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Teach Your Children Good Money Habits


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When I was young, parents (at least MY parents) never discussed money. It was only when I took over my elderly mother's finances that I discovered they had paid cash for cars, rented from inlaws while saving to buy their modest home for cash, invested in stocks, & paid all credit cards in full each month. When my father's salary increased, he saved the extra until he had enough to buy a $1000 CD (certificate of deposit) several times/year. It took decades for me... (click title for more info)

to learn good money habits on my own. Don't discuss specifics with children, but when opportunities arise, teach them the pitfalls of credit card spending, benefits of saving & investing, bargain hunting, & good money management skills. And above all, practice what you preach.
- Submitted by STORMY724 1/11/2011 in Saving Money | 3 Comments
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Member Comments

STORMY724 1/12/2011 1:56:00 AM

    To PUGLOVER1999: I agree that few people have good money-management skills. The school where I taught before retiring started to teach home ec. to both boys & girls in grade 6 with an emphasis on the "economics" in home economics. They taught budget-making, check writing, responsible credit card usage, etc. I saw this as a positive move.

When my skills were faulty, I read library books, magazine articles, & took continuing-education courses, eventually getting myself out of debt & able to invest for retirement. For those who have poor money management skills, I would recommend a personal-finance continuing-education course at a local school or community college. It will be good for you, & if you pass on your knowledge, it will help your children avoid your mistakes.
SMITHANI 1/12/2011 1:19:00 AM

    emoticon emoticon
PUGLOVER1999 1/12/2011 12:15:00 AM

    Unfortunately, not many people know how to handle money, much less teach their children. My family didn't teach me, but I'm married to a man who grew up knowing ... and had a very successful career managing money (comptroller). I'd probably be more like my own family if I didn't have him! :)

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