I grew up in a family where kids were not allowed to have money at an early age. My dad wanted to make sure first that we understand the value of money and that money is not the most important thing in life.
During Christmas when kids were showered by presents and even money as gift, our parents made sure that we turn over our money to them for them to keep it and we can only spend them if the thing that we wanted to buy is worth buying.
By age 11 or 12, we were already allowed to manage our own pocket money. In school though, we were not given much money to spend but food to bring and eat during recess.
Teaching us how to be responsible in handling money at an early age was not difficult for our parents because my dad was a good teacher and he explained everything to us in very simple words. Dad said it is not good for kids to get used to money, money, money… because it sends wrong message to kids on how important money is in life. Too much money can also introduce kids into indulging into materialistic world and can eventually lead to gambling, drugs and alcohol abuse at an early age. He said that if kids find money very important, kids learn how to be greedy with money and lose interest in studies.
When I used to go to the market with my mom at the very young age of 7, my mom had taught me how important to prioritize on things to buy. We always go to the food section first. Of course, I was not allowed to ask for extras like lollies, doughnuts, sweets, toys and the like. If there will be some money left, mom would usually go to the baker or to the fruit stand to buy some that I and my sibling can share. We also usually share on small portion of whatever my mom bought for us since we had limited budget.
As the third child in the brood of four, I would always be the second-hand user of my older sister’s clothes, school uniforms, bags, shoes, text books, and other things. Although as a kid I would be happy to have new ones I had no choice but to benefit from the old ones rather than go to school without anything. My mom said I am still lucky that I have things to use and wear, while there are other kids with nothing.
Mom had taught us to be always thankful for what we have and make the most out of it. (Read related article)
Indeed, small pieces of lessons and advice we have learned when we were kids would definitely make a big difference on how we handle the situations we are into as grown-ups.
I teach the same lessons and values to my kids now. With regards to money matters I have started to teach my daughter to save coins in her coin bank. She gets so excited when it’s already time to unload all her savings and buy the things that she wants.
I will always remember the first time she made a $75 savings. She decided to buy the following: a 24-pack of nappies, a pair of pink shoes, and a dummy for her baby brother.