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Teaching Kids About Money

Did Your Parents Teach You About Money?

Families treat the topic of money several ways. Some parents make financial education a priority, some kids only hear their parents talk about it when money times are good or when they're bad, and some kids never hear a money-related peep growing up. The way your parents treat the topic of money and issues surrounding it, like how they save and spend, can really affect the way their kids deal with money down the road. Where do you fit in?

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bobaxteagirl bobaxteagirl 7 years
I had a bank account when I was a kid, I still do now that I'm in college obviously, but money came. My parents would nag about whenever I asked for money and gave lectures, but I'm not sure how to spend wisely. I came to college my first year with more than enough money all tutition paid, housing, everything was paid. I had NO loans taken out and had over $3k extra to spend and I went crazy, spending almost $2k in 3 months, which is pretty crazy for me. I've never used my credit card only a debit because I'm scared because Im not even sure how to pay a credit card. I'll figure these things out soon, otherwise, I'm screwed.
tee0206 tee0206 7 years
My parents tried to convince me to live with them until I could afford to buy a house or condo and save up a decent amount of money. However, I chose to move halfway across the country, so i'm still a renter!
Sammi_784 Sammi_784 7 years
i like to think i'm reasonably savvy when it comes to my finances but my parents were not responsible for getting me there. when i was growing up, money was tight so i guess i was taught the importance of being careful with money, but they never taught me anything when it comes to saving plans, pensions etc. i taught myself.
Gabriela14815884 Gabriela14815884 7 years
My dad was big on teaching me about saving money and the importance of investing it, while my mom showed me how to stretch a buck and how to make smart purchases.
mandy_frost mandy_frost 7 years
only when times were bad which was not too infrequently Unfortunately/ fortunately, I'm sometimes scared to spend because of it.
JessiShaye JessiShaye 7 years
My parents sat me down one day and made me make a list of things that I felt I needed to get by on a day to day basis. From there, we came up with the number I needed to make in order to fulfil those needs. This was a real wake up call. They continued on to explain to me what a credit score is, how you maintain yours, what not to do with a credit card, the importance of beginning a savings and always paying the bills ontime. They always taught me to live within my means. I also always really admired my parents for how generous they were, without being wasteful. I think that's a fine line. When you're trying to spend wisely sometimes that can slowly evolve into stingyness. I really admired that about them and have tried to emulate that myself.
luminousfae luminousfae 7 years
My parents started getting us into the financial dsicussions of the family around the age of 10 or 11. They were always very upfront and honest about not making the best financial decisions early in life (as far as not saving for the future or planning ahead). They made it very clear how important it is to have good credit, pay bills on time, know your interest rates so you can avoid the high ones at all cost, invest your money while your young. Even when we were kids, they made a point to let us know that you have to be responsible with your money and it doesn't grow on trees. You have to work hard for it and they certainly did. They want to make sure we learn from their mistakes and good example.
LaLaLaurie06 LaLaLaurie06 7 years
I don't remember that they actually taught me about money. I got an allowance every week, which started off as like $1 and then as I got a bit older it was $5 and I had to put $1 of that in savings, give $1 of that to church offering and then save the rest. So I guess they sort of taught me the importance of having a savings account and really saving up my petty cash instead of splurging (although what could I have bought with $3 even back then?? lol). I also learned that if you want to make extra money, you have to work for it. My mom would sometimes give me an extra $5 if I helped her with some of her work stuff like cutting off extra laminate on papers or coloring objects/papers (she worked with little kids). I wish that I had had the opportunity to take a class in high school or college about doing taxes and how that all works. My parents taught me how to write a check (sometimes I'd write out checks for them and they'd sign it if they were in a hurry lol) and my dad taught me how to fill out a W-2 when I started working in real jobs.
Mamarosa Mamarosa 7 years
I got almost all of my financial training through Girl Scouts. It started with having to count back exact change when selling cookies and extended to fund raising as a group to pay for a trip to Europe. I think this provided some of the best lessons.
carhornsinapril carhornsinapril 7 years
i heard a lot about money when i was young... or more accurately, our total lack of it! i didn't learn anything about money management from my folks, but i'm figuring it all out now. i have gotten some great money advice from a couple of successful mentors in my life, and advice from savvy doesn't hurt, either. :)
Linny Linny 7 years
my parents seem to do alright for themselves but i didn't seem to learn anything that they might have tried to teach me. too much easy come, easy go for me. i'm learning everything the hard way now.
stefsprl stefsprl 7 years
My parents never talked about any of that stuff with me...my mom handled everything financially. My dad would hand over his paycheck, she would cash it and give him his allowance for the week. He never had any idea about what was spent. If we went back-to-school shopping or just spent more money than usual, we were always told that we shouldn't tell dad how much we had spent. With my husband, he grew up hearing his parents fight about money. It was a huge source of tension for them. It took us both awhile to adjust to a healthy view of finances in a marriage...I was figuring out how to communicate about it and he kept thinking I was going to bite his head off any time he wanted to buy something. Once we realized we needed to just talk and decide things together, it helped things go much more smoothly.
MsWalton MsWalton 7 years
Money was always a sore spot in my family so, although my parents didn't teach me about money, I learned about it's value through their issues. However, I made some horrible decisions in my past and I'm making efforts to save and improve my credit score.
freegracefrom freegracefrom 7 years
My parents taught me the right things to do with money... Always keep track of your bank account transactions, never carry over a balance on credit cards, etc. Then I got out there in the real world and picked up every bad habit in the book.
wackdoodle wackdoodle 7 years
My parents never talked about money, never taught me how to balance a checkbook or make a budget. Those things were taught to me in school. But because I never saw a practical application or because my mind does go that way I have never really used any of those monetary device effectively. I know that my mom must have balance the family checkbook and had a budget but I only remember her paying bills. My dad took care of none of that because my mom was a wise at it. I know that once he left the military to go to work for the DoD that his salary increased even more - only my parents never talked about money that way. This I do know we moved into our family home (5 bedrooms - two full baths) in an upper middle class neighbor in 1973 or 74- was about $125,000 (so the original mortgage paper said) and that my mom always handled the house payments and their mortgage was for 30 years. However because of my mom's financial wizardry she actually had our house paid off by 1983 a year before she was re-diagnosised with a brain tumor. My parents owned their home flat out after only about 10 years. HOWEVER, my dopey dad didn't know that my mom had actually paid off the house in full for many years after she died and he went to take out a second on the house for home improvement projects he wanted to do. I had to tell my dad that he freaking OWNED our house and that mom had paid it off years ago. He was shocked, he found out that she had tripled each payment when she paid it and then made a second payment during the same month. He said, "your mom may have only had a high school diploma but she was incredibly smart." Yup, when I wanted Jordache or Sassoon jeans she'd say "No". Instead I got Toughskins or Levi's instead because they were more economical and durable. She was pretty darn smart except she never took the time to pass on her financial wisdom to me.
fitgirlFL fitgirlFL 7 years
They taught me the very basic stuff. I wish I could have learned more than. I think it would have helped my brother and sister too - both have faced bankruptcy and related issues. I am still trying to learn now and certainly am trying not to follow my siblings down the wrong path. But I do think schools should be teaching this sort of thing. It would do me lot more good now than some of the other classes I took.
br0wneyed9irl00 br0wneyed9irl00 7 years
my parents have taught me a decent amount about money. i look at their spending/saving/investing habits and find some things i hope to emulate, but also see the flawed decisions. but it's easier to criticize until you have to handle finances yourself!
shanimalcracker shanimalcracker 7 years
My parents definitely did, but I think during high school I took it upon myself to really learn about finances. At that point, I opened personal savings and checking accounts and made sure to be really careful about spending, as well as saving. I think their input really affected my deep interest in personal finance.
heineken67 heineken67 7 years
My mother taught me the basics, like the importance of saving and that making timely payments helps credit. My father taught me (by his bad example) not to impulse buy or believe any get-rich-quick schemes.
ktownpolarbear ktownpolarbear 7 years
I learned what NOT to do with money from my parents.
aimeeb aimeeb 7 years
My dad did especially, if only I had REALLY listened. Ha.
ilanac13 ilanac13 7 years
my mom always made it a point to teach us about money. i think that part of it was due to the fact that she was a single mom working quite a few jobs to make ends meet, but the other part was that she wanted us to know what the importance of budgeting, and working and all that was. i'm proud that she instilled those lessons on us because now i'm pretty decent at managing my money.
filmgirl81 filmgirl81 7 years
My mom has been teaching me about money since I was a kid. I got a Roth IRA when I was 18, and a bank account at 6. I always get my free credit reports every year thanks to mom nagging me about it, and luckily, I have a great credit score and a large savings at 26. Now my parents want me to live at home so I can not waste money on rent and get a house for investment purposes.
syako syako 7 years
I remember so many things my parents taught me. My mom even let us have "bank accounts" when we were like 4. We'd give her all the money we'd get (from like bdays and other things) and she'd be our "bank" She would keep a running tally of how much money we had in our account (in the back of her checkbook) so if we were ever at the store we could use our "own money" to buy things we wanted. It really taught me to save, be mindful of what things cost and to just be generally aware of how a bank account works. (We had these accounts until we were well into our teens).
hkdkat hkdkat 7 years
I don't really remember being explicitly taught about money but I understood the value of a dollar. Both of my parents owned their own businesses so I got to see a lot of that first hand. I believe as an adult I'm mostly smart about finances so I guess they did a good job!
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