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Teaching Your Children The Building Blocks Of Budgeting

718 Words3 Pages

[anecdote] Upon entering college, I did not know anything about saving money.
My parents never really encouraged me to learn about saving money; therefore, when I became an adult, it had a distressing impact on me. Once I entered college my finances then became my responsibility and it was hard for me to save money. The reason for not being able to save money was not because I would spend a lot I just did not have knowledge on how to budget.
Not knowing how to budget instilled stress and fear in me of not being able to pay for a book for a class or having to take a loan due to insufficient money. Another fear of mine is having to drop out of college due to not being able to pay for classes. Many people in America are financially illiterate. …show more content…

In the article “Teaching your Children the Building Blocks Of Finance” by Sherie Holder describes the different ways people can budget. Holder states that holding family financial meetings helps learn how to budget. Communicating about finances is good to map out short and long-term financial goals (Green 46). Also, if parents can get a professional financial planner to attend family meetings, to give individual professional help. Communication is ideal for college students and their parents to help learn from parents experience. Another, way of learning how to budget is paying bills (Green 45). Giving the student or person more responsibility to pay for bills can build incentive on the value of money. Learning the value of money is necessary to know when budgeting. At a young age, my parents never taught me the value of budgeting money. As I entered college, not knowing how to budget sparked fear of not knowing if I was going to have enough money for a book for class or to pay a class. I later learned that other people and students have the same problem of being financially literate. As a child, I did not learn how to budget, but as an adult I can. There are various ways to help learn how to budget by looking up articles or simply communicating with parents about how budgeting is done. It is never too late to learn how to

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