Starting in 2007, the financial health of the United States deteriorated. More people foreclosed on their homes than in the previous years. Several of these families had to file bankruptcy. For them, seeking credit counseling is a part of the bankruptcy process. Some circumstances are beyond a person’s control, but ultimately financial health is in one’s own hands. Everyday decisions to buy or not to buy will make or break personal debt and credit scores, as well as affect quality of life.

Parents have the responsibility to teach their children how to manage personal finances. They can do this by setting a good example, because children often mimic their parents’ spending patterns and behaviors. It’s a good idea for parents to examine their own relationship with money and determine whether their behavior reflects what they want their children to learn. Here are a just a few considerations:

Is saving money made a priority over spending? Saving shows kids that their parents value being prepared for the future.

How organized is the family bill payer? Keeping bills and financial documents in one place and reviewing them frequently conveys a sense of control.

Does money cause household conflict? Children can sense tension, and the subject of money can become something to fear and avoid.

How involved are family members in making financial decisions? Take advantage of teachable moments by letting kids help make decisions that affect them.

Simply being aware that their habits are shaping how future generations interact with money can help parents improve their own financial health.