Will you teach your kids about money the same way your parents did?

Question

Will you teach your kids about money the same way your parents did?

Answer 1

Yes.  My parents taught us to pay tithing first.  If we put money in savings, they doubled it.  The rest was ours to spend.  During highschool we had to keep an expense record for one month and talk about it.  Once I started the expense record, I never quit.  My dad based it on the personal finance merit badge in scouting, since he was a scout master.  Anyway it taught me to be organized and I'm not very organized normally.  I know where all my money goes.  The only debt I've ever had is my house and my car.

Answer 2

No, I don't think I will. I learned about money not from my parents, but from watching my parents argue about it, be on welfare to get it and struggle to pay for things. Because of this I vowed when I was young that I would do whatever I had to do to make a life better than that for my kids. So, my children have watched me work hard to get everything we have. I have managed to buy a house, a car and be able to spoil them in a good way. My daughter is actually better than me with money and knows that she has to work to get it, and can save for what she wants.  

Answer 3

No, I will actually teach my kids (if I ever have them) about money management.  

Answer 4

To an extent I will.  From as early on as I can remember my parents taught me little lessons about budgeting and saving.  When I was a junior in high school, they made me responsible for maintaining the family budget for a year.  I had a ledger that I had to input income and expenses into and budget everything down to groceries and school fees, etc.  Of course, I had no ultimate control over the finances but it was quite an eye-opening experience for me.  I'm pretty certain that I'll do something similar when my daughters are older.  One difference between me and them is that I believe in having as little debt as possible.  Where they used credit cards, I save and pay cash.  I keep a savings account for unexpected expenses and haven't relied on a credit card for years.  It's my hope that I can teach my daughters the same.

Answer 5

Well, probably yes. My father always taught me that money has to be earned. I had to earn any money I was given. He also taught me that if you don't have the money, you don't buy it..meaning credit cards and what not which would apply to an older child. I think its important that children are taught how to budget what they have and that it's not how much they have, but how they spend it.  

Answer 6

I am giving my kids an allowance.  I never had this as a child.  I want them to learn about saving longterm and saving in the short term for things they would like to buy.  I want them to have monetary goals, if that makes sense.

One thing my parents taught me was that credit can be a bad thing.  I appreciated that.