Graduating Debt-Free!
When you
begin the journey of parenthood there are so many things you hope and pray for. Of course, you want a healthy and happy baby but as time goes on your dreams of the type of human they will become and the success you desire them to have come front and center.
Our daughter Faith just graduated from Purdue University with a degree in Marketing and one in Retail Management (doing a happy dance right now!)! She is moving to Minneapolis to work for Target Corporation, and we couldn’t be more thrilled! We are launching our first child out into the world, and it is both exhilarating and scary at the same time. Here is where we realized that everything we have been working for has finally come to pass.
Faith is a wonderful human being. She is smart, beautiful, and a joy to be around. I’m not bragging but again this is the type of person we hoped she’d be when she was born. She also knows how to handle her MONEY! You must know how proud I am of that fact! 😊 This skill will keep her out of debt and in a position to afford what she wants without payments. One of the dreams we had for both of our children was to graduate college DEBT-FREE. And she has done it! Faith gets to enjoy her new salary, save for her own future, and live the life SHE’S dreamed of.
I say all this because you CAN change your family tree. It takes determination, patience, and knowledge. We invested in Faith’s future, taught her practical money management, and gave her the freedom to manage her own money when the time was appropriate. These actions gave us the confidence needed to send her off on her own and know that she will be able to take care of herself without strain or struggle.
Here are a few tips you can employ to raise financially aware and responsible children:
Talk about money early and often. Don’t avoid the subject and provide age-appropriate lessons routinely. Our children had chores that they could get paid for and then they used their money to buy something they wanted.
Teach your kids the importance of saving and have them open a checking account at least by age 16.
Share your wins and losses with money so they understand the ebbs and flows of money. Not everything will be roses and it is important for them to understand that early.
Discuss your expectations for them after high school. Your child’s next step may or may not be college but be sure to discuss the possibilities before they need to start planning. Then also share how you are able to assist them during that phase of life.
Give them opportunities to manage their own money. If your child is going to bounce a check, pay for a speeding ticket or lose $20 on a silly purchase, those lessons are best learned under your roof. Allow it to happen. A few minor missteps never hurt anyone. They will get up again and be able to move forward. It builds character. 😊
My sincerest hope now is that by helping my clients, event attendees and group participants you too can raise debt-free kids, bless your nieces and nephews, or speak into the life of someone you care for about money matters. My dream is to impact more people by being on stages, at conferences, and via webinars. That is why in the coming weeks you will hear more about what I’m up to next and how things are changing at Tailor-Made Budgets.
To your success!
Ericka Young
