Parents hold an influential place in their children’s lives. One area in particular that children seem to examine but parents seem to be most frugal in is the handling of their finances. Even though a parental figure may try to instill financial wisdom into their children, their advice may all go to waste if they are not implementing wise financial habits themselves.
As children grow into adulthood, they sometimes find it hard to be in command of their finances if they were never taught how to do so in their youth. Correcting the money habits you learned from your parents will take a bit of intentionality, but the good news is that these are learned habits that you will be able to eventually break.
Examine Your Spending Habits
Growing up, your parents may have been a bit too careless with their money. Even if they had good intentions with it, this could often lead people into debt. As you grow into adulthood, you should take a good look at your spending habits and how they compare to that of your parents. Do you find that you prioritize spending over budgeting, leaving you with little to spare at the end of each pay period? This might be a sign that you need to reevaluate your money habits. Though it is not frowned upon to spend money on yourself in a consumer culture, the financial burden of careless spending habits should be talked about more frequently. The sooner you come up with a budget, the better chances you’ll have of avoiding some of the mistakes your parents made.
Discuss Money More Openly
Your parents may have tried to hide their financial discussions from you. While children certainly do not need to be burdened with hearing about their parents’ money problems, it can sometimes make money into a taboo subject. Parents can teach their children the importance of budgeting without clueing them in on their personal financial worries. By talking about money more openly, you can become more comfortable with the topic of budgeting. This will also show your other colleagues that saving is essential to you, which could result in better financial decisions being made among your friends and family. Rather than spending half a paycheck on a night out, you and your friends might instead choose to have a “friendsgiving-styled” night in for a cheaper option. The more comfortable you become talking about money, the easier it will be to hold yourself back from impulse purchases, and the more understanding your personal community will be when it comes to cutting back on certain costs.