Market Data 
- Stacey Black opened too many credit cards as soon as she was eligible.
- Getting a job at a credit union helped her realize her financial mistakes.
- She teaches others to save and use credit wisely.
This as-told-to essay is based on a conversation with Stacey Black, lead financial educator and Certified Financial Education Instructor at BECU, a Washington and South Carolina credit union. It has been edited for length and clarity.
When I was about 18, I was at the mall when a store offered me a credit card. I had no clue what it was or how to use it responsibly. Before long, I had a credit card for every major store. I messed up my credit big time.
My parents never taught me about money. Instead, I learned from observing them.
I thought my dad was rich with his stack of credit cards. As I got older, I realized he was probably just in debt. My parents were divorced, and I lived with my mom. She would often talk about her financial worries but still splurge. Having those examples of money management really messed me up financially.
I learned about finances by working at a credit union
Luckily, when I was in my early 20s, I started working as a teller at BECU, a credit union. I didn’t even know what a credit union was at the time. But I started seeing the signs that financial responsibility was important.
This wasn’t nearly 30 years ago, so there weren’t as many financial resources readily available. Luckily, I had access to a whole financial education team at work. I could seek them out and ask questions. That felt very lucky. I didn’t know how other people my age were learning about finances since it was never discussed in schools, and most parents I knew didn’t discuss it.
My mistakes benefit me as an educator
I still had some bumps in the road. When I went to buy a house in my early 30s, my poor credit came to haunt me. But eventually I got a hold of my finances. A big breakthrough was thinking about periodic expenses — car registration and inspection that aren’t recurring monthly expenses but still add up fast. Once I learned about those, I could create a budget that accounted for all my spending.
When I started working at BECU, I was in school to become a teacher. I pivoted to become a financial educator, helping people from all backgrounds learn about money. I also talked with my two children and many foster children about finances. Whether it’s my kids or clients, I tell people I can speak to this because I’ve made all the mistakes.
I tried to lead through actions, not just conversations
Conversations are important, but kids can shut down if they know you’re trying to educate them. So, I tried to lead through actions, not just words. When my kids were younger, I’d point out prices like I’d point out colors. Later, I brought them into major financial decisions, like helping me research a car.
I urged kids to track their spending
I’ve always encouraged my biological and foster children to track their spending. Kids and teens often don’t love this, but it gives them a tool to look back on and understand where their money went. Then, they can discuss whether they wish they’d done things differently. It also lets them see their progress toward financial goals.
I gave them a means to make money
I wanted my kids to learn that if they needed money, they could earn it. So, I posted chores with a set dollar amount on the fridge. Someone who needed $10 for a movie could mow the lawn. This approach worked so well that my kids’ friends even started coming over when they needed to earn.
I made loans with interest
My financial troubles started with credit cards, which were uncontrolled borrowing. So, when my kids came to ask me for money, I made it a formal arrangement. When my son was in sixth grade, he wanted money to buy a Go-Cart. I had him sign a contract outlining interest payments. He didn’t purchase a Go-Cart, but the conversation came in handy when he needed a car a few years later.
I was OK with making mistakes
Lots of parents shy away from money conversations because they feel like they don’t have it all figured out. That’s OK. I made mistakes and needed to adjust my approach to each child. It’s also okay for kids to make mistakes while they have the safety net of living with you.
Finding out what works for your family might take some time and effort, but the effort will be worth it when you send your kids into the world with financial know-how.
