Practical money skills for all

By Jill McKenzie

March 21, 2017 12:00 AM

How many adults say they wish they knew more about, or had done better with, managing their money?
Considering few things are more essential to your survival and quality of life for yourself and your family, it’s baffling that people don’t do more to educate themselves on how credit works, understanding investing, or learning to save money and budget more efficiently.
But, maybe you can’t blame people for being overwhelmed or embarrassed by their lack of knowledge.
If you didn’t learn budgeting skills while growing up, it can be like someone handing you a skill saw and asking you to build a dresser.
Although a basic, vital life skill, it’s not second nature for people to know how to use their money wisely.
If you’ve never had a productive conversation about saving and spending, then how can you be expected to make all the right decisions?
Lack of confidence might prevent people from learning to handle money more wisely.
Maybe they don’t know where to start and are embarrassed to ask.
But there might be more at play than just feeling inadequate.
Apathy is the numb lack of concern borne of feeling that nothing you can do will make a difference.
It’s the feeling of not being interested, and not caring.
And if you’ve been in the hole long enough, or were born there, it’s not hard to imagine giving up and expecting nothing better for yourself.
There is much research to suggest that, once a person feels their situation will never change, people give up on trying to save or make wise financial decisions.
The $10 meal at McDonald’s becomes the only pleasure you may get in a world of stress and deprivation.
So, although $10 worth of groceries might feed you several healthier meals, people opt for the more visceral gratification—in this case, the unhealthy, expensive junk food—first.
In a perfect world, all children would get a proper education that included practical money skills.
They would have the math skills to compare prices, understand credit, calculate interest, and the reasoning skills to know when they are being sold a raw deal.
This learning and mindfulness would carry on through out their lifetimes and they would be able to defend themselves as well as possible against market fluctuations, economic downturns and lifestyle inflation. In a perfect world.
Sadly, parents aren’t always teaching their kids money skills and it’s not something you can leave to the school system.
If your kids don’t see you budgeting and saving, why would you expect the school to teach it to them?
How applicable is a school lesson on budgeting if little Johnny believes there is always more money to be had?
If he doesn’t have chores? If he’s never had to save his money and buy his own gadgets?
It’s as easy as discussing why you buy generic brands at the grocery store.
Or saving the recycling money to go to the movies.
Conversations about money and value are only one of the ways to teach your kids about budgeting.
It’s never been easier to educate yourself on all sorts of things, money matters included. 
The Internet has brought the library to your fingertips, you might say.
Pay attention to the sources, and switch your reading habits to learning about saving and budgeting. Include your kids on this educational path.
Although created by Visa, the site is a wonderful online resource for families and schools.
This site has games for kids to familiarize them with money and saving.
There are even complete lesson plans for teachers to use in the classroom.
Be discerning. Ask yourself, is this site trying to sell me anything?
Are there hidden obligations or costs to this program?
If so, keep looking until you find free, educational resources like or to fill in the gaps in your money sense.
Start teaching your kids the important skill of budgeting and comparison shopping.
Give them a small allowance and make them save it to buy what they want.
They learn far more from saving and delaying gratification, rather than being handed what they want whenever they ask.
Many people do well with their money without much advice.
A basic instinct to spend less than what they make and save for a rainy day has helped them through what life throws at them. But what about talk of interest and mortgage rates?
Investing and taxes?
At what point does the fine print exceed our knowledge, and how willing are we to give up some leisure time to learn more about handling our money?
Many of us need to learn more about finances.
Don’t be scared, and don’t feel like your situation will never improve.
Dedicate some time to your financial future.

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