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I am sad to say that I never learned much about finances from my parents. They were very responsible with their money, but they didn’t pass on many of their financial secrets to their five children. Growing up with four siblings, I learned that you have to share, you can’t have everything you want, and if you’re the youngest, you can expect to have lots of “recycled” things, especially clothes. These are all great things to know, but I could have used some help with the details of handling finances.
I remember hearing my parents talking about saving money, so I knew I should do that. But HOW was I supposed to do that? And WHY was I supposed to do that? When I was out on my own, there didn’t seem to be a reason to save money because I could get whatever I wanted with a credit card. No one ever told me that credit cards could lead to a financial nightmare. I learned that the hard way.
Children have a tendency to disregard much of what their parents tell them. I don’t know if I would have even listened to anything my parents told me about finances. And I’m certainly not blaming them for my financial mistakes. I made those by myself. But I wish that I had heard some sound financial advice when I was growing up.
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My husband and I don’t tell our son the details about our finances, such as how much we make, although there are some people that believe children should know that information. However, we do let him know how much we set aside every month for things like entertainment and groceries. He understands that we only have a certain amount to spend each month, and that is why we sometimes tell him, “We can’t buy that now.” He knows the basics about budgets and why we have one, and he knows that we don’t spend everything we make. As he gets older, we’ll teach him more about handling his finances. This is not to say that he will actually listen to what we tell him, but we are trying to give him a good start.
My suggestion for you:
Think about what you are (and aren’t) teaching your children about money. Decide what financial information was most helpful to you when you started out on your own and what information you wish you had known. Give your kids the advantage by teaching them everything you knew and should have known about dealing with finances.
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