Do you have savings or are you living from paycheck to paycheck? Do you have a budget you try to stick to or do you hide the bills when they come in? Chances are your child will tend to follow your lead, since most kids learn their money habits at home. Take these tests to learn more about your children’s financial personalities.
As adults, we bear the burden of financial planning for the family, and it’s not always easy. We must all be both spenders and savers to stay solvent. The question isn’t so much saving vs. spending as proactive vs. reactive. Proactive planners try to keep track of their expenses, budget accordingly and save when possible. Reactive types tend to look away as credit card debt mounts and have been known to stash unpaid bills in the junk drawer or hide them in bags. Whatever your strategy, your children are watching, so just make sure that the messages you’re sending your children are the ones you want them to receive! The exciting part is that you’ll also be learning along with your child.