It seems like budgeting has always been a part of my vocabulary. Growing up, I’d often see my mother with her ledger book, checkbook and file folder of bills. Whenever I’d get an allowance or gift money, it was mandated that I give a portion to church (tithe) and give some to my mother to put into my savings account.
Once I began working at 16 and getting what I thought was a huge amount of money – all that I was taught went out the window. I worked full-time my junior and senior year of high school and had absolutely nothing to show for it upon graduation. If I could go back in time and shake myself silly, I most definitely would.
My mother tried her hardest to instill the importance of savings and budgeting in me, but she, also, allowed me to make mistakes with my money. I’m not entirely sure how I feel about that. Part of me knows that I was being given a slow introduction to the adult world while still in a safe bubble. Another part of me feels that my financial outlook as an adult would have been a little different if more one-on-one, direct conversations were had about budgeting, savings and being frugal.
Now that I’m a parent, I want to not only show my children how to be financially fit – I want to have conversations with them and show them how and why it will benefit in the long run.
I want to break the cycle of being financially inadequate.
I want to teach my children how to manage their money and not let their money (or lack of) manage them, their lives and their future families.
Over the next week we’re going to discuss our children and savings, budgeting, giving and debt. I would love to hear your stories on how you have or are raising financially savvy children.
See you tomorrow when we discuss effective ways to teach our kids about money!
Granny Beth says
I’ve recently started blogging on Thursdays about finances. As women of faith and families it can be a struggle to look at money as a tool and not magic to get what we want. Thank you
Kathleen Kennedy-Leon says
looking forward to the series–I did a post about how teenagers should have bank accounts–so in total agreement!!
Carri @ Grace Unveiled says
Love this! I was never shown anything about money. My parents were… well, my dad was a drug addict and alcoholic and my mom had some mental health issues, together those left little room for financial guidance. lol My husband and I have gone through a lot over the years and are working to be debt free now and want to pass that on to our daughter too. So I am excited to hear what your new series has to share. Right now our Muppin does tithe and she saves most of her money because she wants to buy some special things we can’t afford. But that is as far as we have gotten with her. Can’t wait to read more! See you soon!
Winter says
Michelle, here is a online Money management software link where you can register your kids for free and assign chores to help them earn allowance and manage it. We did a giveaway when they charged for it a while back, but now anyone can use. This is what we use with our kids and I love it: http://www.threejars.com/home
Michelle says
Thanks so much! Looking into it!
Winter says
I did a post on this a while ago. So important! http://www.christcenteredhomemag.com/2011/06/christ-centered-finances-for-our.html
Michelle says
Thanks for sharing! I’ll definitely check it out.