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4 Financial Mistakes Parents Should Avoid

Model Behavior

Actions speak louder than words, so be mindful of how you spend money in front of your kids. Chris McLean, a financial advisor with wealth management firm Signature, explains how to set a good example.

Avoid credit card debt: Instead, show your children how to live within their means.

Don't buy their love: This is an easy trap to fall into, especially if you're divorced. Remember, kids want your time—not your money.

It's not a contest: Stick to your personal values and budget to teach your children they don't need to have everything their friends own.

Originally published in the February 2014 issue of Family Circle magazine.