Finance

Guess What? My Boomer Parents Were Right About Money

Published

2 years ago

May 28, 2024

Guess What? My Boomer Parents Were Right About Money

My baby boomer parents knew how to stretch a dollar. Juggling three kids, a mortgage and a couple of car loans on a middle-class income in the late ’90s was an exercise in frugality.

We grew up hearing “Money doesn’t grow on trees” like every other kid. But when my older brother suggested our dad get more “free” money out of the ATM, the true money management lessons began.

From my folks’ perspective, teaching healthy financial habits would have a positive influence on us as adults. That worked out pretty well for my brothers and me (here I am writing about personal finance). But not everyone in my generation shares that experience. Over 34% of Gen Zers say their parents did not set a good financial example for them, according to WalletHub’s Generational Finances survey.

Younger generations face many objective obstacles that make it difficult for them to be financially successful, including rising living costs, student debt and high inflation. Still, it’s never too late to build solid money management skills to help your future self.

Everything I know about saving I learned from my parents

When I was 15, I pitched the idea of studying abroad in Ecuador through the local Rotary Club. My brother had done it a decade earlier in Chile, so my parents weren’t shocked by the idea. However, before I approached them, I made sure I was fully prepared: I had already been accepted to the program and had the funding lined up. I was ready to be fiscally responsible and autonomous, and it was all due to their money lessons over the years.

Little did I know that the tips and mentorship from my boomer parents would translate beautifully to my career as a personal finance writer. So, I sat down with my folks to talk about what they taught us about money growing up.

Tip 1: Pay your bills before you pay yourself

Every time I get paid, I hear my mom’s voice saying, “Pay your bills before you pay yourself.” I’ve carried this message with me because it emphasizes the importance of sticking to a budget.

“Budgeting was a regular household activity because we didn’t want you to think of it as a chore,” said Kelley Hall, aka my mom. “It was normal to sit down and talk about our goals because we wanted you to visualize the payoff.”

To this day, I feel more in control of my finances through budgeting (I use the classic pen-and-paper approach, but many of my CNET Money colleagues prefer budgeting apps). I start by setting aside a portion of my paycheck to cover the necessities: rent, utilities, groceries and student loans. Then, whatever is left is my discretionary income for nonessential items.

Tip 2: Distinguish wants from needs

I used to cry in the backseat of my mom’s minivan because I wanted the trendy thing everyone at school was raving about. My mom would patiently say: “I want a lot of things, but do I need them?” I probably didn’t understand the sentiment back then, but my mom had an excellent point. No, I didn’t need Ugg boots in July in Texas.

Now, whenever I see something new or scroll through Amazon, I constantly ask myself if the coveted item is a want or a need. To avoid overspending, I usually let a potential purchase simmer for 24 hours before I cash out. It also helps me set long-term goals if there’s a new pair of shoes (i.e., Doc Martens) I actually want to save for.

Tip 3: Build credit, not debt

When I went to college, my parents encouraged me to get my first credit card because they wanted me to understand the importance of building credit. But my mom also made sure I wasn’t abusing the card by spending what I didn’t have.

“I used to always tell you not to use your credit card unless you know you can pay it off in two payments,” my mom said. “If you get stuck in a cycle of just paying the minimum payment, you’ll end up building debt and not credit.”

Today, in my late 20s, I only charge what I know I can cover and repay in full. If I start using my credit card when I don’t have the funds to pay it off, I’ll be hit with steep interest charges. And the last thing I want is debilitating credit card debt.

Tip 4: Don’t touch your savings

I didn’t have a piggy bank growing up. Instead, I had a giant mason jar with a map stuffed inside because I was obsessed with traveling the world. For years, I’d fill the jar with loose change and any money I made from babysitting gigs or household chores. Eventually, my parents got me a savings account.

“That was probably your very first lesson on savings,” my mom said. “You were around 10 years old and saw the value in setting money aside for a big goal.”

Today, I keep my savings account separate from my everyday checking account because we’re less inclined to spend what we don’t see. If I was looking at a mason jar full of cash every day, I would be tempted to spend it and not save for an emergency.

Tip 5: Manage your debts so they’re easier to handle

When I applied for financial aid for college, I remember feeling quite anxious about taking on debt. Even though I wouldn’t have to pay my student loan debt for many years, I thought about the logistics of paying off that balance. That’s when my parents started talking to me about debt management.

My dad remembers what his father told him as a kid: Your money is supposed to work for you. “That piece of advice can be applied to a lot of things, even debt,” said Chuck Hall, aka my dad. My dad passed on my grandfather’s wisdom to me. If you have debt, don’t avoid it. Make it a regular part of your budgeting so it’s more manageable.

One way I manage my debt is by negotiating the due dates on my recurring bills. This helps me spread out my payments so I’m not broke right after my paycheck hits my checking account.

Listen to… your parents?

Baby boomers own more than 50% of the wealth in the US. Sure, they’ve had a longer time to grow their wealth, and they grew up experiencing a booming economy that allowed them to benefit from things like lower housing costs.

Our parents were right to say money doesn’t grow on trees, and it’s worth listening. This generation might still try planting some seeds. But knowing Gen Z, there’s an app for that.

Related Topics:banking CNET Money Demand Savings

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Finance

State aims to reclaim $850K from campaign finance vendor

Published

1 hour ago

December 19, 2025

Press Room

State aims to reclaim 0K from campaign finance vendor

OKLAHOMA CITY (KFOR) — The state is now looking to recoup around $850,000 from a company they said didn’t meet deadlines to create a campaign finance website.

It’s The Guardian and was supposed to be up and running in October, but that didn’t happen. The Guardian is the name of the state’s online campaign finance reporting system.

“They were unable to deliver a compliant system,” said Ethics Commission Executive Director Leeanne Bruce Boone during their meeting on Friday.

The company at the center of it all is RFD and Associates, based in Austin, Texas. They were hired in December 2024 to begin the project of creating The Guardian 2.0.

The previous company, according to the commission, was with Civix. However, problems arose between the state and that company, so they had to shift and find a new vendor.

The commission appropriated around $2.2 million for the endeavor.

Months went by, and according to the commission’s timeline, deadlines were missed altogether.

Dates in June were missed, and in August, the company received a warning from the Ethics Commission. The Office of Management and Enterprise Services (OMES) had to get involved in October and conduct an independent technical assessment.

The October date was proposed by the company, but it wasn’t met. In November, a formal notice of system failures and vendor non-compliance was noted.

“None of the milestones were met,” said Bruce Boone during the meeting. “Extensive corrective steps over many months. Written warnings were sent.”

At the Friday meeting, the commission voted to cut the contract with the company, and a contract with the previous one was then sent out.

“Terminate the contract and proceed with legal action,” said Bruce Boone.

Bruce Boone said that in total $850,000 was actually spent throughout this process on RFD. The new contract with Civix, she said, is estimated to cost over $230,000 and should last for three years. The effort is needed ahead of the 2026 election.

Now the commission has decided to bring in the Attorney General’s Office to see if they can get the money back.

“I take very seriously my role to ensure that taxpayer dollars are spent fairly and appropriately,” AG Drummond said in a statement. “My office stands ready to take legal action to recover damages, hold those responsible accountable, and work with the Ethics Commission to ensure the public has a reliable means to access campaign finance reports.”

News 4 attempted to get a statement out of the Chief Operating Officer of RFD and Associates, who had been in the meeting but quickly left after the commission voted.

“No comment,” said COO Scott Glover.

What would you say to taxpayers about that?

In response, he said, “I don’t agree with the ethics commission’s decision. That’s all I have to say.”

The Guardian had been delayed by several months, but the commission did respond appropriately and timely manner to requests made for documents.

The Guardian was back online Friday afternoon.

Finance

One.funding and MV Commercial launch MV Asset Finance

Published

13 hours ago

December 19, 2025

Press Room

One.funding and MV Commercial launch MV Asset Finance

Representatives from One.funding worked closely with MV Commercial’s team. Credit: M Isolation photo / Shutterstock.com.

One.funding has partnered with UK-based MV Commercial to introduce MV Asset Finance, which offers an alternative method for MV Commercial’s customers to secure finance, according to a LinkedIn post.

In developing MV Asset Finance, representatives from One.funding worked closely with MV Commercial’s team to better understand business priorities and the requirements of their customer base.

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According to the post, the service aims to remove friction, ensure complete transparency, and enable a seamless process from initial engagement to completion by integrating support within MV Commercial’s operations and presenting it under their brand.

MV Commercial supplies fleet solutions for vehicles within the UK.

The company’s offerings include trucks, trailers, and light commercial vehicles that are available for sale, rental, or contract hire.

Its current rental and Ready to Go fleets consist of 2,000 specialist trucks, vans, and trailers across various depots in Airdrie, Grantham, Livingston, Oxford, Haydock, and London Luton.

One.funding CEO Lee Schofield said: “At One.funding, we’ve 20 years of experience in building point-of-sale finance that fits naturally into how businesses sell. MV Asset Finance shows what’s possible when that experience is embedded into the MV Commercial journey, making it easier for their customers to keep moving and keep growing.”

A recent example involved AMK Plant & Tipper Hire, which added a DAF FAD XD450 Construction eight-by-four tipper truck to its fleet, the company’s first DAF tipper purchase.

The transaction was finalised in three weeks; MV Commercial supplied the vehicle while financing was arranged through the newly launched MV Asset Finance framework.

Finance

RFSD board approves financial assurances, reviews annual audit

Published

1 day ago

December 18, 2025

Press Room

RFSD board approves financial assurances, reviews annual audit

The Roaring Fork School District Board of Education approved its annual financial accreditation assurances and reviewed the district’s 2024-25 audited financial statements during its meeting on Wednesday, according to a district news release.

The audit, presented by McMahan and Associates, found the district’s overall financial position to be stable and identified areas for continued improvement in internal controls and financial processes. The district’s General Fund balance remains above minimum levels required by board policy.

Chief Financial Officer Christy Chicoine said the audit reflects progress following prior concerns identified in earlier reviews.

“We have made significant improvements compared to the prior year’s audit as a Finance Department, and I am grateful for the finance team’s commitment towards those improvements as demonstrated in this audit,” Chicoine said. “While we still have work to do to continue to sustain and enhance the district’s fiscal management, the audit report indicates we are clearly headed in the right direction.”

Superintendent Anna Cole said the findings validate work undertaken over the past two years to rebuild internal systems and improve transparency.

“Over the past two years, our teams have worked diligently and transparently to rebuild internal financial systems that left the district at risk,” Cole said. “The outcomes of this audit are evidence that we are on track.”

Cole said the timing of the audit is significant as the district begins developing its budget for the 2026-27 school year and faces mounting external pressures.

“We couldn’t have stabilized internal systems at a better time,” she said. “As we begin the budgeting process for the 26/27 school year, we face external challenges like declining enrollment, instability of state and federal funding, and a rising cost of living that is outpacing staff and teacher salaries. This audit is an important confirmation that our finances are in order as we prepare to navigate oncoming challenges.”

Board President Lindsay DeFrates said the board is better positioned to plan ahead following the audit’s conclusions.

“We are grateful for the leadership of Chief Chicoine and the hard work of the district finance and human resources teams,” DeFrates said. “We are now in a much better place financially and will move forward with clarity, transparency and accountability, able to better navigate the challenges to come.”