Life Insurance
Insurance 101
Live Chat
Sign In
Apply Now
Work, Life, Balanced

I Don’t Want My Son to Inherit My Financial Stress

By Sarah Li Cain Apr 30, 2019

“You seem so good with money, Sarah. Your parents must have taught you well.”

I want to shake people by the shoulders whenever I hear that.

Sure, I run a frugal living blog and podcast. But as much as it pains me to say, I have a lot of money baggage that causes me both emotional stress and financial stress. I’m deathly afraid I’ll pass this baggage on to my son.

Yes, I’ve worked on myself for the 36-plus years I’ve been alive and I think I’ve done a pretty decent job at being a good human being with the money I’ve got.

I also know there are many things I do wrong with money and how anxious I get when certain conversations about money come up. It makes me even more anxious thinking about whether my son will one day possess the very same anxieties I have now.


My Conflicted Money Story (I Still Love You, Mom and Dad)

First off, my parents are awesome. There were a lot of things they did right—they imbued me with an incredible amount of self-confidence and the will to stand up for what’s right.

But I grew up in a traditional Asian household, which typically means that the male is the breadwinner and the female members learn to be good household managers. As someone who is naturally curious, it meant that I got scolded a lot whenever I asked a lot of questions, because I was just supposed to listen to my elders.

The conflict came when my mom became the breadwinner. She had a successful career in the finance industry and still ran the household. My father, a small business owner, was doing pretty well but felt like he wasn’t doing his part because he wasn’t earning as much.

As a result, both my sister and I grew up watching our parents work a lot of late nights and listening to closed-door conversations about why my father couldn’t take holidays off.

Because my mother pretty much did everything—from her demanding career to raising us kids and making sure the house was clean—she ended up stalling in her career.

I remember seeing her falling over from exhaustion because she was going to work during the day, coming home to cook dinner then rushing off to night school for her master’s degree. Needless to say, she never finished that master's degree.

It’s Not All About How to Be Frugal: Dealing With My Baggage

As you might imagine, I grew up pretty conflicted over money. I learned that money was a source of both embarrassment and pleasure. I was supposed to work hard, even at the expense of my own happiness, because I had to do right by my family. Just like how my mother held back her career because she had to take care of her family.

I started coming to grips with my money story over ten years ago, when I was dating an ex-boyfriend in Australia. I worked my tail off and made most of the purchases—the rent, groceries and even our trips across the country. I gave so much of myself, just like my mom did, that I ended up broke and in credit card debt.

I ended up jobless because I went back to Canada to try to find a “grown up” job, thinking I was going to marry this guy . . . only to have him break up with me.

It’s not a coincidence that I run a frugal living blog, especially since I love to focus on the emotional stress of how we deal with our financial lives.

I’m still nervous around money. I’m pretty good at sharing tips on how to be frugal, but I don’t like to spend money on myself, and that’s not always a good thing. I’m super obsessive about the bills. I often tell myself (sometimes out loud) that I shouldn't have spent money on certain things.

Controlling My Emotional Stress, for My Son’s Sake

My three-year-old is still a little too young to understand when I berate myself over money, but already some of my emotional stress is rubbing off on him. I woke up one morning to find him sitting by my bedroom doorway with the stack of receipts I had left on our dining room table.

I thought he was randomly sorting through the papers until I noticed he was separating each pile according to the store where the receipt had come from. His giggles filled the air as he shouted things like “groceries!” and “clothes!” and—get this—“miscellaneous!”

Any other parent would have probably found this cute, but I shook my head because I get crazy when I start sorting receipts and entering expenses in our budgeting spreadsheet. In that brief moment, I realized that if I don’t continue to work on my anxieties around money, I may pass these same habits on to my son.

I Want to Teach Him to Overcome This Financial Stress

Money shouldn’t be something to be feared. It’s merely a tool to help us enhance our life. That’s what I want him to know.

I want my son to be curious about the world and learn that money can be fun. It can make the world a better place. I want him to understand that letting yourself become consumed by financial stress and working yourself to the ground aren’t productive at all.

He’s only three, so I can’t really teach him complex topics like budgeting and compound interest yet. What I’m doing instead is trying to model how to use money in a fun way and how to be generous with others.

I purchased a small piggy bank and showed him where to put coins and how to get them back out. We sit together and count all the pennies he’s collected and make music by rubbing them together. We even shake the piggy bank and giggle at how fun it sounds.

As the holiday season is coming around, I’ve taken my son shopping to get my husband a few books he’s been talking about reading. I make sure to tell my son that these are presents, that I’m paying for them and that they’ll make his father happy.

The idea is to show him that money can be fun and a source for joy. I’ll have to keep working on my own habits and mindset as time goes on—but it’s a start.

Fabric exists to help young families master their money. Our articles abide by strict editorial standards.

Fabric Insurance Agency, LLC offers a mobile experience for people on the go who want an easy and fast way to purchase life insurance.


Subscribe to our newsletter


Written by

Sarah Li Cain

Related Posts

Work, Life, Balanced

How Spending 13 Minutes a Day on Self-Care Changed My Life

I created the Mental Health and Wealth Challenge to engage in self-care that was meaningful, simple, and free — and only takes 13 minutes a day.

By Melanie Lockert
Work, Life, Balanced

Can You Afford to Become a Stay-at-Home Parent? How to Find Out

Working vs. being a stay-at-home parent is a major decision. We’ve created a framework to provide financial clarity about your best options.

By Julie Pierce Onos
Work, Life, Balanced

How to Make Mundane Moments With Your Kids Feel Actually Special

We asked experts for ways to savor even the mundane time with family—whether or not we’re in the middle of a pandemic.

By Sarah Li Cain

Fabric Picks

Life Insurance 101

Is 30-Year Term Life Insurance Right for You?

Term life insurance provides affordable protection for many families, and a 30-year term is often a fit for younger couples and parents of young children.

By Emily Smith
Life Insurance 101

Is Converting Term Life to Whole Life a Smart Financial Move?

Convertible life insurance offers the option to convert from term life to permanent. Here’s who can benefit and who may not need the coverage or cost.

By Jessica Sillers
Life Insurance 101

Life Insurance for Parents: 6 Key Questions You Should Ask

Securing your family’s financial future is an important plan to cover as a parent. Get answers to the questions parents have about life insurance.

By Jessica Sillers

About Fabric

iOS

/

Android

Download Fabric’s iOS mobile app through the Apple App Store
Download Fabric’s android mobile app through the Google Play app store
Subscribe to our newsletter

© 2021 Fabric Insurance Agency, LLC

Accidental Death Insurance policies (Form VL-ADH1 with state variations where applicable) and Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT (all states except NY), and by The Penn Insurance and Annuity Company of New York (NY only). Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.

All sample pricing is based on a 25-year old F in Excellent health for the coverage amount shown. All samples are for a 10-year term policy, unless otherwise stated. Term Life Insurance policies (Form ICC16-VLT, ICC19-VLT2, and CMP 0501 with state variations where applicable) are issued by Vantis Life Insurance Company (Vantis Life), Windsor, CT. Coverage may not be available in all states. Issuance of coverage for Term Life Insurance is subject to underwriting review and approval. Please see a copy of the policy for the full terms, conditions and exclusions. Policy obligations are the sole responsibility of Vantis Life.

Fabric Insurance Agency, LLC (FIA) is an insurance agency licensed to sell life and accident insurance products. FIA will receive compensation from Vantis Life for such sales. The NAIC Company Code for Vantis Life is 68632. See the Terms of Use for additional information regarding FIA.

A.M. Best uses letter grades ranging from A++, the highest, to F, companies in liquidation. Vantis Life’s A+ (Superior) rating, which was reaffirmed in April 2020, ranks the second highest out of 16 rankings. An insurer’s financial strength rating represents an opinion by the issuing agency regarding the ability of an insurance company to meet its financial obligations to its policyholders and contract holders and not a statement of fact or recommendation to purchase, sell or hold any security, policy or contract. These ratings do not imply approval of our products and do not reflect any indication of their performance. For more information about a particular rating or rating agency, please visit the website of the relevant agency.

Plan like a parent. is a trademark of Fabric Technologies, Inc.