What did you learn about money from your parents? What are you teaching your kids?
What did your parents teach you about finances? Did you follow their advice?
I learned never to spend money you don't have. I learned that used things are a good way to get what you need. I also learned that giving is better than receiving and that making presents for someone is the best of all. I teach all of those to my kids.
My mom showed me how to write checks and sort of a budget for groceries. Other than that finances were between mom and dad discussions. I have showed my children to use money order have a prepaid visa and account receipts for purchases. They also were taught how to open their own savings account.
I learned that it is important to have some kind of plan or budget. Well...that is what they TOLD me, but I pretty much had to figure it out for myself once I get out on my own, but they at least warned me ahead of time that I would soon be learning what it was like to truly be poor once I went to college. I had to teach myself the difference between spending money wisely and blowing it on useless things. I have taken care of myself pretty well I think.
They gave me my first checking account when I turned sixteen and helped me to keep up with it and taught me how to balance bank statements and such. I would have never known how otherwise but no one else would have taken the time to teach me.
My parents taught me to stay out of debt no matter what. I have tried to teach that to my children as well. When you are out of debt, you have a freedom that people in debt never do. They taught me to WAIT until I had enough money to buy my wants. By waiting, I learned to appreciate things better and to take care of them. I remember when my dad brought a car for cash. He owned it that day. I told myself that someday I would do the same. It felt great the day I did!
I learned ' if you haven't got the money, you can't have it'.
I drilled this into my daughter and she works hard to make the money in order that she can afford the things she wants.
My parents taught me to live within my means. They encouraged me to save for something that I really wanted and not to pay for things on credit (apart from a house). Work within a budget and only but what you can afford. I try to teach my children this too. They both have bank accounts and they spend half of their pocket money each week and save the other half. When they see the money in their account growing each week, it encourages them to save when they can. They are both currently saving money for their summer holiday in August.
I learned, always put away some money for a rainy day and don't buy what you cant' afford.
I learned to delay gratification (save), avoid debt, pay my tithes, give to charity, and get up and go to work every day whether I felt like it or not. We're passing the same work ethic to our children:)
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