Begin talking to children about money at an early age including topics such as necessities, luxuries, and savings.
Provide an allowance to children. The method one chooses to award allowance is less important than the consistency with which it is dispensed.
Help children develop financial goals in order to save money for larger items or experiences they want.
Teach children about the importance of saving money for unexpected future needs or wants.;
,


Expand the idea of saving for the future by helping teens develop long term goals such as saving for a car or college.
Discuss the benefits and dangers of using credit to make purchases.
Discuss the options available for funding their future education. Be sure they understand the differences between grants, scholarships, and the various student loan options.



Continue saving for the future by developing a retirement plan and saving for a down payment for a home.
Keep credit card balances paid off at the end of each month. If this is not possible pay more than the minimum balance in order to pay them off more quickly.
Do not obtain a mortgage that exceeds what you can comfortably afford. Be sure to look for the lowest fixed rate mortgage available.
Remain cash positive, which means earning more money than you are spending.
Aim to keep your credit score over 680.
Keep a reserve of approximately three months income in a savings account, or other account that can be easily accessed with little or no penalty.



Do not withdraw your retirement funds early as it can result in tax penalties.
Tailor your budget to reflect your new annual income.
Consider moving into a smaller home. This may give you additional funds if you already own your home or may reduce your monthly mortgage payment. A smaller home also means less money spent on utilities, taxes, and maintenance.
Plan for the future to protect your family. Write a will to ensure your estate is dispersed as you wish. Prepay for funeral and burial expenses to ease the burden of your loved ones and to ensure everything is planned to your satisfaction.
Teach children to be financially responsible.
Encourage teenager's responsibility with finances.
Develop financial responsibility as an adult.
Be financially responsible once you retire.
{"src": "wikihow-all_test", "title": "How to Develop Financial Responsibility"}