Value of Moms and Their Financial Advice
Where do you go for financial advice? A large number of Americans go to their moms! Yes! Good ol’ Mom!
Varo Money, a mobile banking company, conducted a study and recently revealed that nearly a quarter of those surveyed turn to mom for financial advice, even over a professional financial advisor. And that number was higher among Millennials and women.
Moms, are you prepared to give Godly financial advice? How about you, Dads? Are you dedicated to living by Biblical financial principles? Your children are watching.
We’re seeing a growing number of people depending on their parents for some form of financial support well into adulthood.
If your child comes seeking sound advice, that is a blessing! It shows they respect and trust you.
But if they’re becoming dependent on you, here are some things you can do:
Set a limit on the time you’ll give a monthly allowance. Determine when they should be financially independent and discuss this with them. College graduation is traditionally a common time.
When lending money, determine a payment schedule.
If they’ve moved home, set a move-out date. Or, if the arrangement is beneficial, have them help with household responsibilities. Charge some rent to help pay for household expenses and encourage your child to save for the future.
If you agree to pay a bill, make it a one-time event. If kids assume you’ll bail them out, they won’t learn the dangers associated with credit.
Help them create a budget to prevent future problems.
And finally, pray for teachable spirits so they learn to be wise stewards.
Moms – Dads, it’s not easy, but with God’s help you can live in such a way that draws your children to you for wise counsel. My prayer is that all our children desire to hear “Well done!”
Are you looking to help a loved one with their finances? We have lots of resources to help you do that. Learn more on-line at crown.org.