8 Money Lessons for Kids from Parents of Recession Babies

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My partner Alex and I graduated during the economic boom of the 1990s, and we foolishly bought into the idea that jobs would always be available and that property was a sure bet. Fast forward to the Great Recession, when we welcomed our first child, and then our second during the painfully slow recovery. While we managed to keep our home, I found myself unemployed, and our savings vanished quicker than you can say “financial crisis.” Navigating parenthood on shaky financial ground while witnessing others lose their jobs and homes was intimidating and eye-opening. Like those who weathered the Depression, I’ve become much more cautious with money, and I want to share these hard-earned lessons with my boys:

1. You don’t really need it. If you feel the urge to buy something, wait a month before making the purchase. Trust me, the desire often fades, and you’ll realize you didn’t actually need it.
2. Just because someone offers you money doesn’t mean you should take it. If a bank tells you that you can afford a mortgage but your calculations show you barely have enough for the payments, listen to your gut. Your math matters more than theirs.
3. Consider layaway. Planning to buy a big-ticket item? Save a little each week instead. You’ll appreciate the purchase more and avoid impulse buys.
4. Your home is your home, regardless of ownership. Many happy families thrive in rentals. You don’t need to own a place to create a loving environment.
5. Think of your home as a place to live, not an investment. Don’t count on it appreciating in value. It’s about shelter, not a path to riches.
6. Invest in experiences, not things. Research shows that experiences bring lasting happiness, so prioritize adventures like a family trip over the latest gadget.
7. Keep living costs low, especially when you’re young. Ideally, housing should consume only a third of your paycheck, but in some areas, it can skyrocket. Living with roommates or your parents is totally fine when you’re starting out.
8. Flexibility is key. Unlike previous generations who defined success by their job titles, the younger crowd will thrive by adapting to the ever-changing job market. Keep learning new skills and make connections that can help you transition between fields.

I hope my kids won’t have to experience the recession firsthand. Fingers crossed that their first jobs will be in a booming economy—hey, a mom can dream, right? For more insights on pregnancy and home insemination, check out this excellent resource on IVF processes.

In summary, these lessons can help guide kids through financial decisions, teaching them to be savvy and adaptable in an unpredictable economy. And don’t forget, if you’re interested in home insemination, websites like Make a Mom provide great information, and you can also learn more about the process at Intracervical Insemination.