Three Lessons About Financial Responsibility
I got my first job the day after my 16th birthday. I did a pretty good job of saving up some money from it, which i used to buy a really awesome double-cassette deck the day after I quit that job.
I babysat. I occasionally did a chore. Very occasionally.
But mostly, I just mooched off my parents.
When I got to college, something strange happened. I would go to a place like Subway or Hardees or even the grocery store. I would ask for food, or put food in my cart, or put other things in my cart. And then if I tried to leave, some person in an ugly uniform would tell me I had to give them money. Wha???
Not long after I turned 18, a nice little envelope showed up for me from Citibank. I think you can imagine where it went from there.
Mark was raised on envelopes of a different kind. The kind that help you save and budget.
I thought that was ridiculous, but he was adamant. He taught me to only buy stuff when we actually had the money to buy it for realz.
Revolutionary.
And we’ve been really intentional about teaching the girls the importance of financial responsibility and leading by example.
- We try to teach them the danger of debt and the freedom that comes with saving.
- We try to teach them the value of money…of how to find a good deal (Mark is almost embarrassing in his mad deal skills), how to find stuff on craigslist or ebay. How to trade up and sell old electronics at the right time, so you can fund your upgrade.
- Most importantly, we are teaching them the difference between a debit card and a credit card…and how important it is to be patient, have priorities, and be careful with their spending.
We are still super-agressive about saving money. We order water when we go out to eat. Some call us cheap. Particularly our children. But as we demonstrate good stewardship of the resources we’ve been blessed with, they also see us give generously:
- They know we saved and then paid cash for two international adoptions.
- They see us tithe to church, and give to special projects.
- They see us fund mission trips, for us and for others.
- They see us sponsor kids in Mexico and India.
They are starting to see the results.
Recently, Masha got an A on her Dave Ramsey test.
She also made this comment:
“Dave Ramsey is funny and interesting…not like those other boring financial people. And I like that he’s been broke before. Like he can relate. and now he’s rich. He’s rich? right? Yeah. so, i like that.”
Kills me, that kid.
What’s the best financial lesson you’ve taught your kids? Leave a comment…
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About Christine
I am a writer, a project manager, and a corporate refugee with a heart for orphans around the world. My two daughters were adopted from Ukraine at ages 12 and 14. I post about writing, chasing dreams, and making a difference in the world, and sometimes I share fun snippets of fiction in-progress.
Nice post, Christine.
I really liked this sentence: Mark is almost embarrassing in his mad deal skills. So very true. It is amazing how he can make money while upgrading to higher-quality electronics. 😉
Thanks, Dean! He is truly amazing, and I’m thrilled to be able to benefit from it!
We were just talking about you yesterday and wondering how that screen-repair kit worked?
Ryan, our 4 year old is “enrolled” in Financial Peace, Junior, which teaches the principles behind the three-envelope system that you are talking about: Give, Save, and Spend.
Ryan has been doing chores around the house (getting the mail, putting away toys, and taking out the garbage) for 75¢ in commission per task.
Currently, he is saving for a “glow pillow” that he saw on a commercial. https://www.brightlightpillow.com/
It’s absolutely the most ridiculous thing we’ve ever seen, but he is beginning to apply that he has to save and pay cash (or $25 in change, as the case may be) for something he wants.
Lesson #2 is soon on its way…”buyer’s remorse”!
You’re right….buyer’s remorse is a painful but important lesson to learn You and Kathy are doing GREAT with your boys!
This is awesome, Scotty. Maybe it’s twisted of me to like this, but I think it’s cool that you’re letting him learn that this will not be a good way to spend the money he’s worked so hard for.
Yeah…we see this one coming. A pillow that takes 3-AAA batteries and lights up the room? We almost feel bad about letting him waste all of his money (over a year’s worth of savings for a 4 year old), but this will be a huge lesson for him that will be burned in his memory forever….
…and maybe even his hair? How hot does that thing get, anyway? :^)
It doesn’t sound like it would be very soft, either?!
Boy, now I am going to have to get one of those pillows. That thing is awesome! Now if only I can find a deal on it…..
Just give it a few weeks…you’ll be seeing a four year old selling a used one on Craigslist!
Honey, I FORBID you from negotiating a deal with a 4-year-old!
Okay, fine. But when he starts having nighttime seizures, it’s on your conscious!
Personally, we’ve been through the Dave Ramsey stuff, and I think the biggest takeaway is simply THINKING about the money you spend. We so effortlessly spend what others are dying to have.
That’s an excellent point, Adrian. Knowing and being intentional is huge!
Great post. If we can help our kids start off armed with knowledge and practical ways to avoid debt, they will be lightyears ahead of us.
Yup! Just hope they are willing to learn the lesson the easy way instead of the hard way…
I was lucky enough to have a family that instilled good financial common sense in me. I’m happy to say that my wife and I have no debt except our mortgage – and we’ve been that way since the day we got married. I hope to pass those lessons down to our kids as well. My oldest just turned four, so I’m limited in what I can show him – but I hope to really be a model for him.
Loren, they pay SO much attention to what we do, especially when they’re young. Intentionally being a great role model is the best thing you can do!
Your girls are lucky to learn this stuff early on… what a huge leg up! It’s only been in the last few years that I’ve gotten serious about my finances (thanks, Ramsey), and started to make progress to dig out of the hole of debt. To have lessons about budgeting and financial responsibility while they’re still growing up is an awesome privilege. Way to be!
Thanks Stephen. It’s definitely hard to dig out of the hole. I sure wish I had learned that when I was younger…before I created a hole of my own. Thankfully, Mark taught me how to dig out of it (and grabbed a shovel to help me) before the girls came into our lives. They’ve known enough need and hard times that I’m glad to be able to show them a different way. And we’re blessed to have a good public school system that uses the Dave Ramsey curriculum!