Saturday, 14 September 2013

What is the most important thing you would teach your children about money? #thinkmoney



I don't ever remember my parents sitting me down and talking to me about money, I don't know how old I was when I realised my parents were not wealthy my dad was the spender my mum always telling myself and my siblings to put money away for a rainy day, She would always emphasise that she didn't want us to end up like her and my dad scrimping, in jobs that earnt minimum wage with no room for a career. However they did teach me that having love and a family could be far richer in life than having the latest gadget or a holiday abroad, Don't get me wrong we never went with out they did there best to try to buy us everything we wanted at Christmas and Birthdays we had a UK holiday every year and days out throughout, they would always find a way. By finding a way I mean going into debt not all the time but some of the time although it was never spoken of, out loud, I guess as a child or young adult you watch and learn.

As I approached my older teens early twenty's I realised I Could be a "Grown up" I could have a loan, Over draft, credit card, store card It was like I had won the lottery getting things for free and not paying for them. Large credible company's practically throwing there money at me to be spent, and before I knew it I was up to my eyeballs in debt the shoes that cost £100 or bag that cost £50 didn't look so appealing anymore, so what did I do? I spent the next few, well more than a few years of my life paying the money back, putting my life on hold. You see money did not make me happy in fact it made me pretty miserable for a long time. I do not blame my parents for my stupidity or the companies for lending out money as used carefully and in emergencies borrowing can be quite useful, I blame myself I was greedy I have learnt a life lesson the hard way.

I have been thinking long and hard about this, What can I teach my boys about money? I don't want them to make the same mistakes I have, but I want them to understand the value and power of money.
I have put together a few points of what I believe to be the most important things that I could teach them.

  • Money is a highly important part of life, do whatever you love in life but if you haven't got enough to cover the basics your love wont seem like love anymore as constant money worries will help you to lose sight of this.
  • Make sure you own your money don't let it own you while it is very important to steer away from debt where ever possible its no good turning into scrooge, life with out friends or family and social events will be a pretty lonely one.
  • Save a little for a rainy day you never know when something is going to come up or whats around the corner
  • don't be afraid to ask for advice about money its alright to have questions and its alright to ask for money in a job interview etc as they are paying for a skill
  • Do not over complicate things, money is easy to understand if you manage it in the correct way.
  • Money can not buy you everything, money will buy you a house but not a home, it can buy you a bed but not sleep and it can buy you education but it wont buy you wisdom, be sensible.
  • Keep track of what you are spending you will be amazed at what you have spent your money on once its listed, small expenditure can soon add up into a larger amount you didn't want to spend.
  • Money wont make you happy some of the richest people in the world are the loneliest 
  • Money is just a means to an end remember to live your life, have fun, be happy, but be sensible when you need to be. When you're taking your final breaths in this world, you wont be thinking about how much money you have in the bank, you will hopefully be thinking of the fantastic memories you have made and the love from those around you which will make you the richest person in the world



Right now my boys are three and one they are both more interested in there wooden trains and plastic cars than money but one day they will be old enough to understand.
I hope when they are old enough I can show them this article. I hope they will learn something from it or perhaps like me they will make mistakes. As a mum I will always be there to support them, guide them and to try to steer them in the right direction. that is all I can do, I can not live there lives for them but I can try to teach them from my own views. 
What lessons would you teach your children about money? I would love to here more views on this interesting topic.

This is my entry into a competition hosted by Think Money  they have set bloggers a challenge to teach children ways to have a healthy and safe relationship with money hopefully my boys will read this article when they get older and learn something from it. to read the terms and conditions or to enter yourself click Here good luck to everyone who has entered.




10 comments:

  1. Great post! I am a single mum of four kids and I must admit, the older they get the more they want and the more expensive are the things they want!

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    1. oh my goodness I don't envy you children cost so much money but I guess they are worth it x

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  2. very interesting, I think now more than ever it is a good idea to teach children the value of money

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    1. I know I think its important you get it right from the start x

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  3. I'm teaching my daughter that adverts are made by people who are trying to trick you into giving them your money for things you don't really need! The more we want and buy "stuff" the less we have to spend on having fun times together as a family.

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    1. that's great advice I will add that to the list of things to tell my boys as they get a bit older x

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  4. Save, save, save. You never know when something might happen

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  5. to save, to shop sensibly and not spend beyond their means

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