My Financial Tips

I came across an piece of writing that revealed something worthy of note. A new study suggests that our children look as if to have good quality instincts when it comes to managing cash.

The study which was undertaken by YouGov and backed by the Bank and Personal Finance Education Group demonstrates that around 80% of children would choose to save than enter debt.

Nonetheless it seems that children have good quality instincts, as Wendy van den Hende from the pfeg remarks, when they develop into adults those instincts don’t always stay.

So where are our children getting these good quality habits from? Maybe there exists some inbuilt method that we are all born with; the sense of right and wrong, good and bad. Therefore it becomes common sense never to run up unwanted bills for instance Credit Card Debt.

children are extraordinarily insightful. No matter just how much we endeavor to hold back from them they are going to often pick up on bad feelings and concerned moods. Maybe they see the way we manage our cash, the lack of good quality Debt Management and the resulting grief we go through. Our children monitor a lot more than we realise and are extremely affected by the way we are.

It can be that they see our behaviour and are influenced in a constructive way. They see the turmoil and lack of pleasure in buying something that has to be paid for later. children are rational; they analyze and very easily come to a wise conclusion despite their early years.

The other aspect of this study though suggests that as soon as they become adults it often all goes out the window. So what on earth transpires?

Well in a word - Life.

Seeing their mum and dad running up huge amounts of Credit Card Debt without a thought of how it is going to be paid back definitely won’t give them a good quality start. Practicing terrible Debt Management is on no account going to be a first-rate thing for our kids to learn from us.

If by some marvel they stay reasonable regardless of our influences, once they get to maturity they can yield to the pressures about them and follow us in our tracks.

Do we in reality want our children to go through what we are still going through? How many of us are having to apply of[/spin] tactics such as Debt Consolidation since we did not think things through, were irresponsible, or overstretched ourselves. How many times have we held our head in our hands and kicked ourselves for being so silly. Is that the life we want for our youngsters?

There is certainly often situations where we could need to go into debt but what we must instil into our children is the acumen to manage it well.

Doing so can help them to escape the consequences that we have thrown ourselves into. They will find other consequences but at least we may have the peace of mind that they may take care of themselves.

As for us, well there is always hope. If we truly have made a pig’s ear of it and have to exercise Debt Consolidation to get us back on track then we’re still able to educate our children the merit of money by being prudent from now on. They can also find out that we are not faultless and we do make mistakes. The idea is to learn from them.

If all else fails maybe we could learn something from our children!