One of the best things about my relationship with my husband is our shared commitment to certain values, finances being one of them. Finances are a source of contention for many married couples. When both parties are on opposite pages of the financial page, stress and division arise. Fortunately, we had this discussion while we were dating and found that our values were very similar.
We are about to close on our very first home, and I attribute this accomplishment to the amount of time my husband and I have dedicated to saving and budgeting our hard-earned money. While budgeting programs and software like Quicken are beneficial for attaining an overall picture of spending habits, financial responsibility is a way of life, like eating healthy or regular exercise. It is a personality trait that is shaped in early childhood.
I remember my mother giving me an allowance every week as a young child. She showed me how to balance a checkbook when I landed my first job at the age of sixteen. She helped me set up a savings account and instilled in me the importance of planning for retirement early on. I never had a credit card until I was in college, and even then I was terrified to use it. Financial freedom (or living debt-free) was a principle my mother instilled within me from the moment I received my first paycheck. “Save for a rainy day” was her motto. I thank my mother for instilling within me this immense sense of responsibility.
Even now my husband and I are thinking about how we want to teach our son to be responsible with money. First and foremost, we’ll lead by example. It starts with teaching him the value of money (i.e. the cost of an item versus the amount of money on hand). Inevitably discerning wants from needs goes hand and hand with this concept.
There are numerous books I’d like to get for my son to help teach these concepts including, The Berenstain Bears Get the Gimmies and Bunny Money, that introduce these concepts as early as preschool (4 years and up). We’ll give him an allowance and some light chores to teach him the value of work and resultant earnings. Most importantly, I want my son to learn that sometimes it’s better to delay instant gratification through impulse buying for a greater goal (i.e. saving). Other concepts I want my son to learn include giving and volunteering.
We definitely don’t have all the answers and could definitely gain some insight from Capital One’s new online interactive Moneywi$e eLearning tool which helps families learn about money management skills. With the state our economy is in, this is a great family resource.
This weekend The Parent Bloggers Network is tackling this subject. If you want to hear how other moms and dads are teaching their children financial responsibility, head on over this weekend. I guess I should disclose that they’re giving away not one but three iPhones! And since they don’t grow on trees you might just want to stop by…
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