What Bad Money Habits Did You Have to Learn From Your Parents?
Our parents are mere mortals, and this never becomes more obvious than when we look at how they handled money. Most of our parents’ personal finance advice—solicited or, more often, unsolicited—reflects wisdom from another time . After all, some money habits only made sense when college was cheap and eggs cost a dollar . Whether or not you actively seek financial advice from your parents, you have naturally absorbed their teachings many years (and years) ago. And these teachings are probably far from perfect.
Maybe you inherited your parents’ dislike of credit cards because they taught you that using a credit card automatically means going into debt; or perhaps you have learned certain rules of money etiquette , such as never talking about finances with friends. It would be nice if we could all inherit generational wealth, but most of us are stuck in inheriting money habits that may have done us more harm than good. Personally, I have received conflicting messages about saving money from every parent, which has led me to become a restless and panicked spender as soon as I have my own money.
So I ask you to share your financial journey in the comments: what unexpected money habits did you have to learn from your parents? And most importantly, what steps have you taken to break the cycle of bad habits? Did you find a financial mentor to help you, or did your spouse come to your aid and open your eyes to the fallacy of your path? We hope that you will share your experience and help others get rid of your family’s bad money habits.
After analyzing your answers, I will collect the best tips and share with readers next week. Maybe if we work to fill in the gaps in our own financial education, we can avoid passing on bad money habits to our children.