Being a Better Parent

I posted earlier that you should make everything a learning opportunity during the years of most brain development (birth to 8), including teaching a foreign language. This sets the foundation to making learning easier for the rest of your child's life because the brain forms in a fashion suitable for learning. Now,  help make your child more financially responsible.

As soon as your child can perform simple math, it's time for a checking account and an allowance. Find a bank which will give free checking, open an account for your child, and then set up a draft (monthly allowance) from your account to theirs. Show them how to balance the account and set up a budget (donations, college fund, school lunches, movies ect.). Once you have this system in place, show some restraint and stop giving them money when they ask for it. Make sure they realize they must manage their money. If they want something, they should save for it. You will need to make sure there is more money in their allowance than their basic needs.

This only works if you have the discipline - if you do - than you will help develop discipline in your child. College is not the time for you child to learn this - there is way too much going on at that time. It is a lot better for them to become financially disciplined when you are there to guide and help.