As an estate planning attorney, I see firsthand how family financial habits – good and bad – are passed from one generation to the next. Long before children learn about money in school or online, they learn it at home. How we talk about money, how we earn it, how we spend it, and how we give it away all become part of a family’s financial culture.
The good news is that healthy money habits can be taught. In fact, thoughtful financial traditions are one of the most meaningful legacies parents can leave behind. Below are practical ways families can build financial confidence, responsibility, and connection – starting now.
Let Kids Earn Their Independence
For many teenagers, independence is the ultimate goal – and a car often represents freedom. While it may feel generous to buy your child a car outright, doing so can unintentionally skip an important life lesson.
Supporting your child in earning and saving for their own car helps teach responsibility, patience, and self-sufficiency. If providing a vehicle is necessary, consider requiring your child to pay for gas, insurance, or maintenance. These shared responsibilities prepare them for adulthood and help them understand the real costs of everyday life.
Teach Investing in Simple, Age-Appropriate Ways
Children are naturally curious about products, brands, and technology. This curiosity can be a great entry point for teaching basic investing concepts.
You can explain that many of the companies they recognize are owned by people who invest in them. As children get older, small, guided investment experiences can help them understand how money can grow over time. The goal isn’t perfection – it’s familiarity and confidence with financial concepts they’ll encounter later in life.
Make Saving a Family Activity
Family vacations often become treasured memories. Saving for those experiences together can be just as valuable as the trip itself.
Encouraging children to set aside money throughout the year – whether from allowances, small jobs, or gifts – teaches planning, delayed gratification, and goal setting. These lessons stay with them long after the vacation ends and help establish healthy saving habits for adulthood.
Model and Teach Charitable Giving
Giving back is an important value for many families, and children learn generosity best by example. Involving kids in charitable decisions – such as choosing causes to support or discussing why giving matters – helps them understand the broader purpose of money.
For families with significant charitable goals, structured giving strategies can also be part of a long-term plan. More importantly, charitable traditions often strengthen family bonds and reinforce shared values across generations.
Include Children in Estate Planning Conversations
Estate planning shouldn’t be a secret topic. When children are old enough to understand, involving them in age-appropriate conversations about planning can provide reassurance and clarity.
Letting your children know that you’ve planned for the future – and explaining the general structure of that plan – can reduce fear and uncertainty. It also opens the door to meaningful discussions about family values, long-term goals, and how you hope to be cared for later in life.
Encourage an Entrepreneurial Mindset
The world of work continues to change rapidly. Traditional career paths don’t always offer the security they once did, and adaptability has become a critical life skill.
Encouraging creativity, problem-solving, and initiative helps children develop an entrepreneurial mindset – whether or not they ever start a business. These skills foster resilience, confidence, and the ability to navigate change, which are essential in today’s economy.
Your Financial Values Are Part of Your Legacy
Estate planning is about more than documents – it’s about people, values, and the stories you pass on. By intentionally creating healthy financial traditions, you give your children tools that serve them long after you’re gone.
If you’d like guidance on how to align your estate plan with your family’s values and long-term goals, I’m here to help. Together, we can build a plan that supports not only your assets, but your family’s future.
At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. The Life & Legacy Planning Session will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.
To learn more about our one-of-a-kind systems and services, contact us or schedule a 15-minute introductory call today.