Tuesday, 2 June 2015

Do You Really Need That?!?

My parents have always encouraged me to spend within my means; they have always been incredibly sensible with their finances.  If they did not have the money for something they would never consider buying it on credit, they would scrimp and save until they have adequate funds to buy something, even if that took years and years!

On top of that they made what they did have last, if something still had wear in it, then forget changes in fashion it would be used until it fell apart.  My dad also keeps things “just in case”, like when he gets rid of a pair of shoes he always keeps the shoelaces because you never know when you might need a spare pair (or ten!)…

From all of this I grew up learning the value of money, I had a weekend job from a young age and used my own small wages to feed my pet rabbits and fund my pen pals hobby (I used to spend a fortune on stamps!).  As I grew older I had my own bank account, I enjoyed tracking the money coming in and seeing the tiny trickle of interest too.  I think opening a bank account for your children is a good way for them to be more responsible for their finances.  TSB have a range of current accounts including ones for under 19s.

I hope my own children will be cautious when it comes to spending money; I want them to learn to budget and not fritter money away recklessly.  Hubbie and I have our moments but the good grounding my mum and dad established all those years ago keeps me (for the most part) on the straight and narrow.  We do spend money but mostly to improve our property, there are things I would like but I know (reluctantly) I have to wait.

The boys have impressed me with their own spending habits probably thanks to my parents good influence.

Eldest in particular kept back some of his savings rather than spend it all when he had the opportunity to do so.  He wanted some for another day; to be honest you never know what the future might hold so a little nest egg is always handy.  In his case it might only be a couple of pounds but it might come in useful at some point!!!

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