It is now week 23 of the 2012 Debt Free Challenge! Isn’t it fun to watch the amounts of your debt slowly melt away? It is great to watch your disposable income increase as you pay down your debtors. As great as all of that is, for me, there was even one thing which gave me even greater satisfaction. For me, knowing that I was teaching my children how to handle money has meant so much more.
As we all know, children are little sponges. They soak up everything we see and do — from language we may use (including those words we wish they would not repeat) to how we pay for our groceries. When I watch my children play grocery store, they play with play money. That may not sound like much, but my daughter’s cash register came with a credit card and my kids don’t even know what it is. They don’t know how to use it as they don’t see Mom or Dad using it.
It isn’t even just how to pay for things it is setting financial goals and reaching them. Children can thrive from our own financial goals. They can see us work hard to save our money for those special purchases (as well as the unexpected). My kids know how to save, give and spend their weekly pay. They know that we have to work hard for our money and that Mom and Dad are not also referred to as the Money Tree.
As parents, we always remember to teach our children ethics, morals, safety and other life lessons. However, there is another important life skill they need to learn — financial skills. After all, our goal as parents is to help our children learn from our mistakes so they don’t repeat them later in life.
So, as you struggle with working your way out of debt, keep in mind the gift that this can be for your children. They will learn and watch from you. For me, I know I am helping them grow into thriving, happy adults. That’s what matters most of all.
| **Please, if you have recently paid off another debt, share with us! You can report every single debt — so that we can have an accurate amount reflected!! As a reminder, the survey is completely anonymous – there is truly no way for me to know who you are at all. You can share your amount you have PAID OFF HERE. |
(I am not a financial advisor and the information listed within these Debt Challenge posts is not to be construed a financial advice. This is knowledge we gained through our own personal experiences and information as outlined in Dave Ramsey’s Financial Makeover — and is being shared as such. Participants are not required to follow any steps listed if they do not wish to do so. Financial concerns/issues should be addressed with a professional in order to receive advice and assistance.)
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Tracie is a stay at home mom to three young children; ages 4, 6 and 8 in Raymore, Missouri. In November 2007, she and her husband decided to eliminate their debt and made many changes in their lifestyle to do just that.
In 27 months, they eradicated over $37,000 in debt through both budgeting and learning how to live a frugal life. She now shares her knowledge in order to help you stretch your hard-earned dollars so you can live the life you want.