Thinkmoney have challenged bloggers to write some advice to their children about managing money. They have asked us ‘what’s the one financial lesson you wish someone had taught you when you were a nipper?’
This got me thinking and do you know what I am really lucky. My parents and my in-laws have instilled similar values into both Lee and I regards to money. As such we have never had any major disagreements over how we spend, save and use our money. Lee would suggest that I spend too much on the children, especially on clothes. He also claims that I am a retailers dream as I fall for all the marketing gimmicks and cannot resist what I perceive to be a bargain! So whilst I haven’t ever experienced debt or money worries there are some bits of advice I would still share with the children. Erin is at an age where money is not her radar but the older two certainly are so here is my letter to them.
Dearest Chloe and Dylan,
You both cost me quite abit of money on a regular basis. Chloe your dancing lessons and penchant for designer clothes and new shoes is quite expensive. Whilst I do take responsibility for the clothes habit, as I do indulge you and probably actually encourage you, but when clothes shopping you need to be savvy. You are getting the hand of it now shopping in the sales for example. I cannot be bothered with searching the rails in town but online sales shopping is a pleasant past time. Also it is about buying key items. I don’t mind spending on items that stands the test of time. For example your Jack Will gillet was one of our best investment pieces. Dylan you are the same asking for money for tuck shop everyday – yet now I am giving you pocket money that has to last you seem not to be spending so much as you want to keep your money!
The bottle you have decided to save your 10p’s in for the holiday is another good idea. You discovered this when you counted up dads’s 5p jar. You couldn’t believe that there was over £50 in there just from chucking in the 5ps. However your jar is still a bit, well, empty. Are you really sticking to it and putting ALL the 10p’s in? It is a good idea and you won’t miss the small change but you will have a lovely treat when it is all full. Dad and I share the principle of saving up to buy something. You don’t see us buying on credit. We work hard for our money and only spend what we have. We have nice things because of that and never ever need to feel guilty about anything we have bought. We are going to Florida next year because we have saved really hard for it. We went without a holiday abroad this year so we can do everything we want in Disney next year.
Finally I also want to say aim really high. I mean really high. I didn’t think of money when I choose teaching but I do wish I had been told it is okay to want to earn lots. I never saw that as a contributing factor when I started looking at careers. In many ways I just followed a path into teaching not knowing much about how much I would earn. There is absolutely nothing wrong with doing a job you love but there is also nothing wrong with choosing a career that pays well. Really well. We want you to be happy and successful and we want you to aim high. I think too many young people doubt themselves and don’t think they are capable of achieving highly. We have almost moved to a place where wanting money is seen as self centered and greedy. Yet it isn’t, you can do so much good with money, it is not a dirty thing. Money can be used for good- you see us doing things for charity and being generous with money and that is good. So if you get to that place where you have enough money- remember to give some away to help those causes that mean something to you. Above all aim high, study hard and you will reap the financial rewards. You will be able to afford to do what you want.
Love you lots mum x
Once home from school I decided to ask them what they had learnt about money from us and this is their replies. Dyl cracked me up with his logical answer before realising what I was getting at! So out of the mouths of babes!
