BIRMINGHAM, Ala. (WIAT) – Shirley Grayson is a single mother of four. She has one of the most exuberant personalities in this year’s race!
This week, she opened up to us about how painful it was to see all of her debts on paper. Grayson said she had no idea how out-of-hand her spending had become. While cleaning out her purse a few nights ago, she found $500 worth of receipts. All of the purchases were items that she and her children agreed that they did not really need.
Grayson says she is more motivated to tackle her debt than ever before. The first step is breaking her excessive shopping patterns.
“And it sounds so simple,” Grayson said. “But you know when these are daily habits that you have incurred over the years, it’s very hard to just self-correct and say ‘boom!’ So I’m going to listen to Dave Ramsey (videos) tonight with all the kids, and that way I don’t have to go back and self-correct. We will all be on the same page.”
Grayson says her first goal is to save $1,000 for her emergency fund. Then she will work on making necessary home safety repairs and paying off her credit cards.
“It’s important for me to teach (my children) because I don’t want my kids to do what I did. It started off from just being stupid and not really being educated in finances. And to be honest, I feel like they need to teach about personal finances in high school. Because let’s tell the truth, as soon as you graduate high school, what is the first thing that comes in the mail? ‘You are old enough for this credit card!’ And you’re like, ‘yeah I’m old enough for this credit card! I’m a woman! I’m grown now! Swipe it.’ And this is American society. We swipe it,” said Grayson.
Grayson’ eCO Financial Coach has provided us with the following eCO Takeaway Tip for you to practice at home:
It is important to teach your kids how to manage their finances from an early age responsibly.
While credit cards can be a way to build credit, make sure to teach your children never to take on more debt than they can afford to pay off.
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