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Did your parents give you any lessons in finance or monetary issues? If so....

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    (Original post by MakesMeWonder)
    Always compare price by weight, and bring a calculator in with you into the supermarket.

    And one of my mum's that took a while for me to learn: it's not a bargain if you never use it!

    One that I'll be doing with my kids is the way my parents handled pocket money. I'd get £2 that week if I wanted it in my hand (immediately), but £5 if I chose to save it at the bank. It was a pretty good lesson, taught me to delay gratification etc etc. Saving is second nature to me now xD
    I must say your parents have an excellent system.

    I have a somewhat similar system, I give my daughter CHF10 per week on a Monday morning and on a Saturday evening whatever extra she has I will double it, so if she has CHF6 on hand, then I give her CHF6 on condition she saves it.

    Only thing she figured out a way to get the full CHF10 off me.... if she had used CHF4 that week, she will ask either the granny (my mum) or my gf if she could borrow CHF4 for 1 day and tell them after 1 day she will return CHF5 to them. Then she shows me she has the full CHF10 and after I give her CHF10, she returns CHF5 to whoever that loaned it to her.

    Oh yeah she has one money box with a key to keep all her money which she keeps in one of the drawers in her room.
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    My parents encouraged me to save up at a young age, and I got a savings account when I was about 10.
    They told me to spend what I have, and if I ever have to take out a loan, use the local credit union because the interest rate is low and decreases every time you pay money back.
    I also try to keep a limit on what I spend - as in my current account can't be less than £... , so that I still have some money saved.

    However I'm going to uni this year, so who knows!
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    Don't get a credit card.
    I wouldn't anyway because I'm ****ing useless with money so I'd end up dying penniless if I did. Sort of like "Must save money...Oooh new shoes!"
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    (Original post by Herr)
    Good lord... your parents must have had tonnes of arguments with regard to finances and monetary issues?
    You have no idea! :rolleyes:
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    people don't realise how much money this one saves but-
    don't waste money buying food and drink from outside when you can make your own sandwich for a fraction of the price and take your own bottled drink

    and don't buy what you can't afford, my parents have always discouraged loans, i agree as i don't like the idea of spending money i don't actually own (argh to uni)
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    My parents have led by example, and there's literally three simple rules:

    1) If you don't have it, don't spend it.
    2) If you are going to spend money, do it wisely. Research.
    3) Save those pennies.

    And then there's my rule:

    4) You really don't need much to get on in life, don't waste money on pointless luxuries.

    These four things have ultimately helped me save money, and become less materialistic than many of my peers which I am very grateful for.
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    'Life is short, smoke up.'
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    My parents never taught me anything, they just fed me chocolate and put me in front of the TV to keep me happy.

    ....It was worth it.
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    Always wait for the sale. What you want is bound to be reduced in price (talking about clothes here).
    Also always ask if they have a deal going or that you have heard that there's a deal going on (even if you haven't. It actually has worked quite a lot of the time!
    If you don't ask you won't get it!
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    (Original post by aneemilie)
    "save all your money and only buy items that are on sale!!!!!!!!"

    *sigh*
    Sometimes this advice can be false economy though

    Nice name
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    (Original post by thegodofgod)
    :yes:

    Generic things like not to buy stuff that you aren't going to use and use price comparison websites to get good deals, try to save as much as possible, and to try avoid as much tax as possible (legally, of course ), as loopholes are there to be exploited :giggle:

    And the biggest of all - try to avoid unnecessary debt (getting a mortgage is of course very necessary, but things like buying a car on finance )
    Sometimes in some circumstances a car on finance isn't necessarily a bad thing especially if you need it for work or commutes.

    Seems like your parents gave good advice especially with regards to taxation


    (Original post by BefuddledPenguin)
    I learnt that I should never get a credit card, or be convinced to go on expensive holidays b other family members.

    A credit card isn't really a bad thing.... in fact it could be a good tool to have if you can discipline yourself with its usage and properly manage the repayments.
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    Yeah, don't tell the mugger you have another wallet in your pocket.
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    (Original post by Awesome_Sauce)
    Also always ask if they have a deal going or that you have heard that there's a deal going on (even if you haven't. It actually has worked quite a lot of the time!
    If you don't ask you won't get it!
    Haha.... that's such a simple advice but amazingly plenty of people actually have hangups over asking if there is a deal or any extra discounts. Even rather shocking is some people even when told there is no deals or discounts going on they feel rather embarrassed to walk away and look elsewhere.

    (Original post by winning11)
    people don't realise how much money this one saves but-
    don't waste money buying food and drink from outside when you can make your own sandwich for a fraction of the price and take your own bottled drink

    and don't buy what you can't afford, my parents have always discouraged loans, i agree as i don't like the idea of spending money i don't actually own (argh to uni)
    Convenience is expensive

    As for loans for uni, in reality this doesn't have to be seen as a bad thing. In fact in many ways it is better to get a loan and go for uni as saving up for it generally means it takes you a longer time to get the benefits of a good education especially if that education enables you to have a better job after that.

    (Original post by PhoenixFortune)
    You have no idea! :rolleyes:
    Sadly, I'm quite familiar with those.
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    My parents gave me plenty of monetary lessons as did my grandparents.

    Lessons from my late maternal granddad, this man was once a very poor fisherman and went on to become the owner of a fleet of ships (mostly oil tankers), he passed on in 2001 a multi-millionaire. He had no degree, no real education and he spoke or read no English. He had no idea how to use a calculator let alone a computer. His lessons :-

    1) If you don't have savings you build nothing.
    2) Plan, failing to plan is planning to fail.
    3) Never trust anyone with all your money not even your wives.

    My paternal granddad, he isn't rich or wealthy but wasn't poor either. He like most Germans of his era will always have an element of frugality in their nature. His lessons in finances :-

    1) Extract the most utility out of anything you possess.
    2) Always live within your means at all times.
    3) Always recognize your needs before your wants, there is a big difference between the 2.

    My dad had a lot of lessons with regard to money. He has always been good at finding money but he also spent it when he could afford it. His lessons :-

    1) Each month you should always save 1/3 of your income after taxes. After you've deducted your savings, 1/3 should go for your housing, 1/4 for the car or transport and the rest for your general upkeep and bills. If you can't do this then you're living beyond your means.
    2) Always make your money work harder for you, no savings is worth it if it doesn't yield above inflation returns.
    3) Anything done for a hobby must be done in an economically viable manner and best if it could appreciate in value.

    My mum, she is a very frugal and practical person. She somewhat has a business is business attitude and money is money. Her lessons in finance and monetary matters :-

    1) Women should earn their own money and should never rely on her husband. Money and assets within a relationship must always be a separate matter, no such thing as "our money" it is either "his" or "her" assets.
    2) Health is wealth, take care of your health as no amount of money buys you good health.
    3) Only buy what you need and only want something that would increase in value with time.
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    My parents didn't teach me anything specifically, but they have always been very sensible with money and saving and so on. Ironically, though when I was younger money used to burn a hole in my pocket, I am now rather miserly and hate spending...
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    I can't remember being taught anything directly really, but my mom has always struggled with money and as soon as I started getting any money of my own (EMA I guess, at college) I've always saved like mad because I never want to end up getting into any financial difficulties if I can help it, and I want to be able to support and help her out if she ever needs it. My dad has always had quite a lot of money but spends lots on expensive stuff (they're divorced btw), whereas my mom's always had to look for bargains and ways to save money, so I think I picked up more on her way of thinking! I've always been very good with money and saving.
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    My parents didn't really give me any lessons, but I learnt by watching them. MY mum is a saver, and I learnt not to waste money from here. She only buys clothes on sale, compares prices for most things, and doesn't like loans or credit cards. She puts money into her savings every month, and has been paying into her pension since she was 21. I try to follow her example.
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    My dad was Chief Financial Officer of a clothing conglomerate that was very big in Asia.

    In the late 1990s, it went down with him at the helm. As I understand it, he lost so much money, so fast that he would not have been able to do any worse had he stood next to a pile of hundreds of millions of dollars with a spade, shovelling it into a furnace.

    So, yes - my dad taught me a lot about finances. Basically, I listen to everything he tells me, and then I do the opposite.
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    They taught me nothing other than, it's okay to sit at home and rely on the state to fund your addiction to buying every new games console that comes out. :rolleyes:

    Needless to say I didn't follow their lead.

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Updated: April 7, 2012
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