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I realised after my post the other day, (which you can read here) that it isn’t one particular thing that has prevented my brothers and I from achieving financial success, it’s a whole lot of little things. Like I mentioned in my previous post: my parents never spoke to us about money, ever. That’s a definite no-no – how can you expect your children to understand finance if you never explain it to them? It’s very odd as both my parents are in the finance world – my mom has worked for a bank all of her life and my dad does investments and insurance.
It’s never having a bank account when growing up. And even if we did, we never got any pocket-money to put in it. How can we learn to manage money properly and responsibly if we don’t have any?
Its seeing my mom spend money that she doesn’t have, knowing my Dad has bailed her out, and she goes out and does it again – how can we copy our role models in life if they’re aren’t setting an example.
Of course, it’s never too late – I can learn about money and I can learn to be financially savvy. And I can save, save, save whatever I can (even if it’s just R50 a month) so that if we find ourselves in a retrenchment situation again, we’ve got a little something to fall back on, i.e. gather the harvest now for winter may be just around the next corner. Isn’t that what God tried to teach us in the Old Testament with the feast of seven years and then the famine of seven years? So, I want to become financially savvy – I want to know how to work with money. I just don’t have a clue on where to start, but I’m sure that will all the resources available to me, I can figure that one out quite easily.
As for Baby Girl – I will do things differently. She will have her own bank account, and she will be responsible for her own toiletries, clothes, etc as it becomes more age appropriate. And if we battle financially, she will be included in the discussions where she can understand and contribute to solve any problems as she can, for e.g. she may start selling Lemonade, or agree to give up something that may save money, etc.
As you can see, I am pondering this rather deeply, because I seriously do not want to be in this position for ever… so I may feel the need to blog on this again:-)
The Baby Mama
Working with money and being able to save takes savvy and discipline. The only way I was ever able to save money was by opening one of those bank accounts where you can’t touch the money for the first year and then you have to give 30 days notice.
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I agree with this!
I worked since I was in Std 6 – my choice – my aunt owned a restaurant.
My kids now get pocket money and when its done its done – there have been tears but they are learning now to save up for what they want.
It does all start with the way we are raised!!!
And SAVE – even R10 month. Do it before you spend a cent and soon you will be able to save more and more!