My mum had a very strict approach to money. When I was younger, I assumed that everyone shared her thoughts on the subject. Realizing this is not to be the case, my views have changed dramatically and it’s been something of a shock. Many people lack respect for money and what it represents in today’s society. At the same time, they often complain about how little they have – sometimes even going out of their way to make sure people know the extent of their financial struggles through social media channels such as Twitter or Facebook. As someone who has always been taught never to use her own situation as a means of gaining sympathy from others, I find this infuriating. Now in my early twenties, I am still coming to terms with money making a difference in my life. Having a limited income as a student means being unable to do the things I would like – driving, going out with friends on holiday, and so on. But for me, money is not something that will define who I am or what I can do – instead, it is simply there to facilitate my needs and desires. Money does not have any value beyond this unless we choose to place importance upon it.
My money lessons: So how did my mother teach me money lessons? Here are just a few examples…
- Do not expect anything from anyone
This was probably the most important lesson of all for my mum when I was growing up. She made us pay our way in life by getting jobs when we were young and refused to pay money towards our house, food, or any living expenses.
This meant that my brother and I both worked during school holidays, weekends, and after school in order to fund our hobbies outside of the money my mum gave us for our own personal use (which was very little). We had to buy all of our own clothes. The money lessons this taught me were hugely important – money does not come for free. You have to work hard for what you want, be it money or something else in life. If you don’t, then don’t expect anyone else to hand it over on a plate.
- Forget about what others think
My mum’s to money often led to some pretty embarrassing money lessons stories. We had to sell our house when I was in year 10 due to financial difficulties, and money then became incredibly tight. My family was forced into living together in my mum’s small bedsit until we could find something suitable for us all to move into. It was a difficult time, but it made me realize that worrying about what everyone else thinks and constantly comparing yourself and your life with others is the wrong way to approach money. You cannot change people or their views of your situation – especially when they don’t know the full story behind it. Constantly obsessing over money will make you miserable; instead, accept how things are and embrace them.
- Learning from money mistakes
My mum has always been aware of her money mistakes and has used them as money lessons for me. For example, when she was younger, she bought a very expensive car that broke down every other day and needed money to spend on it continuously. This taught her how important it is to think about the money you’re spending now rather than just thinking about the money you could make in the future. I have always remembered this money lesson simply because it has a nice story behind it – one which involves a large pink Cadillac covered in fairy lights!
How do your parents teach you money lessons?
So what money lessons have my mum’s money mistakes taught me? Here are just a few…
- Save up before buying anything expensive –
It may not look like much, to begin with, but saving enough money for something you want can be extremely satisfying. To avoid money mistakes, put money away in a savings account little by little every time you get money. This money lesson is so simple, but I know already that it will serve me well in the future.
- Don’t underestimate how much anything costs –
Whether it is car insurance or mobile phone bills, knowing exactly what money needs to be spent on can stop money mistakes from occurring. Keeping track of how much money you’re spending also means you are less likely to overspend.
- It is easy to pay someone else to do things instead of doing them yourself –
However, taking care of things yourself usually saves money long-term and doesn’t make life more difficult by creating problems down the line. Whether it is painting a room or fixing a car, money lessons taught by my mum always tell me that money spent on hiring somebody else to do something is money wasted.
- Understand the money you’re spending –
This money lesson applies to everything from daily expenses such as buying food and taking public transport, to loans and mortgages, and will prevent money mistakes from occurring in the future…
As I finish writing this money story, I realize how lucky I am to have such a clever money mentor for a mother. She taught me some really important money lessons without even knowing it!
Featured Image Credits: Image by prostooleh on Freepik
