By John Kennedy, CFP® / November 2nd, 2020
Teaching Children – Family Meetings
Do you have family meetings in your house? Dedicated time each week or month to discuss events, changes, or money? My parents sat my sister and me down regularly for family meetings, even discussing finances with us. Admittedly, I remember my own loathing during these meetings, wishing I was somewhere else, but as an adult I recognize how influential those meetings were on my own relationship with money.
I don’t believe you need to share every detail of your finances with your kids, but consider bringing them into dedicated conversations around budgeting including where you plan to give, why you plan to save, and how you plan to spend. Allow your kids to share in your joy in tithing or the satisfaction of paying off a car loan. Feeling like part of the effort will help them understand the importance of financial responsibility, setting them up for long term success.