Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Moms with Teens Moms with Teens

Are you teaching your teens about finances?

Posted by on Feb. 14, 2013 at 4:48 PM
  • 23 Replies
1 mom liked this

Just wondering...

 I didn't learn much about finances from my parents when I was growing up.  I'm still not to  $$ wise  as an adult,  I will sadly admit, but we try.  I was very fortunate to be a stay at home mom for 15 years, so we never really got ahead living here in Silicon Valley, but we got by.  I've taught my kids to save when they have money, but I've got one that is good at it and my ds 16 spends his money before it barely hits his hand.  I'm just wondering what other families are teaching their kids about money?  I've considered getting them involved in helping pay the bills and working on Quicken with me, just to get them involved and educated.   I don't mind them knowing what's going on and where we are and how much things cost.  Our school system has  incorporated very little financial education into the cirriculem.  California only really pushes lanuage and math to get kids to pass the standardized testing so the schools get funded.  I would like my kids to be brighter than I when it comes to finances.

love to hear what you are doing...

by on Feb. 14, 2013 at 4:48 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
boys2men2soon
by Kimberly on Feb. 14, 2013 at 8:25 PM
2 moms liked this

I grew up in the Silicon Valley!   I still have siblings there.   

I do not involve my kids in our personal finances, but I have tried to teach them about spending wisely.  We have explained how interest and finance charges work, the importance of good credit, and how important it is to save.      We have always encouraged our kids to save a percentage of all their earnings and gift money.      We have taught them to not judge how much money one has by the material possessions one has or the size of their home.   Teens often think if someone drives an expensive car or lives in a fancy house, they must be rich.    Mine understand that is not true, it may just be the person has lots of debt.    Better to have money in the bank than debt.

Best lesson my Dad taught me:   He tossed me the classified section and told me to choose an apartment and a car.   Then he did the math with me, so I understood what they would cost me a month...including utilities, insurance, food, the basics.   He instructed me to than look for a job (in the classifieds) that I was qualified for that would cover the costs.   Great lesson!   He achieved his goal...for me to go to college.




Jessiejack
by Silver Member on Feb. 14, 2013 at 9:21 PM

Since the day my daughter was born I have taught her how to say and how to spend. 

sabrtooth1
by on Feb. 14, 2013 at 10:45 PM
1 mom liked this

Taught my kids from an early age.  Started giving them allowances when they were around 9, so they could understand how money worked, where it came from and how to delay gratification.  We've always explained our salaries, our bills, our budgets, and discussed ways to get ahead. 

Both kids' college debt is gone.  Both have good careers.  Ydd owns a condo, which she will use as rental property after she is able to buy a bigger place.  She is still digging herself out of the debt that her ex-husband left her, on cards he took out in her name, without her knowledge.  Odd has money in investments, and is now considering a foreclosure or short sale.  She is debt free, except for her car note.  I am happy both learned to handle finances wisely. 

bizzeemom2717
by on Feb. 14, 2013 at 10:53 PM
1 mom liked this
I think we have done a good job teaching our children it's all about balance, you don't want to be too extreme on the spending end of things, but excessively saving and denying children any privileges has backfired for those I have known as well. Dh and I have always lived debt free and stress the importance to our kids as well.
Posted on CafeMom Mobile
mrjonesii
by on Feb. 15, 2013 at 10:06 AM

Oh yes every chance we get. Dh and I didn't learn from our parents. We learned from our own experience and poor choices. As we make some finical decisions we take them along w/ us. We talk a lot of things through w/ them.

mrjonesii
by on Feb. 15, 2013 at 10:07 AM

Btw Thx to dh we use quicken too.

Barabell
by Barbara on Feb. 15, 2013 at 10:28 AM

We've given our son an allowance on and off since he was a toddler. We talk about decisions on what to spend money on while shopping together. On a broad scope, I do talk some about household finances. I do talk specifically about how much his sports and other activities cost.

atlmom2
by Susie on Feb. 15, 2013 at 10:33 AM
Save, save save. Best years to save for retirement is from age 18 to 30. Dd has 401 K and a Roth IRA and she is 21. Has stocks that were willed to her from her grandma. Her stocks are worth about 50 grand. DD 18 has stocks as well. Dh uses quicken also.
My parents were middle class and paid cash for everything they could. By the time I was around 6 they owned 4 homes and rented 3 out. Thing is they were married 7 years before kids. Both worked full time to invest money.
Posted on CafeMom Mobile
ksueditz
by on Feb. 15, 2013 at 1:04 PM
1 mom liked this
My son is currently taking a personal finance course in HS. Both my teens have a savings account. My ds16 has a debit/credit card attached to his. When he gets a job, we will open a checking account, so he can learn to write checks and balance a checkbook. All things my dh did NOT know when I met him!
Posted on the NEW CafeMom Mobile
drfink
by Emily on Feb. 15, 2013 at 2:21 PM
1 mom liked this

 

Quoting bizzeemom2717:

I think we have done a good job teaching our children it's all about balance, you don't want to be too extreme on the spending end of things, but excessively saving and denying children any privileges has backfired for those I have known as well. Dh and I have always lived debt free and stress the importance to our kids as well.

 agree .My granfather always says the joy in money is what it can do.He used money wisely.

Plus we give our children an allowance starting in K.As they get older what they are responsible for out of it increases as does the allowance.They are expected to save two ways...a bit for some future big purchase they may want and other just to save.Our daughter got clothes buying ,wanting over the top at the start of h.s.We gave her a clothing allowance.We were responsible for church clothes ,homecoming type dresses ,coats and her athletic uniforms and shoes...and a very few things when school started.It was a great learning tool.The first year I had to zip my lip over a very over priced real fur lined hoody but she learned her lesson herself...plus not only did she spend a chunk of money but a week or two later an exact replica just not real fur was at XXI for about a quarter of the price.

Our oldest is 28 and has zero debt except for his mortgage and an impressive savings and investment plan .He doesn't have children yet so plans to save as much as possible till kids show up.Our others aren't out of school.

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN