George/Pena Family Blog - Do we live what we learn?
Here's the question of the day: How much do parents influence their children's spending styles?
If you are a spendthrift, will your children be also? If you do not directly teach your children how to handle money, will that change the course of their future? Are some people born with "money skills" while others struggle their whole lives to handle money appropriately?
My parents never taught me or my sisters about money. The closest they came was when we heard "I'm not made of money." Duh. I never knew how much my parents made or how much the electric or phone bill was. We never went without, but I remember some really lean times. At the same time, I remember a few indugences, like going to the Ice Capades (remember those?) and going to Disney a time or two. Nevertheless, when I got out on my own, I had NO IDEA what to do with money. I thought only rich money played the stock market, and that retirement would be taken care of by a gold watch I'd get after 30 years of service.
My children have such varied spending habits, I'm amazed that they are related to us at all. Nick is the saver. He wants stuff, but he also wants everyone else to pay for them so that he can keep "his" money. Justin can't keep a dollar without it burning a hole through his pocket. He buys impulsively, and because he feels obligated to get stuff for people. Valerie spends what she has. She, too, doesn't save her money. Of course, she doesn't have much, being in college and all. But she still has a larger wardrobe than most boutique stores. Tracie goes through cycles, but unless she has a specific goal, she will spend what she has. She justifies it by saying that she "needs" her eyebrows waxed, etc. Jenna works as much as she can, and is a saver. She will spend a few dollars for some smaller items she wants, but most of her check goes into her savings each payday.
I hope by going through this financial process, we are demonstrating some better money management skills to our kids. The question, though, is DOES IT MAKE A DIFFERENCE? I truly hope so.
Comments
Log in or create a user account to comment.