Today as women, we are more involved than ever in the financial decision making of our household. A recent study by Women & Co found that 63% of women are the CFO of their household. Therefore the impact that we will have on our children's future financial decision making is enormous. We can choose, as mother's, to have a positive or negative impact on our next generation. Here are some tips to setting a good financial example for your children.
- Talk To Your Children About Money. Money really needs to be an open and ongoing topic with your children. Opening up the dialog, gives them the opportunity to ask questions and learn about smart financial guidelines.
- Get Financially Fit. Get a piggy bank and create opportunities in which your children can "work" for money. Such as payments for tasks outside the household routine.
- Practice What You Preach. The financial decisions you make will have an impact on your children. If you are responsible with your finances than your children will model it.
- Create A Common Goal. Get your kids involved in the family financial planning early by creating a family fund that will be put toward a goal everyone agrees on. That could be a vacation, a gift, or a charity that all the family members would like to support.
- Know Why Money Matters. Finding a balance between your family's finances and your family life. The finances should support the family life, not control it.