My parents taught my sister and I about finances.
1. They opened passbook accounts for us soon after we were born. They put aside X amount each month. Once we were 5 or 6, we would sit down with them once a month and balance our accounts.
2. About the same age we started to be informed of our budget for clothes each school year. We had Y to spend. We were taught to look at the quality of the clothes not just the prices. By upper elementary we were allowed to go to shops alone, while a parent was in the mall and pick out things we liked. Then take our parents back for approval. Junior high we would be dropped off. We would go to the shops put things on hold. Then when a parent returned we would go back to the shop and parent would approve and buy the clothes. By HS we would be given the credit card and go buy our own stuff with the budget we were given.
3. Vacations - I remember Dad bringing different itineraries home for trips "back home to PEI". We were taught to weigh various factors.
- more direct flights = less chances for luggage to walk off. (Still Dad's bags always traveled further than we did. Once they went to PEI, were sent back to Houston and delivered to Dad's work, sent back to PEI then traveled back to Houston with us.
- lay overs was there enough time to make next flight especially when going through customs.
-Time of day
So we were taught a higher priced trip might be a better value if we actually got to PEI without having an unexpected overnight lay over in Chicago or NYC.
4 Vacations Texas - We would rent beach houses in Surfside and Galveston again factors were weighed
-distance to beach
- safety for us kids to run around including getting to local shops/ice cream places
- quality of the house
- not paying for extras we wouldn't use (Never rented a house with a TV for example) Drifted to sleep listening to surf and Astro games on the radio.
5. From elementary school parents discussed with us how they were saving/investing for university for us and their retirement.
Slightly different take. Older Niece's mom would constantly tell her she couldn't have X because Sis wouldn't let BIL pay for X. Sis convinced BIL to take a page out of our parents' book. They started sitting ON down and showing how they were saving for University for her. They even showed her cancelled checks for Y amount that had in the Memo - To pay for ON, field trip. They never told her they had proof her mom had taken that money to gamble ON figure that out on her own. By upper elementary she would tell teachers - my Dad will pay for field trip, but he needs the address of the school to send the check. If he gives it to Mom, she won't give it to you. What was really sad is her health often suffered because her mom would tell her your Dad won't get you health insurance.
Point 1 - he had lost his job
Point 2 - sis moved heaven and earth to get ON on insurance through her job. (BIL and their two kids were easy there was some legal problem with getting her stepdaugher on the insurance - I think because Mom wouldn't sign the documents or because ON lived with her mom)
Point 3- ON's Mom was/is a freaking Texas Public School Teacher. The state has done a lot of bad things to us and Texas kids the last few years but EVERY teacher and their dependents have access to medical insurance.
ON recently told me Mom used to run Sis and BIL down all the time. They never something bad about her, but they were able to show me she was lying. If I listened to Mom I would hate Dad and (Sis's name).