Linda Chavey writes about how to change your lifestyle habits in order to eliminate debt.
Do you want to do something great for your kids? Create positive, lifestyle habits by modeling a healthy, debt-free lifestyle. They too can learn to be debt-free and enjoy the freedom that being debt-free brings to them.
Think about this scenario:
A single mother has several children and supports herself by the welfare system. The children grow up and will most likely follow in their mother's footsteps by living in public housing, living off the system, acquiring the same mindset. They would be very luck to have someone who is influencing them to succeed, helping them to change their mindset to get out of the projects.
What is the difference between this scenario and the scenario of a family/parent that teaches their children about monetary wealth? If a child grows up getting all types of toys, new clothing, things that are not needed, etc., they will perpetuate that lifestyle when they get older. They will most likely end up in credit card debt because this is what they were taught. The best thing you can do for your children is teach them financial security and how to manage money. If you start teaching children at a young age, they will absorb more of this information than if started at the teen level. But remember this: Kids usually model themselves after their parents. If you have not started financial education with your children, it is never too late to start.
I have a friend who told me a story about how his teen girls would lock themselves in the bathroom and take ridiculously long showers. He got so fed up with it that he turned the water off. They said that they didn't finish washing their hair, etc. and he said they learned very quickly that they couldn't take 30-40 minute showers. His daughter is now living on her own and she puts a timer in the bathroom and sets it for 5 minutes. When is goes off, she is out! This man said to me, "Why didn't she do that when she lived with me?" I told him, "Because she was a teenager and they most likely won't listen (they absorb information but do not follow it)." I also told him that he did a great job because she is doing what he told her now! He should be proud! This is fantastic! Teens do not always listen when originally told about what is best for them. It is by experience that they will hopefully put this into practice.
If you would like more information about debt and financial counseling for your children, please contact me. LindaChavey@comcast.net