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

Click to comment

Finance

New Funding Models Needed As Global Health Faces Growing Financial Strain – Health Policy Watch

Published

9 hours ago

March 28, 2026

Press Room

New Funding Models Needed As Global Health Faces Growing Financial Strain – Health Policy Watch

Christoph Benn (left) and Patrick Silborn

Global health is facing a funding crisis. Aid is shrinking, debt is rising, and the needs are only increasing. According to Christoph Benn of the Joep Lange Institute and Patrik Silborn of UNICEF Afghanistan, health systems will need to fundamentally rethink how they finance and sustain care.

On a recent episode of the Global Health Matters podcast, host Gary Aslanyan was joined by these two experts, who said “innovative finance” has become central to discussions on sustaining health systems.

Benn said that while the term is widely used, few agree on what it actually means. He described it as a “spectrum” of approaches, ranging from philanthropic grants and conditional funding to private-sector investment models that expect financial returns.

“It has frustrated us deeply that so many people are talking about innovative finance, but very few actually know what they’re talking about,” Benn said.

Silborn emphasised that these mechanisms should not be treated as one-size-fits-all solutions. Instead, financing models must be designed around specific problems whether that means raising new funds, improving efficiency, or linking payments to measurable outcomes.

Drawing on his experience in Rwanda, Silborn described how a results-based funding model tied disbursements directly to performance, helping the country to maintain progress against major diseases despite reduced funding.

Both experts stressed that private-sector engagement requires a clear understanding of incentives.

“Private corporations are not charities,” Benn said. They can, however, contribute through marketing partnerships, technical expertise, or investment models that align financial returns with social outcomes.
Looking ahead, Benn pointed to targeted taxes and debt swaps as among the most scalable tools. Still, both warned that innovative finance is not a substitute for public responsibility.

“It only works when it is designed to solve real problems in specific contexts,” Benn said, underscoring that strong systems and governance remain essential to any lasting solution.

Listen to the full episode >>

Read more about Global Health Matters podcasts on Health Policy Watch >>

Image Credits: Global Health Matters podcast.

Combat the infodemic in health information and support health policy reporting from the global South. Our growing network of journalists in Africa, Asia, Geneva and New York connect the dots between regional realities and the big global debates, with evidence-based, open access news and analysis. To make a personal or organisational contribution click here.

Finance

Coalition urges lawmakers to advance South Carolina Financial Freedom Act

Published

21 hours ago

March 27, 2026

Press Room

Coalition urges lawmakers to advance South Carolina Financial Freedom Act

COLUMBIA, S.C. (WCIV) — Dozens of local elected officials from across South Carolina are urging state lawmakers to pass legislation that would allow cities, counties and school districts to deposit taxpayer funds in the financial institution of their choice, including qualified credit unions.

The Palmetto Public Deposits Coalition, formed by more than 40 mayors, county council members and municipal leaders have signed a joint letter calling on the General Assembly to advance the South Carolina Financial Freedom Act, a bill that, if signed, would lift long-standing restrictions that require public entities to deposit funds exclusively in commercial banks, even though state law already allows credit unions to accept public deposits.

The coalition argues the current system limits competition and prevents local governments from seeking potentially better rates, lower fees and more responsive service.

READ MORE | Lowcountry residents feel squeeze as inflation rises 25% over five years

“Local governments should have the same financial freedom that families and businesses have — the ability to choose the financial institution that best meets their needs,” Rick Osborn, chairman of the Palmetto Public Deposits Coalition, explained. “This commonsense reform will introduce healthy competition, help stretch taxpayer dollars further, and strengthen partnerships with community-focused financial institutions that are deeply invested in South Carolina.”

The efforts also won support from the South Carolina Association of Counties and the Municipal Association of South Carolina, whose boards have formally endorsed expanding deposit options. Their backing signals broad agreement among local government officials that the law should be modernized.

In their letter to lawmakers, the coalition argued that permitting credit unions to hold public deposits would restore financial choice and improve outcomes for residents.

“This legislation is about giving local leaders more tools to serve residents effectively and make responsible financial decisions,” said Goose Creek Mayor Greg Habib, one of the signatories.

READ MORE | Treasury to hold conferences on AI regulation reductions for banks

The Financial Freedom Act would allow, but not require, public entities to deposit funds in qualified credit unions. Coalition members said the bill is not designed to favor one type of institution over another, but to encourage competition in a market currently limited to commercial banks, many of which operate outside the state.

The Palmetto Public Deposits Coalition said it will continue working with local leaders, state associations and lawmakers as the legislation moves through the current session.

Finance

FTSE 100 LIVE: Stocks muted as Trump delays strikes on Iran power plants

Published

1 day ago

March 27, 2026

Press Room

FTSE 100 LIVE: Stocks muted as Trump delays strikes on Iran power plants

The FTSE 100 (^FTSE) was hovering around the flatline on Friday, while European stocks headed lower, as traders shrugged off Donald Trump’s latest pause on striking Iran’s energy infrastructure.

On Thursday night, the US president extended the deadline for Iran to open the strait of Hormuz by 10 days, meaning the new date would be 6 April. He claimed that talks were “going very well”. However, Iran denied it was “begging to make a deal”, despite Trump’s earlier claims.

It comes after Wall Street posted its biggest daily loss since the Iran war began on Thursday.

The Wall Street Journal also reported on Thursday that the US was considering sending as many as 10,000 additional troops to the Middle East.

Tony Sycamore, market analyst at IG, said Trump has extended the uncertainty gripping markets.

“While the rhetoric around de-escalation and dialogue is certainly preferable to outright conflict, the market appears to be growing increasingly numb to President Trump’s verbal reassurances. By extending the deadline, it effectively kicks the can down the road, pushing back any concrete resolution regarding the reopening of the Strait of Hormuz. This, in turn, simply extends the uncertainty weighing on markets and the broader global economy.”

Elsewhere, UK retail sales dipped by 0.4% in February, following a rise of 2.0% in January, the Office for National Statistics revealed. In the December to February quarter, sales volumes were up 0.7% compared with the previous three months.

London’s benchmark index (^FTSE) was hovering around the flatline in early trade
Germany’s DAX (^GDAXI) dipped 0.5% and the CAC (^FCHI) in Paris headed 0.2% into the red
The pan-European STOXX 600 (^STOXX) was down 0.3%
Wall Street is set for a muted start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all lacklustre.
The pound was 0.1% down against the US dollar (GBPUSD=X) at 1.3311

Follow along for live updates throughout the day:

LIVE 4 updates

Consumer confidence in Britain slips in March

GfK revealed on Friday that the UK confidence index fell two points to -21 in March – the weakest level since Donald Trump announced sweeping import tariffs in April last year. At the time, the index sank to -23.
Neil Bellamy, the firm’s consumer insights director, said the survey showed people are concerned about the prospects for inflation and the economy.
Advertisement

The group said the sharp rise in energy prices caused by the effective closure of the strait of Hormuz and attacks on infrastructure in the region “has led to fears of higher inflation and weaker growth across oil-importing countries”.
A majority of respondents said the economy had improved modestly over the last year, but was about to decline significantly. They said they were likely to save more and spend less on big ticket items over the next 12 months as a result.
UK retail sales dip amid wet weather and weaker supermarket trading

UK retail sales decreased in February as supermarket sales slipped and demand for household goods was impacted by wet weather, according to official figures.
The Office for National Statistics (ONS) said the total volume of retail sales, which measures the quantity bought, fell by 0.4% last month.
It compared with a 2% rise in January, which was revised up from a previous estimate of 1.8%.
The monthly decline in February was nevertheless shallower than expected, with analysts having predicted a drop of 0.7% for the month.
Advertisement

A fall in supermarket sales partly contributed to the fresh monthly decline, falling by 0.6%.
All food stores, which includes convenience stores and specialist retailers, reported a 0.7% decline in sales volumes, marking the weakest level since August last year.
Elsewhere, the data showed that household goods stores saw weaker demand, dropping by 2.6%, with retailers partly blaming “wet weather” for reduced demand.
Met Office data indicated that the UK, had above average rainfall in February 2026, more so than in either January this year or the previous February.
Non-store retailers also reported a slight dip over the month, with retailers suggesting that consumers brought forward spending to January to make the most of post-Christmas discounts.
Advertisement

Matt Dalton, consumer sector leader at Forvis Mazars, said:
Asia and US overnight

Stocks in Asia were mixed overnight, stuck in a wait and see mode, with the Nikkei (^N225) fell 0.4% on the day in Japan, while the Hang Seng (^HSI) rose 0.4% in Hong Kong.
The Shanghai Composite (000001.SS) was 0.6% up by the end of the session and in South Korea, the Kospi (^KS11) lost 0.4% on the day. Part of the Kospi’s weakness was also due to the ongoing sell-off in South Korean chipmaker stocks from Google’s memory chip announcement.
Across the pond, the S&P 500 (^GSPC) slipped 1.7%, and the tech-heavy Nasdaq (^IXIC) was 2.4% down, both seeing their biggest declines since the start of the war and fell back to their lowest levels since September. The Dow Jones (^DJI) ended 1% lower, while the VIX index rose 2.11 points to 27.44pts, its highest since 6 March.
Part of the Wall Street selloff was also driven by the ongoing rout from Tuesday’s announcement that Google had found a new algorithm that could reduce the memory chip amount needed in AI models.
Advertisement
Coming up

Good morning, and welcome back to our markets live blog. As usual we will be taking a deep dive into what’s moving markets and what’s happening across the global economy.
To the day ahead we’ll get the US March Kansas City Fed services activity, UK February retail sales. Central bank events include the ECB consumer expectations survey, and the Fed’s Daly and Paulson will speak.
Here’s a snapshot of what’s on the agenda today:

7am: UK retail sales for February

9am: ECB Consumer Inflation Expectations survey

2pm: University of Michigan consumer confidence report