October is National Economic Education Month. While there seems to be a month or a day to celebrate anything these days, I find this one to be important. As a bankruptcy attorney, husband, father, homeowner, and business owner, I firmly believe in financial wellness and education.
The purpose of this month is to promote the importance of teaching economics in our schools. According to National Day Calendar, “Economics is all around us. It teaches us that scarcity forces everyone to make choices, and our choices come with costs. Students with a clear understanding of basic economic principles will be equipped to make educated decisions.”
I’ve written about Financial Tips for New Parents, Financial Literacy for Retirement, and Credit Card Debt and College Students. Every stage in life presents new financial challenges – and not always negative. Accordingly, knowing how to navigate each stage – with a basic understanding of economics – can make all the difference.
Teaching Our Children
Studying the innerworkings of the U.S. and local economies will teach our children how to make efficient choices when managing their finances. Likewise, one of the easiest ways to educate your children at home is to discuss how decisions are made for your home – from what groceries you purchase to activities you participate in to the household budget.
Communication is just one component of financial wellness. That is why these open communications are essential for both the financial head of the household and the household members. Having an open dialogue about the economic status of your home will allow all parties to be active participants and create a healthy relationship with money.
In these conversations, discuss debt, saving, income, credit card use, money management and budgeting, and what things cost. Answer their questions about recognizing financial trouble and how to be financially successful.
Once these conversations begin, contact me if you need guidance on credit repair, debt consolidation, or bankruptcy. A meeting with me can provide the insight you need to make the best financial decision for you and your family.