Many millennials grew up with frugal parents who pinched every penny. While thriftiness certainly has its place, some money lessons learned in childhood may be best left in the past.
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GOBankingRates spoke to Blanca Garcia, a registered dietitian nutritionist at Health Canal, and Miriam Caldwell, a writer in Los Angeles, about the money lessons they absorbed from their frugal parents. Although they both remain thrift-conscious as adults, there are certain habits they vow not to pass on to their own children.
Here are seven frugal habits that, while well-intentioned, may do more harm than good when passed on to the next generation.
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Don’t Skimp on Car Maintenance
Garcia recalls how her family never fixed dents or paint jobs on their car. As an adult, Garcia understands the value of maintaining investments properly, even if they are secondhand. “I see cars only as a means of transport; I do, however, understand that they last longer and are in better resale value if I just keep them in good shape,” she explained. “I would like for my kids to care for their investments.”
Allow Occasional Spontaneity With Meals
Garcia’s mom always packed food and drink, regardless of the circumstances. While Garcia still believes in packing meals, she wants her kids to enjoy some spontaneity. “We still pack meals often in my own family but we do allow flexibility and will occasionally eat out or buy snacks when out and about,” said Garcia. “The idea is to show our kids that you can be frugal but also flexible. In some instances it’s OK to try something new if the environment is extraordinary, like Disneyland.”
Caldwell agreed: “We never went to restaurants as kids — it was seen as a waste of money,” she shared. “But I think experiencing different cuisines and cultures is important. I’ll budget for an occasional family dinner out.”
Make Homes Feel Warm and Inviting
Garcia recalls living in an apartment with white walls and minimal décor. Now, she wants her kids to feel at home. “I want my children to feel their home is a cozy place,” she said.
Allow Enriching Extracurriculars
Garcia’s mom didn’t prioritize activities outside of school. But Garcia has enrolled her own kids in enriching programs like swimming, dance and piano. “This means that we won’t spend money on things like owning a TV or cable but the value of having activities that nourish the mind is well worth it,” she explained.