Parents need to be financial role models for their children
No matter how old your children are, being a financial role model is an important aspect of parenting.
Setting a good example while your children still live at home can help them be successful in the future with their money.
1. Don't get swamped with credit card debt
Taking on too much credit card can lead to significant financial difficulty. That being said, you should avoid this situation at all costs.
Not only could you be damaging your own finances, but your children could be more likely to take on debt in the future as they saw you do it. To avoid credit card debt, make sure you practice the best credit card behavior – i.e. always paying on time – and teach the same things to your children.
2. Allow your children to learn from your mistakes
While you may feel as though hiding your financial mistakes from your children is a good idea, it is better to let them learn from them so they don't make the same mistakes when they are older, according to U.S. News & World Report. For example, if you find yourself falling short on some essential bills due to overspending, be sure to let your children know, as it could be useful information for them once they are in charge of their own finances.
3. Sit down and talk with your child about money
Sometimes, a simple talk with your children can go a long way in helping them with their money in the future, Kiplinger noted. A recent study from Junior Achievement USA found many teenagers feel as though their parents don't talk to them enough about budgeting and money, so don't be afraid to sit your child down and have the talk. Be sure to touch on topics such as family savings and long-term planning to help set your child up for a successful financial future.
4. Seek help from other people
If you haven't been the most successful person with your money you might want to consider connecting your children with people who have a good money past. While you might be able to teach your child to learn from your mistakes, someone who has had a a more positive relationship with money can help teach them about the good financial moves.