• Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans

Subscribe to Updates

Get the latest finance news and updates directly to your inbox.

Top News

Verizon’s Push to Keep Phones Locked Could Cost You

July 13, 2025

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 2025

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

July 13, 2025
Facebook Twitter Instagram
Trending
  • Verizon’s Push to Keep Phones Locked Could Cost You
  • Fed Fight Heats up: What Trump’s Choice Could Mean for You
  • 6 Daily Habits That Signal You’re Headed Toward Financial Burnout
  • How Mastering Your Nervous System Boosts Leadership Presence and Performance
  • Why This Market Dip Is Your Chance to Accelerate Product Velocity, Win Customers and Own the Next Cycle
  • This $50 Lifetime Travel Hack Is Made for Remote Workers
  • Manage Clients, Projects, and Sales Without Leaving Your Dashboard
  • Why You Need A Legacy Plan Before It’s Too Late
Sunday, July 13
Facebook Twitter Instagram
FintechoPro
Subscribe For Alerts
  • Home
  • News
  • Personal Finance
    • Savings
    • Banking
    • Mortgage
    • Retirement
    • Taxes
    • Wealth
  • Make Money
  • Budgeting
  • Burrow
  • Investing
  • Credit Cards
  • Loans
FintechoPro
Home » Is it Time to Set Your Kids Financially Free?
Savings

Is it Time to Set Your Kids Financially Free?

News RoomBy News RoomAugust 6, 20230 Views0
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email Tumblr Telegram

2. Do You Have an Emergency Fund? 

We all know life is unpredictable at times, and more often than not, when something unpredictable occurs, there is usually a price tag associated with it. This is where the importance of an emergency fund comes into play. An emergency fund is a sum of money set aside for unpredictable financial dilemmas, such as a major repair to your home, an illness, or the loss of a job, to name a few. It’s important to have funds set aside to augment one’s financial security in such a situation. If you don’t have a sufficient fund equal to about three months’ worth of spending to take care of yourself, it’s time to consider rescinding financial support to others – remember, pay yourself first!

 

3. Are Your Kids Lacking Financial Sensibility?

Financial literacy is a hot topic these days, especially in terms of the younger generations. Despite a lack of financial education in the classroom, the national weakness in financial literacy can also be attributed to parents handling their children’s finances when the kids themselves should be learning to do so. Holding our kids’ hands financially comes from a point of care; however, doing so may inhibit our children’s financial confidence now and in the future when they may have their own families to financially care for.

If your kids lack a respectable grasp on how to manage their own finances because you have always done so for them and have always been a financial crutch for them to lean on, it may be time for you to push them toward financial independence. Encourage your young adults to track where their money is going each month – how much are they spending on groceries and social outings; how much are they saving from every paycheck? If your kids have steady jobs and are fully capable of paying their own bills and individual expenses with proper budgeting, it’s time to cut them loose and urge them to assume financial responsibility for their own lives. 

Remember that every family is different. If you can afford to help your kids without compromising your own financial stability and goals, if it makes you happy to do so, and if your kids aren’t dependent on you to their own detriment, then there is no reason to not share your financial resources as a parent. One suggestion, if you find yourself in this privileged scenario, is to help your children open Roth IRAs and gift them the money for their futures. In doing so, you can teach them the power of saving for the long term. Additionally, if your kids will be forced to assume high-interest rate debt without your financial support, then consider giving them a loan and allowing them to pay back the amount over time on a schedule you both feel confident in.

All in all, life lessons through money are perhaps some of the best lessons we can bestow upon our children. When making important financial decisions, take the time to involve your kids in the process at a young age. Talk to them about how you save for their educations, how you monitor your monthly expenses and pay your bills on time, and how you make decisions to cut discretionary expenses and pass on that Porsche you’ve always wanted to put extra savings into your retirement account. Although they may not see the bright side of financial savvy and independence now, they will be thankful and proud when they feel that first sense of financial confidence and stability further down the road.



Read the full article here

Featured
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Verizon’s Push to Keep Phones Locked Could Cost You

Burrow July 13, 2025

Fed Fight Heats up: What Trump’s Choice Could Mean for You

Make Money July 13, 2025

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

Savings July 13, 2025

How Mastering Your Nervous System Boosts Leadership Presence and Performance

Make Money July 12, 2025

Why This Market Dip Is Your Chance to Accelerate Product Velocity, Win Customers and Own the Next Cycle

Investing July 12, 2025

This $50 Lifetime Travel Hack Is Made for Remote Workers

Make Money July 12, 2025
Add A Comment

Leave A Reply Cancel Reply

Demo
Top News

Fed Fight Heats up: What Trump’s Choice Could Mean for You

July 13, 20250 Views

6 Daily Habits That Signal You’re Headed Toward Financial Burnout

July 13, 20250 Views

How Mastering Your Nervous System Boosts Leadership Presence and Performance

July 12, 20250 Views

Why This Market Dip Is Your Chance to Accelerate Product Velocity, Win Customers and Own the Next Cycle

July 12, 20250 Views
Don't Miss

This $50 Lifetime Travel Hack Is Made for Remote Workers

By News RoomJuly 12, 2025

Disclosure: Our goal is to feature products and services that we think you’ll find interesting…

Manage Clients, Projects, and Sales Without Leaving Your Dashboard

July 12, 2025

Why You Need A Legacy Plan Before It’s Too Late

July 12, 2025

New Bill Would Eliminate Income Taxes on Home Sales

July 12, 2025
Facebook Twitter Instagram Pinterest Dribbble
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
© 2025 FintechoPro. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.