How to Be a Better Money Role Model for Your Child

Children tend to grow up to be a lot like their parents with some behaviors related to biological factors and some to environmental factors. Children who live in homes where parents smoke are more likely to become smokers. Parents with bad money management might raise children with the same affliction. “In all things, from eating to getting dressed to interacting with our partners to paying for a restaurant meal, we are their models,” said personal finance writer Kimberly Palmer on how to be a better money role model for your child. Palmer pointed out that talking about personal finance to your kid is essential but it’s even more important to take control of family finances and to demonstrate that behavior to your kid. “The moms I interviewed who I admire most when it comes to money were in constant communication with their children about the financial choices they were making for their families. Those useful conversations include the mistakes that they made with money; how and why they earn money and what it pays for; and how they are saving for big goals such as a family vacation or college tuition,” Palmer explained. (washingtonpost.com)