Become financially independent – How to help my child

13 Dec, 2021

Become financially independent – How to help my child

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As a parent you want the best for your children. As a homeowner you understand the importance of a capital investment like owning property. How can you teach your child to be come independent and to become financially independent to help them on their way? Read on for some excellent top tips.

How Can I Help My Child to Become Financially Independent?

become financially independent
Parental guidance and education starts from the early years

Photo credit – CSG Women’s Thermals

Teaching a child to learn to stand on their own two feet can take many years. However, the process for doing so can begin even when they’re young. In the early years, you may have spent time teaching your child to walk and talk. As they then develop, they may start attending school which will allow them to get an education. This may be vital for their future career choice. Making little changes to the ways you parent your child, and considering their possible needs in the future, could help them. They could gain some level of independence, even before they live away from home.

Financial independence can be quite important for your child. You may also want them to be able to afford the different costs associated with living, without needing to continue relying on your help too much.

Become financially independent via the property ladder

To help them get onto the property ladder, or even be able to drive for themselves, they may need finances at their disposal. Wealthify offers junior ISAs which may be ideal for overcoming these issues. An ISA will allow you to save up money while your child is still a dependent. For some level of peace of mind, these accounts can only be accessed by the named person, in this case your child. They also won’t be able to touch the money until they reach adulthood, meaning they may be more likely to use these funds to help them gain independence.

Learn domestic independence early

As your child grows up, you may also ask them to help around the house a bit more.  Believe it or not this really helps. Train them in how to help with domestic chores. Not only can this take some of the work off of your plate, but it trains them. It could also be necessary for them to undertake these same tasks for themselves in the future. When assigning chores, you might want to consider what is appropriate for them to do based on their age, maturity, and skills. For example, a toddler may be able to help with putting away their toys. Meanwhile a teenager could assist in mowing the lawn or helping in the laundry room. These skills can then be taken into their adult life. They can be used to look after their own home and belongings when they are on their own. And it helps build skills to help them become competitive in the professional and so to become financially independent.

Build their self-confidence

Another way that you may be able to help your child to become more independent can be through increasing their level of self-confidence. A child with higher self-esteem may feel more capable to undertake tasks without your presence. This can include attempting new tasks that they haven’t tried before. They learn from mistakes they make, and even apply for education or career paths that intrigue them. While there may be factors that harm their confidence, such as drastic life changes, or bullying, you can also work to help them become more resilient and think positively about themselves.

Summary – Helping your child become financially independent

Independence may begin when your child is very young. This can be an important goal for many children who one day want to live elsewhere, or even start a family of their own. By finding ways to encourage them, and provide tools, you may be able to help them to achieve that goal.



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