If you have got children that are growing, you will know just how much that they can cost. There are school and college costs, as well as the day to day. Then there are vacations and help with things like car maintenance and rent. For a lot of time, this is just part and parcel of parenting. You will want to make sure that you aren’t having to pay out for your kids forever, though. Helping your kids get to financial freedom is a great idea. Not only does it help you, especially if you’re thinking of retirement, but it will help your kids massively when they’re ‘out on their own’ adults. But what can you do to instill this in them and help them on their way? Here are a few strategies that you could try.
Encourage Them To Be Independent
As our children grow, we want to do lots to support them. But if we just gave them cash, it doesn’t teach them anything about being independent. Say they are at college, they might need extra cash for living costs once the tuition is paid for. It might be financially easy for some of us to just write a check. It can be damaging to our kids to not teach them the value of money, though. Encouraging them to get a part-time job will make them appreciate what they have, as well as the value of money. Later on in life that is a really important trait. They will be able to work hard for what they want, and not just expect it. Then when you are set to retire, you won’t have to think about costs of keeping your children. By then they should be out on their own and financially look after themselves.
Help with Somewhere to Live
If we want our children to grow up and make it on their own, then they might need help in some areas. It might be that they need help with a deposit for rental or for a home. The cost of homes is just rising and rising. So it can be a big help if they are in debt to parents, rather than to a bank. You might even consider moving out to somewhere like Marquardt Village retirement living. Then you could rent out your home to your kids, for example. Then they can save and afford somewhere to live of their own. Then in the grand scheme of things, they will be able to get on the property ladder and take care of themselves.
Use Tough Love When Needed
Take the example that I have just mentioned; having your kids live at home to save money for a mortgage. You would need to set clear guidelines for them, though. It might be the case that they send over their savings to you to show you that they are actually saving. Otherwise, they might just take for granted what they have been given and spend the money, rather than save. If you find that the latter is the case, then they need to know it’s not acceptable. Using a but of tough love is they way to go sometimes.
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