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How to Teach Your Kids to Be Independent and Financially Wise

How to Teach Your Kids to Be Independent and Financially Wise

Parenting does not come with a playbook, and every new phase accompanies exciting challenges. You may be wondering how to teach your children essential life skills to set them up for a successful future. Do you wonder what the right age is to start chores or when kids can start making their appointments? 

Maybe you are questioning how long you should pay for their clothes or cell phone bills and how long can children stay on their parents’ insurance? We’ll share age-appropriate chores and responsibilities and why these strategies will help transition your child from youth to adulthood. 

Age-Appropriate Chores for Your Children

You would not expect a kindergartener to mow the lawn, but you may be wondering what tasks you can give your younger child to help with to start teaching them responsibility and independence.

Age-appropriate chores for more youthful children can include setting the dinner table, raking leaves, keeping their room clean, and packing their lunch. 

Your early teenage children should be able to handle just about any responsibility you have around the house. You can delegate tasks like babysitting younger siblings, emptying and loading the dishwasher, mowing the lawn, and even washing your car. 

Children in their late teens will benefit from responsibilities such as calling their doctor’s office to schedule their yearly appointments and managing their budgets.

Establishing screen time limits is also important. Although checkbooks are becoming a thing of the past, helping your nearly adult children learn how to balance their accounts online will help them understand how to plan for the future. 

Teaching Children About Bills, Budgets, and Insurance

Many children don’t experience having a checking account or credit card until they are out on their own, and they have to learn by trial and error. But that can lead to negative balances, overdraft fees, and bad credit.

Providing your teenage child with their own debit card will teach them how to manage money, how to track spending, as well as how to save money. 

Generally, parents believe that children should be financially independent between the ages of 18 and 22, which is why providing your child with budgeting and balancing skills at a young age will set them up for financial independence.

The more children learn from their own experiences, the less likely they will struggle when they are on their own. 

Speaking of financial independence, what about car insurance? The rules vary from insurance company to company. Therefore, it is best to ask your agent for exact information regarding your situation and policy. They might know tips and tricks to find car insurance quotes by VIN.

There is no limit on how long your child can be on your policy. If your children live with you, they can be covered under your auto policy. 

Setting Your Children up for Success 

Experiences are some of the best ways our children learn. Involve your children in financial decisions for your family. If you feel their choices were incorrect, walk them through what choices would have been better.

Use every money experience to teach financial literacy to your children. Have uncomfortable conversations about income, debt, and emergency funds. 

As parents, our goals are for our children to leave our home, have families of their own, be happy, and be successful. It is our responsibility to shape them and teach them at every opportunity.

Raising our children to be responsible and financially independent will ultimately lead to them becoming successful and confident adults.

Kalyn Johnson writes and researches for the auto insurance comparison site, BuyAutoInsurance.com. As a mother to four kids, Kalyn loves equipping children with successful learning experiences that will help them transition into adulthood. 

How to Teach Your Kids to Be Independent and Financially Wise

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