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Fathers play a pivotal role in helping their children develop good habits, including a healthy relationship with money. They can lead by example and teach lessons they learned the hard way.

In celebration of Father’s Day, here are 10 pieces of advice I’ve learned to help dads teach their children how to be wise with money. 

1. Set a budget and live within your means.
2. Set financial goals with both short- and long-term visions.
3. Understand that compound interest can work for you (such as when you consistently invest), or against you (as in the case of debt).
4. With each paycheck, set aside money to save or invest, and give 10% of your earnings to charity, including to the Church.
5. Reduce expenses by eating meals at home, especially as a family.
6. Investing in well-made products might be more expensive at first but can provide better value over time.
7. Prepare for the future and protect loved ones by having insurance policies before unexpected events (illness, disabilities, premature death) occur.
8. Meditate on Scripture (e.g., Mt 6:19-34) in times of financial stress.
9. Appreciate what you have — gratitude, more than money, leads to more happiness.
10. Recognize the most valuable things in life cannot be bought.

I hope these inspire you to start your own conversations with your children! For additional resources and to share your own words of wisdom, visit kofc.org/familyfinance.

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ROBERT ADAMS, a field performance specialist, has worked with Knights of Columbus for over 35 years. He lives in Arlington Heights, Ill., where he is a member of Holy Rosary Council 4483.