Family Financial Education
I have been working snice the age of 12 at my auntie’s child care business. I wasn’t even old enough to have my own bank account when I got my first paycheck. My mom didn’t want to handle any of my money ever. She said, “You worked for it. It’s your responsibility.” She stopped buying my clothes and any extra things that I would want, it was all on me. I loved the responsibility of having my own money and buying my own clothes, it really helped my confidence. I even started paying one of our monthly bills. I thought, okay, I have to make sure I don’t spend all of my money, and I wanted to help my mom pay one monthly bill. She would refuse most months but would let me sometimes, this taught me how to manage my money.
When I got into high school, my mom told me if I wanted a car that she would match whatever amount I saved, and put it towards buying a new car. This was my first lesson of saving. Again it is easier to save when you know exactly what you are saving for. My mom always told me to have a savings account no matter what, I did that but when I started my own business that all went out the window.
Now, fast forward to the present day with my daughter, financial education is somewhat similar. Madison has been begging to go to Disney World, which I’m sure most kids do at her age (7). I told her Disney World costs money and if you want something you have to save money for it. She decided to help me with my business, she would give out my business cards to adults and kids. Recently, she has decided to do a lemonade stand with another friend of hers. We talked about what is their budget is for their supply. She knows she wants to save money for Disney World, which is a big task, however, I’m very proud of her. I believe teaching our children about money and giving them a chance to make their own money helps foster confidence and independence. I look forward to helping her gain confidence about making money and saving it.