As we approach Father’s Day this coming weekend, CPA Matt Bryant offered up some financial advice for Dads Monday on News 8 at Sunrise.

Bryant said fathers should set up an allowance for their children at a young age to see money coming in and to learn that items have a value to them.

Establish your own savings – funds for both the short and long term.  Bryant said one of his favorite sayings is, “people with money have choices.”  Start saving for college as costs keep going up.  He said have health, life and disability insurance policies as well.

When it comes to debt, Bryant said it’s okay if you’re buying a house or car – stretch those payments out over time.  If you’re creating debt over short term expenses like household items or a trip, that can be troubling and cause your debt to compound.  As it relates to continuing education, Bryant said if it will lead to increased income the debt is reasonable, it if won’t then taking it on could be a bad choice.

Parents who want to help their kids with expenses should do so with caution.  Bryant said if two parents are successful and have retirement accounts that are in good shape, they can choose to help their children, but if parents are taking money out of retirement accounts or taking out debt to help children, that can set you up for problems.

For more information from the New York State Society of CPAs, visit their website, click here.