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Mothers, Fathers, and Money
Being a parent today is no easy task. Many parents are concerned how they should teach their children about money matters and better prepare them for life. After all, if we as parents don’t teach them, who else will?
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Perhaps we weren’t blessed with parents who perfectly taught or modeled financial wisdom and acumen. But really that doesn’t matter. The issue facing us is that we are parents -- with our own children to teach about handling money wisely. The good news is that what we don’t know, we can learn.
Money handling includes both how to earn money and how to wisely plan for its use. Here are some things we parents can do now to help our children handle money better in the future.
"Parents can also be an example in how they practice the principle and blessing of deferred gratification. Parents may save money now for a home, a mission, and a college education, instead of buying something less important now.
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Become a Role Model
Regardless of what has happened in our lives thus far, we can become an example of provident living and a practitioner of sound financial principles. It may take some study and effort on our part -- reading, taking a class or two, and changing some habits -- but we can do it. If we consistently buy designer brand clothing time after time, we can’t expect our children to be content with thrift store bargains. Our daily example in handling money will be a force in molding their attitudes as they see us, hear us, and do as we do.
Make Discussions About Money Common
Financial topics shouldn’t dominate our time together, but we can take advantage of our everyday conversations as we work and do chores, shop, visit around the dinner table, or meet in family home evening and family councils.
Financial discussions should be age and maturity-level appropriate. We can talk about a coin bank and saving with younger children and earning interest, making investments, or deciding how much to put aside for college with our teens. We can also discuss how others spend their money and the results of their spending. Observing others’ habits, whether good or bad, can be instructional, too.
Share Your Plans
Let your children see you discussing goals, budgets, and progress. As they see you weigh decisions like whether to buy a used car, a new car, or fix up “Tillie” for another year or so, they will come to appreciate how you set spending priorities in a calm, businesslike manner.
Children can participate in decisions about spending for vacations, holiday gifts, and significant budget items, and in saving for missions and education. Don’t burden them with problems, but show them how you handle financial challenges, set priorities, and keep focused on goals that affect every family member. Children enjoy offering ideas and suggestions that help the family achieve a common goal and will be more inclined to make the sacrifices to bring it about.
Identify Wants and Needs
Just because everyone else has something doesn’t mean it is a need, but these kind of wants don’t have to be ignored either. Recognize family members’ wants by adding them to a written list. There is nothing wrong with spending for selected wants as money permits. Parents can also say, “We can’t afford that right now. If it’s really important to you, let’s add it to your list.” Children may then make special efforts to earn and save for the item. Alternatively, something that once was urgent may not be so important a few weeks later.
>> Click here for entire article
By Gregory Brough
>> Click here for information about LDS Living Magazine
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 Teachings and Commentaries on the Book of Mormon
As a Latter-day Saint, the most significant book you can understand is the Book of Mormon. Now scholars Ed J. Pinegar and Richard J. Allen illuminate the meaning of these profound scriptures and show how to apply doctrinal truths in our daily lives.
>> CLICK HERE
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Book of Mormon Study Map 
