This is Financial Literacy Month. And I was thinking how very different my kids are when it comes to saving and spending. They all sprang from the same gene pool, and they've all witnessed firsthand how hard life can be without money. So how do you account for the fact that they relate to money in such different ways?
I have three kids - two still teens, and one who is nearing 21. Two of mine are savers. They are pennypinchers. One of these two is downright cheap. They've taken note of the struggles I've gone through as a single mom, and they're socking away most of what they earn in the bank.
The third is a spendthrift who believes in spreading her money around. As soon as her paycheck hits her account, it's being spent. Saving seems to be a foreign concept. And yet to her credit, she is very generous, and often offers to pay for things without being asked.
All three of my girls work very hard, and I do want them to learn to manage their money wisely and make it grow. So I'm going to share with them some articles I found today on teens and money. Check these out for yourself. In Time to Hit the Books, Kids, for Some Homework That Really Pays, Steve Rosen of the Kansas City Star recommends some recently published books on kids, teens, and money. And in Kids Want to Learn: Do You Want to Teach Them?, Carrie Schwab Pomerantz of Copley News Service cites some startling statistics which indicate many parents are failing to teach their children about money management at all.
Sunday, April 6, 2008
Same Gene Pool: Different Money Styles
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3 comments:
I am almost 23 and am only just getting to grips with managing my money properly! I used to be terrible, and always relying on my parent's to help out when I spent everything, but over the last year or so I've moved out of home and had to manange my own finances. So I'd say not to worry too much if the girls don't get the hang of their finances straight away, it will come!
It is miraculous how people of the same gene pool have different concepts, especially with money. I find money to be something that only seems like "the root of all evil" if you don't have it. I wish I had the money to save, that would be a dream, ha!
I cant imagine how hard it is for you to raise your children. Yet it must have been worth the effort right? Im glad you and your children are doing fine as a family.
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