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Where It All Begins

Our attitudes toward money often start forming in childhood or during our teenage years.

Family dynamics, whether it’s a household that counts every penny and just scrapes by or a family that spent like there was no tomorrow and was plunged into debt, can leave lasting impressions.

These early lessons tend to follow us into adulthood, shaping how we handle debt and spending.

Lessons from Childhood

The habits we form often reflect what we saw growing up.

If money was tight, you might have learned to save every cent or fear debt. On the other hand, growing up in a household that spent freely could normalize indulgence and impulse buying.

For some, talking about money was a taboo topic entirely, leaving them unsure about budgeting or financial planning.

Sadly, for most of us our schooling might also not have helped much in regard to practical real world budgeting and financial planning.

Habits That Stick Around

These early lessons, that are subconsciously picked up at home, often carry over into later life. They tend to stick in the back of our mind and shape what we do.

You might find yourself saving excessively, overusing credit, or avoiding financial planning altogether. Without realizing it, childhood experiences can lead to unbalanced money habits that make adult-ing a little more challenging.

It can even leave us under a mountain of debt with nowhere to turn to.

Breaking the Cycle

The good news is that like any habit, these financial habits can be changed.

Start by identifying patterns—are your spending or saving habits tied to how you grew up? 

Give it some thought. 

Think back to any experiences you remember from your younger days that are linked with money or spending. What are they and do you think they could be shaping how you feel and think about money right now?

‘Think back to any experiences you remember from your younger days that are linked with money or spending’

Those experiences are integral to who you are and they might not be totally wrong. It’s good not to overspend. It’s good to have a little fun, if finances allow. Its natural not to want to get into conflict with others by discussing sensitive topics. But all those things have a negative side as well.

Find balance by combining your early lessons with practical steps like budgeting or saving for specific goals. Learn to use money as a tool, cut back on spending when money is tight and to be more open about your financial situation with others so they can contribute to your financial success.

And rather than hand down any bad habits to the next generation, use your experiences to teach your kids, nephews and nieces healthier money habits, too.

Looking Back to Move Forward

Reflecting on your financial upbringing is the first step toward making better choices for yourself today.

Whether it’s breaking the habit of hiding receipts from your partner or not asking for help when things get out of control, understanding your past can help you find a healthier balance today.

Learn from the past but don’t let it dictate your financial future.