My Money Origin Story Started in Grade School
One of the benefits of being homeschooled – other than wearing your pjs to school… or if you’re me, putting on the school uniform, driving to twice a week classes at my bestie’s house, and then changing into pjs because Mom thought I should dress for success and I thought that was bologna SORRY MOM! – is that we had a lot of freedom in what we studied.
That meant that Mom integrated personal finance into our course work starting in 5th grade. My money origin story started early. Each month, she sat my brother (who was older than me and earned slightly more) and I down and handed us $50 that she called our salary by the time we graduated, we earned $135.
We broke out our envelopes and divvied up into our budget.
Taxes – It cracks me up that Mom required us to pay “taxes” on our fake salary. But also, it taught me how money is used for social good. Mom kept it for fun family adventures. Not quite the same as library systems and good infrastructure. But the lesson was there nonetheless.
Tithing – ten percent went to our charity of choice. While it was encouraged that we give to our local church, this wasn’t a requirement. I often gave to random organizations, and when my salary grew enough, I adopted a Compassion Child.
Short Term Saving – Any money we saved for items that could be purchased in three to six months, we placed here. We needed to buy our own socks and underwear, so this was money we set aside for that. And as our salary increased our responsibilities increased. By the time we were seniors, anything we needed – special foods, clothing, gas money – we paid for.
Long Term Savings – Anything that would take us more than six months to save for was set into this category. I used this money to buy a car (my parents paid half, per our agreement) and then my trip to Israel during college.
Spending – Whatever little money was left we could use for fun trips.
(My one regret is that we didn’t learn how to open investment accounts, since we both had part-time jobs that could have been funnelled into Roth later in high school).
We also had a more hands on financial experience.
When I turned 13, she took us to open our first bank account at an institution. We learned how to write checks and balance a checkbook. She taught us how to read bank statements and reconcile accounts.
I also went shopping with her once a week. It was our “thing” as we bargain shopped and couponed our way to 75 percent savings rate. And when you’re feeding a family of seven, that adds up to a lot. When I had questions about things, she let me peek into the family’s finances.
Senior year, my mom ramped things up considerably. Although I was fully capable of managing my own personal finances, we hadn’t touched on debt at all. And since I was going to a four year, and would be taking on $34,000, she wanted to make sure that base was covered as well. Our church offered Dave Ramsey’s Financial Peace University, and my mom took my brother and I to classes there religiously. While I no longer think that Dave Ramsey works well for most people, and I’ll be the first to critique him on his sexist and homophobic practices, I’m thankful for some of the information provided in that series.
By the time I graduated high school, there was no excuse for me to not know how to manage money. I basically had it handled. And I had $3,000 in the bank.
College I mastered the financial basics on my own.
I went through college basically saving most of what I earned and then spending it on trips (two months in Israel and six months in Europe) and getting set up as an adult my senior year (rent deposit, furniture, that type of thing), which in my case, included a wedding we cash flowed.
After the dust settled, we had $4,000 in saving, $34,000 in debt (all college related) and two jobs. His was full-time and steady… mine, well in June 2018, I made $200.
He kept his job, and I found a better one. We spent a solid year saving up, learning more about finance (Hello, investing and travel hacking!). Now, we have $30,000 in assets, $23,000 in debt. And we’re also at a crossroads. And on the verge of unemployment. Adulting is fun.
And while we’re at a huge crossroads, I’m not as stressed as I was when I was exiting college with a shoddy part time job lined up. Financial road maps are so important. They let you know where you’re going, but they also document where you came from.
And understanding where my money origin story is essential as I start our new adventure in Texas.
Because it’s a reminder of all the building blocks I have in place to help me handle my anxiety and depression when it comes to existential dread surrounding money, finance and the future.
We’ll be okay. We have a firm foundation to stand on. And that knowledge is key.
What about y’all? Do you feel like your financial background has allowed you to make decisions you wouldn’t have otherwise?
… [Trackback]
[…] Find More Info here on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
classic coffee shop
… [Trackback]
[…] Find More Info here on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] Info to that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
relax everyday
… [Trackback]
[…] Read More Information here to that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] Read More Information here on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] Info on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
harp relaxing music
… [Trackback]
[…] Find More on to that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] Read More here to that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] Find More on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] There you can find 62223 more Information on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
coffee shop music
relaxing sleep
saxophone jazz
trap music
… [Trackback]
[…] Here you can find 33824 additional Information to that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
… [Trackback]
[…] There you will find 7547 additional Info on that Topic: moriahchace.com/money-management/my-money-origin-story-started-in-grade-school/ […]
So impressed with your mom for starting you off on great financial footing! That’s the level of diligence I hope to use in teaching my kids how to manage money.
My mom is pretty much the bomb dot com. She really helped set me up for success.
Wow, your Mom is amazing! That is the best foundation ever – no wonder you are so good with your finances now
My mom kicks butt! She really did a great job setting us up for success financially and I’m so glad she had the resources she did to make sure that we turned out moneywise.
What an awesome Mom you have teaching you and your brother about personal finance in grade school. And plus you carried that knowledge with you to today. As a parent myself now and really into personal finance, I feel it’s necessary to teach kids about finance at an early age. One of our Xmas gifts for our 3 y/o this year is a piggy bank so we can show him about saving money and how it can come in handy.
Great story Moriah!!
I love that. My mom tried starting money with us earlier than 10, But apparently, it didn’t work to well, haha. It definitely depends on the kiddo. But what she did worked out super well for us, and I’m so glad I’m as money savvy as I am.
Sharing this… it’s a good guide for parents who want/NEED to teach financial responsibility to their kids.
Thanks, my Momma did well with us. <3
This is so awesome!!!
Also,m I was homeschooled too! Until high school, at least. So cool that we have that in common 🙂
Right? My mom is the coolest haha. And so cool! My mom almost put me in public school for high school, but decided to do a charter classical education style thing instead.