Teaching Kids Money Matters and Personal Finance

Schools don’t know how to test personal finance so they don’t teach it. It makes teaching money matters so important in the home. 

Today’s essay is by Emma Peterson, a student at the University of Arizona. She shares how her parents taught her money matters like budgeting and prioritizing spending.

Families Matter with Money Matters!

I was taught at a young age the value of money management tools such as coupons, deals in newspapers, and savings. In addition, they also taught me the value of hard work and that truly, every penny counts. 

When I was an early teen, my dad and I started a checking and savings account for myself at the bank. It was also at this point that my parents granted me more financial independence in my money matters. 

Learning Realistic Budgeting Goals that Work

I learned many valuable lessons from my parents, including lessons about finance. My mom stressed the importance of showing responsibility with my money. 

She outlined a monthly budget for my family, and still has one currently that we use efficiently. In this budget, she makes several different categories for things we need and sets a dollar limit each month on what we will spend. 

Prioritizing Money Matters for Personal Finance Success

My parents also taught me how important it is to prioritize. Of course, the necessities come first. In college, I typically pay for rent, gas, electricity, and phone before anything else. 

While it’s not good to spend all of your money on extra, unnecessary items or activities, it is good to allow yourself some financial freedom as long as you do it wisely. 

Swipe up to learn more!