Lessons learned early in a child's life can hold immense value later on. This holds especially true when it comes to personal finance and Maryland parents and kids alike can take steps to cultivate good personal finance habits for use in the future.

There are a lot of different factors that can lead to financial problems. Consumer credit card debt, unexpected medical expenses, and unemployment can lead to endless calls from bill collectors and possibly the need to file for bankruptcy. In the opinion of one now-successful businessman who struggled with debt early in life, teaching proper habits regarding money management should start early and continue through adulthood.

For example, parents should not focus on the negative aspects of money, but rather emphasize how to use restraint when spending it. Instead of making money the enemy, children should learn to respect its value and role in their lives.

Parents may also play an important role by using the financial decisions made by children as teaching opportunities. Noting when a poor decision leads to issues in the future, such as when money meant to be used for a later purchase was squandered earlier, is a good way to remind a child about impulse control. Reaffirming a good choice, such as when a youngster puts money into savings instead of buying the latest toy, can also leave a lasting impression.

Finally, parents can be vital in helping children to establish and reach financial goals. Teaching kids the importance of saving and putting it into practice by setting aside money from a routine allowance will set a standard for the child to continue throughout the move toward financial independence. Establishing good saving habits can help cushion the financial blow of an unexpected medical bill or job loss in the future.

But even with early saving and planning, people find themselves in unmanageable debt with no apparent way out. Bankruptcy can be an option for those who are struggling with debt. Speaking with someone who understands bankruptcy law may be the first step towards financial freedom.

Source: The Baltimore Times, "Kids can learn to control their lives by controlling their money," Dec. 16, 2011