Want Financially Independent Children? Do These 3 Things

My husband and I are friends with a couple where both members are in their early 40s and have decent jobs, but not great ones. They also have a massive pile of debt and get loads of personal finance help from their parents.

And that's not because their parents are wealthy. Granted, I don't have access to their savings accounts, but my impression is that they're comfortable enough, but not exactly rolling in dough. Rather, it's that they know their grown kids need the help, and for the sake of their grandchildren not being raised in a financially disastrous environment, they're willing to lend a hand as they can.

While we like these people because they're kind souls, we've point blank said that we do not want our own kids to wind up like them. Even though our kids are still fairly young, we're already doing our best to teach them certain financial lessons in the hopes of setting them up to be independent in that regard from a fairly early age. And if you want your own kids to become financially independent, then here are three moves you may want to make.

1. Encourage your children to earn money rather than ask for it

My children aren't old enough to be hired by an outside business. But if your kids are, one of the best things you can do for them is encourage them to find work rather than hand them a pile of cash every time they need money.

Earning money can serve as a source of pride. Also, it teaches your kids the valuable lesson of spending mindfully.

Remember, it's easier to spend $50 you didn't have to work for. It's not as easy to blow $50 on a whim when that's an entire shift's worth of work you're giving up.

2. Teach your kids to be very careful with debt

A big reason the friends mentioned above are so financially dependent on their parents is that they're saddled with debt. One chose an expensive college whose costs aren't yet paid off. Another pursued a less expensive graduate degree only to not actually go into that field, resulting in additional loans that still need to be paid off. And that's on top of the giant credit card balances I have to assume they have, since they have a tendency to go on nice vacations every year even though they talk openly about how they can't really afford to.

If you want your children to be financially independent, teach them early on how important it is to not have to spend money on things like credit card interest. While it's OK to borrow money for an education, loans of that nature should be taken out judiciously.

By age 18, which is around the age when many people start college, your child is old enough to understand the difference between a $100,000 degree and a $300,000 degree. Encourage them to consider the consequences of debt -- including educational debt -- very carefully before committing to it.

3. Have open conversations about money and finances

Talking to your kids about money may be outside of your comfort zone. But if you're not willing to have those conversations, you may be doing your kids a disservice.

Data from Empower finds that 71% of families prioritize teaching their kids budgeting and money management skills. And while my husband and I don't share the exact specifics of our financial situation with our kids, we do loop them in on the cost of certain things, like vacations or new electronics, so they understand that different experiences and purchases come at a price. The simple act of making your kids feel comfortable talking about money could lead to more financial independence as they venture into adulthood.

Raising children is a costly endeavor. And there should come a point in life when you no longer have to support your kids financially. If you make these moves, you may be more likely to land in that boat.