Who is Bill

I am pretty open with my kids about money and how I manage it. I want them to know the things that I know about money that were never taught to me. I am pretty similar to most people who came from a similar background where as you always paid Bill first and sometimes you didn't pay him all the way, just enough to get through to the next month. My kids would see my bank statements and see how much money I had and they would ask if we could go buy something. I would give them the typical response that most people give their children. I have to pay bills with that money. Just like most kids mine asked me who was Bill. Since they had never met him they was wondering why I was always giving him money. I explained to them that Bill wasn't a person but something that you received every month for services around the house like your lights, gas and water. Most people use a budget to pay bills so that they know how much money they will have left after paying the bills. I set a budget for my bills so that I know how much money I will have period. 70% of my checks that I receive is for bills period. If my bills exceed that then I need to re-budget what I have for expenses and change things. If having cable exceeds my 70% budget I drop the cable. If internet exceeds my 70% budget I drop the internet. I do whatever I have to do to stay within my budget. I don't know about you but I like to have money for myself, not just for Bill. If my kids can understand the concept that why should Bill( a man we've never met) get all of our money and we never have any for ourselves then why are most adults not understanding this. I know who I am, I know the people I have to buy dinner for and the people I buy birthday and Christmas presents for but I personally have never met Bill. If we want to have something for ourselves or for our families and children we need to learn how to  pay ourselves first then pay Bill.

Paying yourself first is not hard. Paying yourself first is not splurging and not having money to pay bills either. Paying yourself is about making sure you spend your money wisely so that you can do the things you want and also pay your bills. I was taught how to sew, cook, clean and various other things in home economics in high school. Not once was I taught how to set a budget. Not once was I taught how to pay myself first. I had a really great math teacher who could teach me how to find square roots or the answer for y but no one taught me how to mange my money. I don't like going into a store and telling my kids I can't get them what they want because I don't have the money.I don't think anyone likes that feeling. Some of us buy their kids what they want even when they can't afford to and struggle all the time. Money management isn't taught in schools, it's taught at home and just like me many people weren't taught that by our parents. It is up to us to teach ourselves and it is our responsibility to teach our kids how to manage money. My kids get allowance if they do good in school and at home. They are also required to budget their money. I got my kids savings accounts not too long ago and you should have seen their faces light up. They were excited to be able to put their money into a bank. Not only that but I taught them about interest and they were excited to start earning interest on their money. I want to continue to teach my kids about  how to respect money and how to manage it. Since my kids understand that we shouldn't pay Bill first, I truly hope that others will learn the same.