Teaching children: budgeting

[shootingstar]

ShootingStar, I think the main thing with the thought that "poor kids" are deprived is that they are educationally deprived, or not encouraged to do well in school, for a variety of reasons. That certainly wasn't the case for you, as it was a core value in your family. And, I guess it could be debated that lack of exposure to art, music, travel makes you deprived. I had exposure to art as a kid, but music? Forget it. My dad played a lot of jazz at home, but that was it. No one played an instrument and no one traveled. My family even made fun of those who traveled . It took me a long time to get over that one. My family had the $ to do all of these things, but it just wasn't imporant to them. I didn't feel deprived, though, even though everyone else took music lessons and traveled.

I appreciate your perspective as an experienced teacher for several decades.
It's just irritating that there is still the tendency to equate money (lots of it/enough of it) with becoming a "better" person. Tell that to a priest who has taken a vow of poverty.

Yes, not only parents valued education as a mechanism, providing tools, to help oneself and to also help others better..but it does run through our entire extended family, cousins, children of cousins, etc. I know my sisters are working patiently with their spouses to pass on this value together to their children also.

[Irulan]

For those of you that wish you had better budgeting skills, Dave Ramsey's Financial Peace is a really terrific program/class/book resource. The fact that he's a compassionate Christian may turn some of you off, but his teaching on finances ( how to budget, get and stay out of debt, what/how to save for) is priceless. Highly recommended. His radio show is very good too.

[tulip]

For those of you that wish you had better budgeting skills, Dave Ramsey's Financial Peace is a really terrific program/class/book resource. The fact that he's a compassionate Christian may turn some of you off, but his teaching on finances ( how to budget, get and stay out of debt, what/how to save for) is priceless. Highly recommended. His radio show is very good too.

DR + YNAB = awesome!

[shootingstar]

That's great jesteele with that $10.00 max. spending shopping spree and time with daughter. she'll probably remember that.

[Melalvai]

For those of you that wish you had better budgeting skills, Dave Ramsey's Financial Peace is a really terrific program/class/book resource. The fact that he's a compassionate Christian may turn some of you off, but his teaching on finances ( how to budget, get and stay out of debt, what/how to save for) is priceless. Highly recommended. His radio show is very good too.

+1 to that. I am someone who DOES get turned off when things turn out to be a soapbox for religion, but I find his book & radio show are fine. He doesn't shove his religion in your face. He shoves his financial lifestyle in your face. That's what I want.

[Crankin]

I guess it's good that a lot of you like a particular plan, but I don't think I could follow someone else's directives, knowing myself...
Frankly, the key for me was 1) having a spouse who has the same thinking about money/saving/etc. because so many people are with a partner who has totally different ideas on this topic and that is a real problem; 2) frankly what helped us the most was knowing that DS#1 was going to be going to college in X # of years. That gave us a date to be debt free by. A couple of stock option sales (not huge amounts, but enough) and DH getting a job with bonuses and other savings options for him, based on his level in the company at around the same time was what pushed us to use the added income wisely. We were living on his income without using any of mine for a few years before I quit work to go back to school. Even though we knew we could, it was scary to give up the safety net of my teaching income, which was quite good at that point. During those years, I used my income to pay for DS's college, buy him a car, and make other major purchases for our home, as well as invest. I felt really good that I could do this for my son and family. Our goal was to have him graduate without debt, and if he listened to our teachings, he would be set. Of course, going to a state school helped.
So many (all?) of my friends did not work when their kids were young. I had to. While, it's true that my personality would not have done so well being a stay at home mom, I think I might have liked to work part time. But, I made the choice because I was not willing to give up what I already had and it was important to me that my kids have the same things I had as a kid. Somehow, it all worked out, and now I can do what I want.

[deeaimond]

This thread is so apt because... later after work i am going to the bank and .... paying off my interest-charging student loan in full!

I'm so excited. In the last one year I saved up a substantial amt from my salary and I was wondering what i should do with it and it didnt occur to me that i should clear my debt. so silly. After I pay this i'll have not much money left and i'll have to start saving really hard again but at least i know i'm not losing paying money to the bank for nothing.

I have another loan but it's interest free so i will spread that out over the maximum number of years. It's only $200 a month so thats ok.

I don't own a house, or a car. Just 2 bicycles and a Chanel bag. I shop, and use expensive cosmetics and such. I still live with my parents I don't pay rent (but granted its like a... $350 a month mortgage)

I do save alot compared to my peers though. Almost 35% of my take home pay. I could do more though. So that will be my next target.

[Crankin]

Well, even though I know I had a "privileged" upbringing, two things have influenced my thinking about the subject of "deprived" kids. First, many cultures put a huge value on education and that seems to be irrespective of financial status. Those were the parents that would actually believe you when you told them that there was something that needed to be addressed. Secondly, passing these values down is hugely important and something one needs to work at. It doesn't just happen.
When my youngest son dropped out of college to join the Marines, it was probably the worst thing that could have happened to me; not because of the military, but rather for the fact he was leaving school. It was like a slap in my face to my values. Now, after 7 years, it seems possible that he actually realizes that he might need that degree.
My DH's family gave their kids absolutely no encouragement for education. In fact, they were all told they were "stupid." DH finished college after we were married, with one kid, a business, and a house we had just bought. If it hadn't been for me and the encouragement of my parents, it never would have happened.