Navigating Family Financial Support with Precision

by John Samuels, 4/23/24

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Establishing a sense of financial responsibility in your children is a daunting yet important step in their development. Without it, there’s a risk of hindering a child’s ability to launch and be independent. A health advisor can build a team of professionals including therapists, wealth advisors, coaches, and others, to develop a smart strategy for spending. They can manage the team and family’s wishes to bridge any potential gaps in the process. Here is what you can do:

Create a budget

Creating a budgeting system that instills the idea of a set “limit” pushes children to view money in a healthier and sustainable way. Establishing lists of expenses and labeling them into different categories such as necessities and entertainment organizes costs for better financial management. Collaborating to establish financial expectations and goals through a budget fosters responsible spending.

Educate

Educating your children on financial responsibility allows them to not only become financially literate but achieve greater autonomy. For example, teach your child about saving for specific goals by emphasizing delayed gratification and the importance of planning. With resources and guidance, children become confident in making their own informed decisions.