As parents, most of us hope to raise our children with respect for others, understanding of life’s situations, and one very important truth: money has value and how you use it can demonstrate either wisdom or a need to better learn. Unless you handed your child a manual on how to use money, chances are you either tried to use actual life circumstances or hired a personal economist for them. More probably the former. For me, I tried to use personal experiences to assist my children to make wise choices when it came to their finances. My two sons are launched and are living on their own with their wives and children. My daughter on the other hand is still somewhat attached to the apron strings. She is entering her last year of college. My concern is for her future. She has not majored in economics, finance or any of those majors which may have attended to her becoming more aware of fiscal responsibility.

As parents, it’s important that we teach our children to learn and understand how important it is to value their finances. Take the time to explain how money works. Show them how a checkbook is balanced. Help them to realize that saving is helpful, not a deterrent to happiness, in the long run they’ll have the money there when they truly want or need something. So often our children become “entitled” to expedient wants and desires. This is not healthy. I have seen many broken families because finances became a wedge between husbands and wives. One, or both spent more than they should have without a respect for the fact that it may not be there in the future. So assist your kids in leaning what a tool money is, that it has value and never to abuse it. Map out a plan with them on how to earn, save and spend their finances. Perhaps this start may give them the assurance to know that they’ll always have something to take to the bank.

Mark M. Ellison, JD, LAMFT

Mellison @GROWcounseling.com