What do you teach your children about money (actively & passively)? Do you talk with them about savings? Cost of living? Daily expenses? If you have very young children, at what age do you intend to start talking openly about money?
Look back at Day 1. How we feel about money and are beliefs surrounding it come out in our every day actions. For example, if money stresses us out, we more than likely pass that along to our children. That being said, write about how your attitudes and beliefs about money come out in your every day interactions with your children? What do you feel they are learning from your example? Are you happy with those answers?
What involvement do your kids have with their own money? Do they have access to their gift cards & monetary gifts? Do they have free reign? Do they know about their bank accounts? If you have young children, when do you intend to bring them in and involve them in their own money use/savings?
What are your reasons behind your decision regarding their level of involvement?
How do you teach your children about savings? Do they have an awareness of how much money they have in their name? Do you make all of the decisions when it comes to their money? Do they? How do you think your current arrangement is working? What do you feel it teaches your kids about money? Are there changes you’d like to make?
Have you heard of locking down your child’s social security number to protect them from identity theft and fraud? Have you done it?
If yes, share with other parents why you did and how. Be the resource.
If not but you know about it, share why you didn’t or haven’t. If you want to, research it today and start taking action. Follow through with your goal.
If not but you have never heard about, research the topic today and decide if you want to pursue this protection plan or not. Write down the pros and cons.
If not but you want to, research the subject today. Jot down notes about how to do it and then use those notes to start taking action.
How much time do you spend when considering purchases? What do you model for your children? Do you impulse buy or stick to the list? Write about your buying style and how you feel about it. Are you happy with the amount of consideration you give purchases or would you like to change it?
Now look at your children—do they have the same spending tendencies as you or opposite ones? Write about how much consideration your children give purchases before making them and if you feel you need to encourage or guide more/less.
Do your children know what taxes are and how they work? Do you talk about them? Do you give the specifics of the when/why/how or do you mostly share your frustrations with them? Do you know the specifics yourself?
Do you or will you ask them to fill out their own tax paperwork, do it for them, help them, or hire out the task? If you have young children, what are your intentions &/or ideas when teaching your kids about taxes?
While “taxes” is a very broad topic, spend today answering the questions and writing down your ideas about taxes, goals, fears surrounding them, etc. so that you can move beyond those emotions and find the space and resources to help you feel better about them.
Review your answers from this past week and use them to come up with financial education goals as they relate to your kids.
What are you passing on that you’re proud of? What areas could use some work? Spend a few moments coming up with goals for yourself and your family as they relate to what/how/why you’re teaching your children about finance.