More and more of us are reliant on credit to supplement our income however, relying on credit does lead to stress and a debt problem which can be hard to deal with. When things get tough financially there are two things we want the tough times to go away and the tough times to never return. There is an unlimited amount of information available about becoming financially secure, out of debt, well-diversified, and on the way to an enjoyable retirement; which begs the question “why are so many people struggling financially”?

Come on mum and dad, grandma and grandpa, auntie and uncles’, we need to teach our children the value of money as soon as possible. Knowing how to manage a personal budget is one of life’s most valued skills so its important to teach children good savings and spending habits as early as possible.
Many parents believe that children should earn their pocket money and if the jobs are not satisfactorily done its probably best to still pay the pocket money but withhold other privileges.

Often when people talk about the discipline required to get their finances under control they think of the word “punishment”. I believe that the word discipline comes from the word disciple which means to teach and teaching people how to budget is an important part of financial discipline. Teaching people how to take control of their finances via personal budgeting helps them to achieve financial independence which in turn can make their lives less stressful.