We don't talk about Bruno, no no no...

For parents with little kids who have heard Encanto songs over and over and for soon-to-be parents for whom this future is coming. As individuals and parents, we don’t talk enough about money. The underlying reason for emotional stress for many parents is financial disagreements. Many times it’s hard to recognize until it’s too late.

What influences how we spend our money?

Money on the surface, or for those who have too much of it, is just means to an end. For most of us it is a multi-dimensional word that is influenced by our past, present and future. Let’s explore some factors that influence how we spend our money as parents.

Our own upbringing

How we grew up is maybe our biggest influence. This includes our circumstances- what economic, social and racial backgrounds our parents came from, how much money our parents had, how they spent money, what they taught us as financial values, what they prioritized and valued, and what we observed with our friends, neighbors and extended families. You may have grown up with very little that makes you want to get your kids everything! You may have grown up with a lot that makes you want to have a simpler lifestyle.

Our regrets

Have you always wanted to learn to play an instrument? Have you always wanted to travel as a child? Did your neighbor’s kids have a lot of interesting toys? I wish I ….. fill your blank. Whatever we’ve missed, we tend to give our children. We prioritize our expenses because we perceive that our children need what we missed.

Our role models

Did you have that one aunt or uncle that spent on all things they enjoyed, whether it was watching live tennis or trying different kinds of food? Did you read an inspiring rags to riches story as a child? Did your neighbor always give to causes that mattered a lot? Did you watch a movie about investing and growing wealth? Our inspirations could have come from anywhere, many of them inspire the choices we make for our family.

Our aspirations and dreams

Whether it was wanting to own a home, so you didn’t have to rent again or getting a PhD in quantum physics or starting a company or going to space- every dream creeps into which books we buy for our kids, what games we watch, what experiences we offer, what gifts we get… the inner child in us still wants to play!

Our value for time

As we move up the Maslow’s hierarchy of needs, our value for time shifts. Once we become parents, how we spend our time on ourselves and our children evolves as they grow. All factors described above plays a role in how we value our time, which heavily influences how we spend our money.

These underlying factors that influence our purchase decisions everyday could be in alignment or in many cases not among the parenting unit. In many multigenerational units, purchase decisions continue to be influenced by grandparents or other family members, which cause disagreements. This is an uncomfortable topic to discuss. It’s not warm and fuzzy. So?

Join us on WhatsApp to talk about financial values! Click below and get uncomfortable before the holidays! Share with friends and family who would like to join this conversation too.