Personal Finance Advice

We learn a lot from our parents: what type of food to eat, how to behave in social settings, and what values are important are just a few. Sometimes parents don’t even realize what an impact they have on kids, but nonetheless, kids are always watching and always learning.

You probably learned a lot from your parents about personal finances. If you take a look at the way your parents handled their finances you may come to realize that it has great bearing on how you handle your personal finances as an adult. You might discover that your parents intentionally taught you very valuable lessons about handling money, or you might realize that the way your parents handled money really set you up to fail.

Here are some things to consider about how your parents handled their finances:

Did they use credit wisely, or did they use it with reckless abandon?

Were finances never really a problem, or were your parents constantly scrambling for money to pay the bills?

Did your parents intentionally teach you about personal finance, or did you enter adulthood with no idea about how to navigate personal finances?

If your parents prepared you for adulthood by giving you a comprehensive education in personal financial matters - while also leading by example and handling their own finances efficiently - then be sure to give mom an extra Mother’s Day hug.

If your parents didn’t handle finances well, or didn’t bother to teach you about the proper ways to manage your finances, then it’s time to realize that you don’t need to follow their example. It may not be easy to take on the task of getting your finances in order despite the ideas you have in your mind about how money should be handled. After all, coming to the realization that your parents may not have taught you something properly can sometimes be a rude awakening.

If you are in this position, realize that you’re a grown-up now. Break the cycle of living paycheck-to-paycheck and hiding from creditors. Now is the time to get your personal finances in order despite the bad example your parents may have exhibited.