- December 8, 2014
- Category: Family Law
When you have children you begin to understand our world in the other way. You must teach your children not only to read and write, but also to become members of society. And the important part thing is to set correct financial life. Children should understand the importance of money and also pay attention to budget. They often have money desires and rarely can match them with their costs. However is it right to give your child money for a new expensive gadget if the time of gifts has not come yet? Can you be a lender to your beloved child?
In Such Situation you have 3 Opportunities:
1. You may just refuse. The possible reasons can be different: you just do not have appropriate sum of money, you do not want to use it in such way or you just think that he or she does not deserve it. However it will be a good lesson that you cannot always have what you want.
2. You can make a gift and just give this money. In such situation you may make reward for some good studying at school or good results in some hobby.
3. And the other way that not many parents use. You can provide a loan. It can be charged free, but your child will have to repay it according to some terms and conditions.
It is not always so easy to decide how to behave in such situation. Should you make a lesson and not give money? But it can make your relationship worse. So how to understand what will be the best solution for children?
You May Give Money in Such Cases:
1. The money will be used for good purpose. You child may want to attend some classes or make some necessary purchase such as electronic book.
2. You want to make your child responsible and show the importance of money. There can always be a situation when your child just does not count money and spend it with no thought. In such case it is better to learn him or her, before big troubles. You can even help to apply for online loans for people with bad credit to make him or her feel the difference. This will be a good example of real world and the necessity to fulfill terms and conditions.
3. If you can really afford it for yourself. It will not be very funny if you become just broken after giving a loan to your child. So manage your own finance to understand if you can lend the necessary amount.
So if you decide to make a loan you should always consider following situations. Will not it hurt your other children? How will they attitude to this? Will this be good for your child-borrower and will not it change your relations? So just have a conversation before you decide.
Also if you feel that making such a loan will not be beneficial and your child will just spend this money, it is better to refuse. In such situation you should talk to your child and try to change such attitude to money. You can even help to make some budget and explain how to deal with money and make savings.
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