They say it isn’t until you yourself become a mother (or father, I imagine) that you truly understand and appreciate everything your mother did -and perhaps still does- for you, (I still have the 50 bucks my mother surreptitiously planted in back pocket of my jeans before we parted ways this weekend- pocket money).
But simply being a parent does not necessarily make you the most appropriate person to teach your kids about how to save, forward-plan or indeed spend, their money. I mean, if I had to sum up my mother’s money management skills in one word, it would have to be SHOCKING. No word of a lie. Sorry, mom.
It still begs belief that schools haven’t taken the bait and started REAL maths; we’re not talking Pythagoras here- kids need real life financial tools, and preferably from people who know what they are talking about.
I have always been acutely aware of the disastrous relationship my mother has with money. She was a true believer in the “spend now, worry later” school of thought, and the age-old “you can’t take money with you once you’re gone”. She never wanted for much, my father made sure of that, but she never so much as glanced at a bank balance to my memory. That was then.
I check my accounts daily and I’m more inclined to keep my other half in tow than the other way around.
Like Mother, Like Daughter
As a mother myself, it is my life’s goal to teach good money habits to my children. I love the innocence with which my daughter asks for “two monies” for her piggy bank. It’s human nature for children to ask for endless treats and toys –after all, as far as they’re concerned money is in unlimited supply- so starting lessons early is wise and may save you the bleating in your ear as you wander through the supermarket aisles.
Money management, or lack thereof, is for better or for worse, a generational thing until someone breaks the mold. Either way, I urge you do so: if the golden nuggets your parents planted in you were worth having, they’ll fare you well, and if not, you’re better off starting over.
Consider creating a new money regime for yourself and reteach yourself to be clever with your cash; whether or not you give your kids the full-on lesson, you can bet your bottom dollar they’re watching and taking note.
Download MoneyStrands for free: