Money advice I wish my parents had taught me
It pains me to write this article. I know that at some point in the near future, some member of my family will pass by this page and gleefully print out this article and give to my olds as a Christmas present. After all, how often does it happen? There, in print and in the cyber world, a daughter admits she may have been wrong after all and..
Gasp!!
..her parents may have been right.
I know the Parents Are Always Wrong Union will have my badge for this admission, but it has to be made. There was nothing wrong with what my parents taught me. I just was immersed in the middle of being a bratty teenager at the time, and refused to listen. Now I’m more mature, well-rounded, adult. This doesn’t mean I’m going to admit this concession to the Parental Unit. It does, however, mean I have the maturity to admit it to cyberspace.
So if I could rewrite the history books, I would have perked up and nodded when the following were said.
Why don’t you save your inheritance, and not spend it during your trip to Europe?
Ok, I should have listened to that regardless – how bratty. I’m not going to comment on that further. It’s too painful.
Superannuation is not a waste of time
While liquidity of money is a premium in my world, my parents are at pains to remind me that it’s going to matter in the future. Contributing on top of the employer contributions is not something I want to do when I could instead spend it on a trip to Byron, but it may be a necessity.
Good websites with super tips are:
- Australian Securities and Investment Commssion. Catchy name, better wesbite. If in doubt, trust the government.
- Youth Central. This government website has some good advice for youth about their super. This is for the times where you refuse to make the admission to your folks that potentially you don’t know everything. Perfect for those times you need some advice and there is no way you are going to call.
Eating out every lunch time is not sustainable
This article isn’t making me look real bright is it? Of course I should have made my lunches. I hate my previous self due to this disregard.
Save your money, and pay off your HECS as soon as you go
If I had listened to that one, I would not currently be saddled with $16 000 of debt but rather have chipped away at most of it. If you would like to pay off your debt before you graduate, check out the Savings Guide article of paying off your HECS debt.
Talking about money is important in a family. If money remains a taboo topic, it can compound the bad habits young people can get into. My family was always pretty open about money issues, so the fault I am afraid was mine when my finances became rather messy. For an opposite opinion, I’ve been loving Debt Kid’s blog account of his recovery for debt, especially his article about what he wishes his parents had told him. Actually it’s worth checking this out for the photo alone.
But finally, a piece of advice to my parents in case they ever get their hands on this piece of I Told You So dynamite. It’s not strictly financial, in fact it’s not financial at all. But it is still important.
Blood Sweat and Tears is not music, it is an abomination
I’ll say no more on the matter.
What advice will you give your kids about money?
Odds are they will have to learn by experience as well.
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One Response for Money advice I wish my parents had taught me
I think I would teach my kids that Time can either be spent making money or spending money.
Money flows inevitably in or out every minute of the day. And when you stay idle your daily expenses cost add up every minute.
I’d also teach them to have fun making money or finding ways to get things for free. I recently own a free $250 Gas Card. It felt like I won the lottery. I now won’t have to worry about gas expenses for a couple of months !
