- Date : 20/12/2021
- Read: 3 mins
Make your daughter financially secure before she enters her 30s - through these simple financial lessons.
Daughters are special - especially to their fathers, who like to pamper them before they get married and move out of the family home. If you are a parent, you will want to ensure that your daughter gets a quality education. And after she finishes her studies, you would naturally want to help her build a career.
While teaching your daughter life lessons, you should also give her lessons in finance so that she learns the value of money. Importantly, financial lessons imparted from a younger age can give her financial security even before she hits her 30s.
So, here are some lessons to teach your daughter right from a young age.
When she is still a student
When your daughter is studying, teach her the value of money. Rather than fulfilling all her financial needs, motivate her to find a job or a source of side income to earn her keep. Give her a monthly allowance and teach her to manage her expenses with it. This would give her an insight into budget management and teach her financial planning.
Make sure your daughter has a bank account in her name. Credit her allowance in the account and ask her to manage the same. This would give her important lessons in banking. At the same time, don’t neglect her interests and passions. They might lead to her chosen career. Identify a career she is interested in and help her prepare for it.
After she completes her education
Once your daughter completes her higher education and finds a job, teach her to maintain stable employment. If she wants to start her own business venture, ask her to save up for the capital by herself. You can help fund her business, but she should have a financial stake in it so she gives her business the attention it deserves.
Investing is also important. Teach your daughter to create an investment portfolio for her future financial goals. Educate her about making smart investment decisions so that she knows how to invest and where to invest. She should learn about the need for saving money from an early age.
Teach your daughter a lesson in frugality. Show her to live within her means and not depend on you for financial help. Debts should be discouraged unless she has a stable source of income. Lastly, don’t push your daughter into marriage or having children. Let her achieve her true potential and become financially independent before she thinks of finding a husband.
Women empowerment has become a popular mantra in recent times. By making your daughter financially responsible, you can do your bit to make her self-sufficient. Let your daughter show you that she’s eminently capable of heading out into the world on her own!