Family Experience Challenge!

Math teachers teach math. Science teachers teach science. But who is teaching your child to manage their finances? Whether you realize it or not, your child is affected by the way you treat money. Think back to your own experience. How did your parents handle finances? Did they talk about it openly? Did your parents spend more than what they had? Did they save money? Did they give on a regular basis? How have your parents’ financial habits affected you?

This month, spend some time reflecting on your financial habits. Then spend some time alone answering the following questions about your financial goals for your child. Follow up by finding a time to get alone with your child, listen to their goals and come up with a plan to help them responsibly manage their resources.

Income/Spending:
1. What are your child’s expenses?
2. What do you want your child to pay for on his or her own?
3. How do you expect your child to pay for these things? Will he or she have a job?
4. How much will you allow your child to work while in school?

Savings/ Debt:
1. What expenses do you see in your child’s future? (car/ college/living, etc.)
2. How much of these expenses will your child be responsible for?
3, How can your child avoid debt?
4. Does your child need a credit card? Will you co-sign for one? What is the credit card for?
5. Will your child take out loans for college? What is the plan for paying those off?
6. Does your child need to save up for taxes? Do they know how to pay taxes when the time comes?

Giving:
1. Do you give on a regular basis?
2. Why would you or your child want to give?
3. In what ways can you encourage your child to give?