Takeaway 2: Money

 

    The second main takeaway I gained from Parenting Skills is money. Money is an important and huge topic that needs to be discussed in families. It is a topic that needs to be talked about before couples get married. 

    I think it is important that couples discuss about money before they get married. It is a serious and sometimes uncomfortable topic; however, money is sometimes a deal breaker for couples. Therefore, it is something to be talked about before marriage. Couples need to have similar financial goals and plans. Also, couples need to understand if their partner is a spender or a saver. This is important information to know to avoid financial problems later on in marriage.

    I gained a lot of knowledge about money from this course, and I am grateful for the things I have learned. I reflected on my life as I learned about money. Every family must have a budget (Ashton, 2006). I recently got married in July. Along with marriage, my husband and I recently moved into our new apartment. It has been fun to have our own place and decorate our home. With these new experiences, I have slowly started to learn more about budgeting. When I still lived with my parents, I did not need to worry too much about budgeting because I did not have many responsibilities. Additionally, my loving parents were my main providers. They got me everything that I needed and wanted. I owe them so much. It was a huge change going from having no budget to having a budget. I had to learn to save money. I also learned the importance of delayed gratification. I could no longer buy things right away when I wanted to. I had to hold back on instant gratification. My husband and I had to prioritize and save money for bigger things. We come together every month to talk about our finances and create a monthly budget. This has helped us to avoid financial mistakes. Similarly, this allows my husband and I to be on the same page.

    I have incorporated a couple of things I learned into my marriage. My husband and I have continued to pay an honest tithe, regardless of how worried we may be. We have committed to putting Jesus Christ in the center of our lives. We have faith in Him. I know all things will work out for those who believe in Him. So far, everything has worked out well. My husband and I have been able to make ends meet. We are also trying to live within our means and stay out of debt. Right now, it is kind of difficult to stay out of debt because we are still college students with loans.

    Another crucial thing I learned from this course is the importance of incorporating my future children into our family's financial planning when they are of the appropriate age. Children need to be involved. They need to understand the value of money.

    One of the most important things I could teach my children is to work (Ashton, 2006). One way I could teach my children is to model hard work. Work and money go hand-in-hand. Hard work brings in money. I can teach my children to make good money decisions. My husband and I have talked about how we will teach the value of money to our children in the future. I want to give my children allowance money. They will work for their allowance money by doing chores around the house. I think this will be a great way of teaching them about work and earning money. I want to set aside time during the weekend to go over their money with them. I also want to take them shopping and let them use their money to buy themselves anything they want. I think this will be a helpful and interactive way of teaching them about budgeting. They get to be in charge of their own money. They also get to make the decisions of spending or saving their money. 

Teaching kids the basics of money management can help them develop the skills needed to achieve financial success later in life (Payne, 2023). On the same note, teaching kids early on about money will help them to become more financially independent in the future. Children will grow up to be smarter with their money if they have been exposed as young children. By the same token, children will be more comfortable dealing with money as adults. They will also avoid making huge financial mistakes. 

    

Resources

Ashton, M. J. (2006). One for the Family: Guide to family finance. https://www.churchofjesuschrist.org/bc/content/shared/content/english/pdf/language-materials/33293_eng.pdf

Payne, K. (2023, December 8). Why teach your kids financial literacy early. Bankrate. https://www.bankrate.com/finance/credit-cards/ways-to-teach-kids-financial-literacy-early/