Work/Life Balance and the Debit Card - What You Leave to the Kids (Part Trois)

Work/Life Balance and the Debit Card - What You Leave to the Kids (Part Trois)

IF YOUR KIDS are older and you missed the first teachable moments, remember that it’s never too late. You can begin to emphasize the importance of each concept now. Of course, if you haven’t yet started teaching the discipline of delayed gratification, you might really be embarrassed when your seventeen-year-old throws a hissy fit at the mall. But stand your ground. Just smile at the other mothers and explain it’s a teachable moment. They’ll be inspired to follow suit.

Other important money disciplines to convey at this life stage include:

At age 16 or 17: Introduce the concept of balancing a checkbook. Do this while your teenagers are still at home. I know from experience that this can be a nightmare if you try to do it long distance after they’ve headed off to college. Better yet, introduce your teens to Quicken so they can actually see where their money goes in the form of pie charts! What an eye-opener.

At age 18: Introduce the concept of eating beans. Before they leave for college, explain they will be given a set living allowance and you won’t make extra little deposits when they run low. After all, who’s going to do that when they’re grown? Their employer? Ha! Our daughter, Shauna, called home from college once, complaining she was running low on money. After a little interrogation, she admitted she had bought a few items that weren’t exactly necessities. How did she make it through the month? Refried beans and tortillas. She was proud of making it to the end of the month and for coming up with a meal that cost just 28 cents.

When they’re engaged: Introduce the concept of making choices and sacrifices, and managing money as a couple. Let the nearly-weds manage their own wedding budget. Set up a checking account and make one deposit based on what you’re willing to spend on the wedding. Whatever they spend over the budget, they have to come up with; whatever they save, they get to keep. No time like the present to see how they manage money together.

When they’re married: Offer your experience and counsel. Young married couples are often confused by all things money related—from 401(k)s to buying their first home. Don’t insert yourself where you’re not appreciated, but offer to share your advice if and when they’re interested in learning more. My bet: they’ll be interested. Do you think they want to be poor?

Direct your children onto the right path,and when they are older, they will not leave it. (Proverbs 22:6)

Work/life balance means liberating yourself today from caring financially for your grown children tomorrow. Not sure about you, but I’m planning to leave a lot more advice than cash.