An al­lowance doesn’t teach chil­dren how to man­age money

The Times Herald (Norristown, PA) - - BUSINESS - Michelle Sin­gle­tary

WASH­ING­TON, D.C. » I went to live with my ma­ter­nal grand­mother, Big Mama, when I was 4. And at 4, I stepped into her fi­nan­cial class.

“Big Mama, can we go to McDon­ald’s?”

This ques­tion and ev­ery other sim­i­lar re­quest to buy me any­thing that wasn’t a ne­ces­sity were met with a money les­son. Ev­ery. Sin­gle. Time.

That’s how I learned to be a good money man­ager. Big Mama talked in­ces­santly about sav­ing, spend­ing wisely and stay­ing out of debt.

I watched her man­age on so little and still pay all her bills on time. Big Mama was so tight with her money that if she held a penny, Lin­coln would scream.

Hands down, this woman taught me more about money man­age­ment than any fi­nan­cial ex­pert I’ve ever met or in­ter­viewed. And she did this with­out ever giv­ing my sib­lings or me an al­lowance. Big Mama couldn’t af­ford to have us on her pay­roll.

The Color Of Money

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