This shop has been compensated by Collective Bias, Inc. and its advertiser. All opinions are mine alone. #IAmProtective #CollectiveBias
Like many young couples, Jamie and I started out our marriage in a rough place financially. Neither one of us understood the concept of saving, waiting, or budgeting. Our bad decisions made for some really hard times and we found ourselves dependent on family, friends, and government aid to get ourselves out of one trouble after another.
Thankfully, we learned our lessons about poor money management young, and have worked our way up to a place of self-sufficiency and living within our means. It's really important to Jamie and I to teach our kids smart financial planning so they can have a future of self-sufficiency. Whether they're the working ones bringing in the money, or the homemakers spending it, we want our children to understand the responsibilities they'll face as adults and how they'll contribute to the financial health of their families.
With such a large family, we've gotten all kinds of questions about how we save for the kids' future cars, college, weddings, and more. Truth is, we don't. We feel these are adult responsibilities that our children will need to take care of on their own. That doesn't mean we just leave them in the cold when it comes to planning for these things, though. There are several ways we make sure the kids understand responsible financial planning.
Our oldest son, Michael, is the one who has expressed the most interest in his future plans, so far. Michael has already shown concern about finding the "right" job---the one that will help him support a stay-at-home wife and the large family he's hoping for. We've discussed with him the options of taking online college courses from home so he's also able to work full-time and beginning to save his money now so he'll be able to purchase a reliable vehicle when it's time. We've also helped him put priorities in order---such as making sure he's got a stable job, reliable vehicle, and a little money for homemaking basics before making plans for a marriage.
One thing we've not discussed with our older kids yet is the need for life insurance. I was recently introduced to an online learning library with lots of information on taking out life insurance. I can remember, as a new wife, not even wanting Jamie to take out life insurance because the thought of losing one of us was too scary for me. Now that I'm a little older and wiser, I understand how life insurance can help ease the burden of an already devastating time of loss, and I feel comforted in knowing our family won't have a difficult financial struggle should our children lose one of their parents too soon. It's only recently occurred to me that finding a good life insurance plan is also something we need to add to Michael's list of financial priorities. I want him to have the same peace of mind that Jamie and I have.