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!