Yes, there was always an expectation that I would attend college. I can remember it starting in sixth grade or earlier! Not only from my parents but from my teachers encouraging me to do honors classes, take extracurriculars, and get good grades to set me up for college admissions. I ended up getting a bachelor of science degree. I was extremely fortunate that my grandparents and my parents helped pay for my education and left me without student loan debt. My husband also had that expectation for himself from his family. He received some family assistance with costs but he mostly self-funded by working during the summer, and being an RA to help with housing costs. He received a master of science.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
My parents were very interested in teaching me about money and finances from an early age. I am so grateful for that level of money literacy early in my life. My parents taught me the importance of saving, of living within your means, retirement planning, and the dangers of misusing credit. When I was little, we would get an allowance and have to divide it up into separate jars — one for immediate spending, one for donating to charity, and one for saving. They also added me as an authorized user on their credit card when I was a teen, which helped me benefit from their good credit scores.
What was your first job and why did you get it?
My first job was the summer after high school, helping out at a bike shop. I mostly did it to have extra spending money and to start getting job experience. I was really interested in having a job, it felt grown-up!
Did you worry about money growing up?
My parents worried about money when I was younger, especially while my dad was finishing his degree and my mom was a stay-at-home mom. They rarely involved me in the details of it but they were open with me when something was expensive or we couldn’t afford it. My dad would sometimes stress about it, but overall my impression was that they had things under control. Looking back, I feel very fortunate to have had a stable upbringing when it came to finances.
Do you worry about money now?
No, I don’t worry about it much at all. We are mindful and keep tabs on our overall spending and savings. We are also aware of lifestyle creep and try to keep our expenses well within our means even if we have extra money. There was a point when my husband got laid off right after we had our daughter that I started to get a bit worried, since finding a job that was a good fit for him and his career goals was challenging. But I was confident we could make it work with my salary plus our savings for a while.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I had a good foundation of managing my money but when I got my first job after college is when I was responsible for myself. I do think I have a financial safety net. My parents would help us in a heartbeat if we came upon tough times. We also have family that live close so we know that if we lost our home, for example, we would have somewhere to stay and people to support us.
Do you or have you ever received passive or inherited income? If yes, please explain.
Other than my parents helping to pay for college and a portion of our wedding, we don’t have regular help from family on finances.
