My parents were never financially responsible and we were always poor and on welfare.

I got out of the generational poverty and have made mistakes along the way but overall am doing okay. My parents taught me nothing about money. My mom mainly "when you get anything spend it" and that bills apparently don't matter. Who needs hot water right?

Anyways I want to ensure I teach my children financial responsibility. We have a savings account for my child and will get resp for education. Her savings would be to help her with a down payment for a home or other large expense.

We hope to do things such as pay for half a vehicle when they come of age to drive and they pay half so they learn things don't just get given to them. With allowance etc to have them put a certain percentage for long term savings and some for planned spending etc.

What else can we do to help them understand? I think learning about budgeting and shopping prices will be helpful as well.

What did you parents do that was helpful to you and what do you wish they would have done?

I don't want to hand my kids life on a platter but I want to help give them a small boost (like education)