| June 24, 2013

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. 

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

The National Industry Standards for Homeownership Education and Counseling are a set of guidelines for quality homeownership and counseling services. Industry professionals who adopt these standards can be trusted to provide consistent, high quality advice.
Click here to learn more.

Consolidated Credit Consulting Services, Inc. has been verified as the owner or operator of the Web site located at www.consolidatedcredit.org. Official records confirm Consolidated Credit Consulting Services, Inc. as a valid business. Call us today and see what we can do for you.

Consolidated Credit is a Certified ISO 9001 company, as verified through Bureau Veritas Certification.

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

View the Consolidatedcredit.org review status

Consolidated Credit is proud to be an ANAB accredited member. Accreditation by a recognized and respected body such as ANAB ensures the impartiality and competence of our company. To see what we can do for you, give us a call.

U.S. Department of Housing and Urban Development - HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. Consolidated Credit is proud to be a member of HUD and also part of the Hope Now Alliance.

You can save!

With this amount of debt, you'd pay around $xx.xx on a DMP.

FREE Debt Consultation