Many Millennials grew up with frugal parents who saved every penny. Although frugality certainly has a role to play, money lessons What we learned in childhood may be best left in the past.
Still relevant: 6 ways frugal living creates a richer life
read more: 6 genius things all wealthy people do with their money
GOBankingRates spoke to Blanca Garcia, a registered dietitian. health canaland Los Angeles-based writer Miriam Caldwell discuss the money lessons she learned from her frugal parents. Although they both remain frugal as adults, there are certain habits they would never pass on to their children.
Here, although well-intentioned, When passed on to the next generation, it can do more harm than good.
Don’t neglect car maintenance
Garcia recalls that her family never fixed the dents or painted the car. As an adult, Garcia understands the value of properly maintaining investments, even second-hand ones. “I only see cars as transportation. But I understand that if you keep them in good condition, they will last longer and have better resale value,” she explained. “We want our kids to be careful about their investments.”
Allow some spontaneity during meals
Garcia’s mother always packed food and drink, no matter the situation. Garcia still believes in packing meals, but she wants her children to enjoy spontaneity. “My family still packs a lot of meals, but we are more flexible and sometimes eat out or buy snacks when we go out,” Garcia said. “The goal is to show kids that you can be frugal but also flexible. Sometimes it’s okay to try something new in an unusual environment like Disneyland. there is no.”
Caldwell agreed: “We never went to restaurants when we were kids. It was just considered a waste of money,” she said. “But I think it’s important to experience different cuisines and cultures. I do budget for the occasional family meal out.”
make your home warm and cozy
Garcia remembers living in an apartment with white walls and minimal decor. Now she wants her children to feel at home. “I want my children to feel like home is a comfortable place,” she says.
Allow for enriching extracurricular activities
Garcia’s mother did not prioritize activities outside of school. But Garcia enrolls her own children in a full program that includes swimming, dance and piano. “This means not spending money on things like owning a TV or cable TV, but the value of engaging in activities that nourish your soul is worth it,” she explained.
Let the kids choose the snack from time to time
Garcia always had to buy the cheapest ice cream. She does not limit her children’s choices. “Even though we don’t go out for ice cream often in my family, I don’t usually limit the type of ice cream my kids choose. They’re meant to be an occasional treat.” she said.
Buy quality basics
“My parents always bought the cheapest clothes they could, so they didn’t have clothes that fit well or lasted long,” Caldwell said. “For my kids, I want to invest in high-quality, classic wardrobe basics.”
Don’t deprive your children of travel
“In my family, vacations were considered an unnecessary luxury,” Caldwell said. “But I want to show my kids more of the world. We look for deals and save up so we can take a small trip once a year or so.”
Garcia and Caldwell believe it’s important to instill financial responsibility in children, but extreme savings strategies can backfire. With consideration and communication, parents can raise their children to be financially literate and well-adjusted. The key is to find a balance between prudence and fun. Garcia sums it up as follows: “I still consider myself a frugal person, but there are some things I don’t want to teach my kids.” Ultimately, it will be up to each generation to decide which money lessons to keep and which to leave behind. is needed.
GOBankingRates Details
This article was first published GOBankingRates.com: I grew up with frugal parents: 7 money lessons you don’t want to teach your kids
