Living with credit

Children’s Day reminds me of early money lessons

Emily Crone

National Children’s Day is celebrated on different days in various countries across the world. International Children’s Day is on June 1, but today is something special — it’s Universal Children’s Day.

The holiday was first proclaimed in 1954 by the United Nations General Assembly. It was created in hopes that countries would create their own children’s day as a way to celebrate childhood and to encourage an understanding and mutual understanding between children.

Emily's List: Children's Day Edition

One of the greatest things my parents did for me as a kid was teach me about saving and spending from a young age. They started a college fund for me when I was a baby. In elementary school, they gave me a three-part allowance: $1 for spending, $1 for saving and 50 cents for charity (at our temple every Sunday, they passed a jar around for donations). Whenever we would receive money as a gift, they would let us know we could spend it if we wanted to, but they always encouraged us to put it in our savings account, or at least set some of it aside for later.

Those lessons have stayed with me, and while I have flubbed up from time to time, I can’t thank them enough for not letting me be a greedy brat and helping me to mature financially.

Did your parents do a good job of teaching you about personal finance?

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  • My parents opened a savings account for me early on and taught me about saving for things instead of spending everything once I received it. The lessons made an impression upon me and I plan on passing them on to my child(ren). 🙂

  • Kathryn Harlan

    The best thing you can do for yourself is DUMP THE CREDIT CARD INDUSTRY!!! Cash is KING!!! No raping interest fees. No absurd late fees.. See ya plastic!! And I am living so much better. Paying off that plastic is MY CHRISTMAS GIFT TO MYSELF!!!AMERICAN EXPRESS, ASK CONGRESS TO BAIL YOU OUT. I AM OUT OF HERE!!!!!!!!

  • Susan Ahlfeld

    Great lessons. I actually work a book on teaching children about money early in their life. The book actually walks a child through the financial planning process told in a cute story. The ealier in life you start having a positive relationship with money the better.

  • My dad always told me, “pay yourself first!”
    He was right. Although I didn’t always follow his advice, as I grew older… the words always rung loudly in my ears until the day I submitted. I continue to heed his advice… nowadays, no matter what I ALWAYS pay myself first!