleasure of helping many families with their financial problems.  I have noticed that many times after meeting with a client that I am able to help, I receive referrals to their various family members.  Before I realize it, I have helped their aunts, uncles, siblings and parents!  While I am so thankful that I have been able to earn their trust and confidence in helping them, I also what to share tips on helping them teach their children the importance of healthy financial habits so their children will not have to seek my firm’s assistance one day.

I am like many of you—I want to give my children MORE than I had as a kid and do without for myself a lot of time to give them that concert ticket or a new toy they have to have just because.  We have to stop and say—“Is this “thing” a need or a want?”  If it is want, make your children earn it.  Let them do a chore around the house and save up for it.  I find that usually if we work for something, we treasure it more and in my children’s case, play with it more.  Giving your children a small allowance is another way to teach good financial habits.  Even if it is a $1.00 a week, it will give them an idea of how far that amount will last when they want something.  Knowing the value of something and how hard you have to work to save for it is a valuable lesson for any of us and especially our children.

Please call one of our Bond & Botes offices today if we can help your family with financial problems.  We would love to meet you and your family!