Today is National Transfer Money to Your Daughter Day and, as the proud parent of three daughters, this day is a celebration of love, care and of course, financial responsibility.
At Wells Gibson, we believe in not only offering sound financial planning and advice to our clients but also in instilling financial wisdom in our own families.
Teaching Good Finances: My Parenting Journey
Being a father means more than just providing for our children’s immediate needs. It also means equipping them with the tools and knowledge to navigate the financial journey that lies ahead.
There is a bit of a running joke in our home, where every time our daughters ask for money, I point them to the money tree in Balgay Park, beside our home in Dundee.
As a family, we’ve become big fans of Starling Bank. We recently introduced Starling to our eldest daughters and our youngest now benefits from her own debit card whereby we can control her spending limit – we want to allow our children some financial freedom whilst learning the importance of budgeting and saving.
However, even as a financial planner, there’s a constant struggle with our daughters, especially when they want the latest iPhone or Taylor Swift tickets! More recently, our eldest daughter is constantly pestering us to buy her a car now that she has passed her driving test! Being a parent is not easy…
Tips for Fellow Parents
- Start Early: My financial education journey with our daughters started when they were quite young. I believe that early exposure to concepts like saving, budgeting, and understanding the value of money can set a solid foundation.
- Setting Goals Together: What’s effective, is involving our daughters in setting financial goals. Whether it’s saving for something special, planning a family trip, or thinking about long-term savings, this approach makes financial learning more tangible and engaging.
- Lead by Example: Children often learn more from what we do than what we say. So, my wife and I try to make sure financial habits align with the lessons we impart. It’s important to be a role model in this regard which is not easy because even I can be extravagant from time to time…
- Encouraging Questions: I’ve always encouraged our daughters to ask questions about money without hesitation. I want them to be curious and unafraid to seek understanding.
My commitment to financial education within my family emphasises the significance of passing on financial wisdom from an early age. It’s not merely about pounds and pennies; it’s about empowering the next generation with the knowledge and skills they need to navigate the intricate financial world.
On this national day, I encourage all parents to consider how they can better educate and empower their children in the realm of finance. National Transfer Money to Your Daughter Day is not just about transferring funds; it’s about transferring values and knowledge that can last a lifetime.
Happy National Transfer Money to Your Daughter Day!