Maybe your parents were good at saving and had a well funded emergency account. Or maybe, they weren’t so good with money and struggled for years in debt. Regardless of the good or bad, the financial behaviour of your parents has likely left an impression that affects how you handle your finances in your own life.
I grew up in a relatively well off household. My parents both had stable, well paying jobs. We were able to eat out at restaurants, we got the clothes we wanted, and we went on at least one annual vacation a year growing up. Yet my parents were still frugal. They would always watch for the deals and would wait to purchase something until they had the money saved. Essentially, they spent their money on the things that were most important to them- a house in a safe neighbourhood for their kids, high quality housewares and clothes that would last a long time, and family outings that we could share together.
My parents’ views on home ownership and building a solid future stuck with me. In high school, I managed to arrange my courses where I only had classes in the morning which allowed me to work in the afternoons and evenings so I could save money to move out. At the age of 18, I bought my first house. What an amazing feeling knowing that my hard work payed off. Later on I ended up selling the house but the experience taught me what I could accomplish if I was patient and smart with my money.
Now, as a married, educated, and independent women, I have the foundation to build a great future for myself and my family. My husband and I too spend our money on the things that are most important to us while saving for the future.
The money lessons from our parents are some of the most powerful lessons we will ever learn. They truly shape our attitudes towards personal finance and can define our financial future.
What did you learn from your parents about money? What are you teaching your kids about money? Please share.