Golden Press

How Much Money Do We Make Mommy and Daddy [parents]?


Photographer: Jarondakie Patrick June 2010

Remembering my father returning home from a day’s work and jumping in his arms are all the good memories of being a little girl. But renting my first apartment in NW, DC and attending college out of state has left me to ask one question; “How much money did my parents have growing up?”

I thought my family owned the world when it came to things like buying a home, furnishing the home, and deciding to buy a new car. When it came to things like X-mas I always got what I wanted and my mother always bought me nice things. Neither of my parents attended college and that was not important to me. The importance came when I decided to attend college and realized how many of my peer’s parents had degrees and the rest of the world. I guess when you are a little girl you live in a bubble.

Lately I have noticed that the college expenses have begun to catch up with my spending habits when before I always relied on daddy’s money or mother’s good taste.

Specifically I remember sitting in the dealer ship with my parents asking “will I still get my allowance” referring to them deciding to buy a new car and them replying “yes”. Than I knew it was okay for them to buy that car.

Growing into my teens and being the last person I thought on earth to ever get a cell phone I remember bugging my parents for a cell. When it came to me getting a cell my mother explained to me that I would pay my own  bill with my allowance. I did not even have a job. These are the financial lessons I learned as growing into the 21-year-old young lady I am today.

I must admit now those lessons fade in and out. I am not always responsible with my money so I have decided to implement a budget and leave other women out there with some tips on how to manage money.

– Ladies it is never to late to have an emergency fund: The fund consist of 3 months to 6 months of living expenses aside from your regular savings account.

– When coming up with a Savings Plan calculate all of your incoming income and additional money you may make.

– Figure out your fixed expenses such as rent, car insurance, cell phone bill, loan payments, credit card payments.

– Leave out money to provide for a savings account and  a little more to put away to your emergency fund.

– Estimate how much you may need for day to day, week to week, or month to month living expenses.

When making out your budget pay yourself first. This means put money into yours savings, not go out and shop! Pay yourself say 5 percent or ten percent of your paycheck. Next, deposit the money into the savings account and than pay your bills. Do this at the beginning of each month or pay peiord so that your entire check will not slip through your fingers. Regardless  job, title, or education you have or your income, this system works!

Another way to save money is to empty your change into a jar each day or week. At the end of the month take the coins to a bank and deposit it into your savings account.

Good money management is the way I see it, when thinking about my parents and growing up. No, we were not rich, but we survived economic times because of a system called saving.

 To budget when it comes to shopping in fashion visit  The Budget Fashionista.  

 If your children are inquiring and curious as I was as a child check out the article “Daddy Are We Rich” and other Tough questions by Ron Lieber. The article deals with parents explaining to their children the significant of money and how to spend.

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July 11, 2010 - Posted by | Life In DC

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