Financial planning might not be the first lesson that comes to mind when we consider the things our parents taught us. Usually, we remember learning important life skills like riding a bike or cooking a roast dinner, but that doesn’t mean we haven’t been taught a thing or two about money.
There’s a very good reason you’re always told to listen to your parents. After all, they have life experience, wisdom and knowledge far greater than you. Experience, wisdom and knowledge they probably learnt from their own parents, and their parents’ parents too.
You can bet that somewhere along the journey of growing up, you’ve picked up little lessons, tips and advice that have helped you with your finances today. Here are some of the best financial tips that are passed down by our parents.
Did you ever ask your parents for designer gear because all the popular kids at school seemed to have them? You didn’t want to miss out, right? If you had parents who were quality conscious, this might sound like something they’d spend money on, but for financially smart parents, paying designer prices for clothes and shoes that your kids would soon grow out of (or scuff up).
The important lesson to learn here is buy quality when it matters. You simply can’t afford to be replacing those all-important kitchen appliances and vacuum cleaners, they’re definitely worth spending more money on. Better quality items often come with longer warranty periods as well, so you’ll definitely get your money’s worth.
From an early age, you were probably taught not to waste things especially food. If you were ever told that you couldn’t have dessert until you’d finished all your tea, then you’ll understand completely! With the phrase ‘waste not, want not’ firmly stuck in your mind, you might ask yourself more often; ‘do I really need to add that extra pack of biscuits?’ or ‘should I buy those three shirts for £20?'.
More often than not, the answer will be no and you’ll save yourself from wasteful spending.
You might find yourself making lists of things you ‘need’ and in the modern day world where buying is literally at your fingertips, it feels normal to spend, spend, spend without pausing. But not all generations have been like this. How do you write your shopping list?
Try to think of a time your grandparents have added more items to their online shopping basket or popped to the shops for the fourth time in one day…chances are you can’t. Our grandparents are a great example of a generation who bought what they needed.
My grandmother writes the same shopping list every week, making her trip to the supermarket on a Thursday morning to buy the few items she’s made a note of, and comes home with only those items. Genius.
We’ve learnt so much from our parents and grandparents about finances. There is so much more we have likely picked up on and behaviours we’ve learnt, whether it’s what to do or what NOT to do.
What have you learnt from your parents and grandparents about finances? Have they helped guide you in the right direction and are you helping them with their finances now that we have an abundance of useful technology to help?