What’s Your Financial Parenting Style?

Teaching our kids financial literacy is one of the best ways we can prepare them for adulthood. Our Financial Parenting Style Quiz can help guide you on what you are like when teaching your children finance basics, responsibility over money and expenses, and maybe also give you a few ideas on how you can be more financially savvy!

You are expecting your bundle of joy very soon. You prepare for the baby by…

a.Asking relatives for hand me downs that are hygienic to share or different items that you were told you’d only need for short periods (ex. Car seat, stroller, baby clothes and shoes, etc.)

b.You’re all set, by planning early you were able to buy everything that you need during a sale.

c.Buying them their own set of everything: clothes, toys, accessories, plus everything that you find cute!

Your baby has arrived! You would like to take photos of him/her by…

a.Creating a cute DIY background and costume and having the photos taken at home by your talented cousin.

b.Hiring a start-up baby photographer that’s promising and has a value for money photo package.

c.Hiring a high-end baby photographer that took photos of celebrity babies. He will definitely capture your baby’s first moments well.

It’s your child’s first birthday so you…

a.Gift them only what they need: bigger clothes, bigger shoes, educational toys, etc.

b.Gift them a few toys that will excite them and a few outfits that you think look good on them.

c.Get everything on your wish list that would also make Instagram worthy photos!

Your baby is now a toddler, and they’re needing more attention and activities during the day, so you…

a.Research on educational activities and games that you can copy and do with them at home.

b.Find them a twice a week online class and do research on activities they can do at home.

c.Sign them up for all the online baby classes you can find!

A popular children’s show releases a new line of toys, but your child already has a set from their first release, you…

a.Do nothing. Your baby already enjoys the existing set of toys

b.Consider getting the characters they responded to the most from the first set.

c.Get them every toy in the new set. They need to be up to date!

Financial Advocate (mostly As)

You are very careful with your finances! You save every dime because you know the future may bring surprises, and you will not be caught off guard! You want your children to do the same, and so even as babies you abide by “necessities versus wants”, and try to stick to the former.  To really eliminate unforeseen financial expenses, you also consider insurance plans for yourself and your children to make sure you are absolutely covered.

Money Savvy Mommy (mostly Bs)

You know the value of teaching your children financial responsibility, but you also know that some of life’s happy moments require a bit of spending. You spend wisely, and you never suffer from it or risk overspending. You want your children to see that, and as they grow they recognize how to balance financially.  To drive home the lesson, you intend to have open discussions on investments and money management as they get older, and you jumpstart these discussions by acquiring investment products on their behalf.

Financially Relaxed (mostly Cs)

Life is short, and you want you and your kids to enjoy it as much as possible, after all, you can always make more money to support yourselves. For as long as you can work and you teach your children to work, then spending is okay!  Make sure you save enough and prepare for the worst to secure your and your children’s future.

No matter what your financial parenting style, preparing your kids for their future is part of responsible parenting. Preparing for financial risks and setbacks allows them to continue their life uninterrupted when the worst happens. Teaching them about finances early better prepares them for success! Start financial planning with your kids today and secure their future through FWD’s Babyproof, an insurance and investment plan that helps set up your children for success! Visit FWD Babyproof today!