Finances, Teaching Your Child a Basic Necessity

Finances a Basic Necessity

 

There were many things we wanted to make sure our daughter, Kierstyn, was taught throughout her life, but three things my husband and I knew we wanted to make sure our daughter knew, as a young adult, before leaving home. None of them have been easy to teach but I found letting go and putting her in a “sink or swim” pattern has brought the best results. The three were, time management, basic household maintenance and finance management.  All are very important lessons to learn but the one that our daughter has resisted the most was the financial management.

When I left the apartment management business and went into financial planning/stock brokerage I learned so much, the first and most important question I had was “Why didn’t anyone teach my husband and I about finances and investing as we were growing up?” Instead we learn about it after we are neck deep in debt, have a child, a house we were outgrowing and NO idea about investing. Now they teach the very basics in school but still not what students need to go out into the world and be successful.

Tony and I came from families where inheritance in not an option. Tony and I have paid for funeral/burial for some of our family members and we help support children because the family members either do not have the means or refuse too. One way my parents did one better for me was teaching me about life insurance and always having your affairs in order. Because of that Tony and I made sure at age 18 we purchased our insurance and put a Will and Living Will in place. Then when I was pregnant we put everything in line for Kierstyn to have insurance and made sure our affairs were in order. This was crucial because Kierstyn’s heart condition has made her uninsurable for life insurance. Now at least she has some insurance if she has a family.

 
I had my first checking account when I was 16, so as soon as Kierstyn was old enough to open an account, she and I visited the bank and established her accounts. I was still one of the biggest control freaks ever at that time so needless to say Kierstyn, who hated math, would constantly resist all the pushing I did. In return I kept pushing her to learn about keeping a checkbook, budgeting, credit cards, compound interest and investments. Needless to say, it was not a pleasant time here at the Taylor home whenever a discussion needed to take place about finances. I kept letting go of some things a little at a time but was still controlling in ways of not giving her credit card advertisements when they came in and I was trying to keep track of her bank accounts. Finally I decided I needed to give in and just see how she handled things. I am happy to report, at this time, she is handling things well and has for the past year. She refuses to look at any advertisements, realizing her debit card works perfect for her. If she uses one of our cards that we have given her she always asks first, tells us what it was for and she pays us back or offers too. She is teaching dancing while going to college and has had no issues with her bank account that I am aware of. She does still live here at home but has actually ask if we would help her get her cell phone moved over to her name because she wants to take on more financial matters…She still hasn’t went in to talk to my former business partner about starting an investment account but I think that will come in time. Since I had to leave the business because of my health nose diving and my mother passing away things have been quite hectic but I continue to see positive steps forward, and since that is all God wants from us, how can we ask for any more from our child