Raising financially independent daughters is crucial for them to survive and thrive in today’s world. We know that most schools aren’t really into teaching personal finance strategies to their students. However, until they do, lessons about money must take place at home.
Educate your girls about finances, savings and investing from when they can talk and demand what they want from you. How do I make my daughters financially independent, you ask? Here are 4 ways to do so.
Lead by example
Duh! Children observe and learn. What they see, hear and experience daily is what they repeat. If that’s the case, they should be getting to observe some good examples. If you’re a woman reading this, we implore you to live by example.
Daughters need to see the women in their lives nailing the financial game. Talk to them about money equality, tell them how it starts at home—even better show them how it starts at home. That’s the key to financially independent daughters taking over the world.
It can be something as simple as watching parents discuss weekly food budgets or even a family vacation budget. Daughters need to know that women not only contribute financially but also have a say in money matters. When the time is right have deep intense conversations about how men don’t inherently deserve or earn more than women.
Give them money management lessons
When you’re religiously following the “lead by example” routine, give your daughter money management lessons. If your daughter is old enough to earn an allowance or communicate her wants, then she’s probably ready for money management lessons. Don’t worry there are a ton of age-appropriate lessons, moreover children (especially girls *wink wink*) are too smart for their own good. It doesn’t a lot to explain money, saving and buying.
Teach your girls the value of managing money and saving, it’s a good habit. It will help her understand how to choose between what they need and what they want. Barbies or Chick-fil-A, they’ll know what’s important and what’s not and they will less likely to make impulse purchases later in life. They even won’t fall victim to displays at checkout counters. That’s like every parent’s dream come true!
Be honest about everything
Don’t ever let your daughter think or believe that money is a cure-all. Money can’t fix everything. Ensure that she is aware that it’s not always readily available, either.
You can do this by being open about your financial insecurities with your daughter. Don’t keep her from the truth. We’re also not telling you that you have to paint a picture of the worst-case scenarios. Even if are/were a spendaholic and you’re bad at saving, be honest about it. Let her know that no one’s perfect.
Let them make and learn from their mistakes
Sometimes daughters would go to the mall with their friends and come home with a purchase that was not necessary, they would’ve bought it just for the sake of buying something. Yes, it’s super normal for teenagers to buy clothes for no good reason, but it’s not a good habit to reinforce in excess!
So how did we fix this? Ask them questions about the price they paid for clothes. Take them to different stores and show them the dramatic differences in the cost. Then, they will start noticing how much things cost when they pay for it out of their own pockets.
Wow! Now that’s a parenting win! Meanwhile, here are some lessons you can learn from your kids.