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

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    It is usually the case that kids learn a lot of stuff off their parents, be it bad habits or good practices.

    Did your parents teach you any financial and monetary skills? Especially ones that would be sufficient for your adult life?

    What kind of monetary lessons did they leave you with? Do you think it has been helpful?

    Do share and discuss.
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    They haven't directly taught me any lessons in finance etc but they have generally encouraged me to not to waste money and to save some. My mum also likes to tell everyone when she gets a good bargain (which happens quite a lot) so I've been brought up to compare prices etc in that way.
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    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
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    "save all your money and only buy items that are on sale!!!!!!!!"

    *sigh*
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    (Original post by Herr)
    What kind of monetary lessons did they leave you with?
    My dad has basically instilled the whole, I have a trust fund therefore I shall use it to pay for everything... even crap, I have made zero attempt at living within my means :lol:
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    My parents led by example. They taught me to be frugal when you need to, but to never be afraid to spend a little extra for something that will last longer or is of a better quality. They trusted me to handle my own money from a young age, but encouraged me to make the right decisions. I haven't asked them for a single penny since I was 16 and funded my own degree. One of the most important lessons - and the one that took the longest to sink in - was that you can get by on the bare necessities, and that usually does NOT include new clothes or CDs
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    I grew up with two very contrasting parents: my mum is very frugal, always encouraging me to save money and only buy things I need rather than want. My dad however, is a spendaholic, always impulse buying useless things (who needs two full size fake milk churns in their garden?!), whilst telling me that I don't understand the value of money... :rolleyes:

    So I learnt what not to do from my dad, and what I should be doing from my mum.
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    It's called life. Every day is a lesson.

    Poor guy on here a couple of weeks back must have been asleep or missed the TV licence one.
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    dont spend what yo' dont got ..
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    no, but to be fair my father would not be the best example to follow....apart from i guess i have learnt the importance of getting a pension sorted early.
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    Despite both my parents working they never had much money.If they taught me one thing it was to makes sure all my bills were paid before splashing out on un needed things.
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    :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 )
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    My Dad's an accountant. I am incredibly frugal - the concept of using a student overdraft scares me because it's money I don't own! Even though I know that's ridiculous.

    It probably also means I get more stressed about money than entirely necessary. It's not good.
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    I learnt that I should never get a credit card, or be convinced to go on expensive holidays b other family members.
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    as my dad owns a loan company, i learned from a very young age never to take out a loan.

    its probably a bit odd that when i was about 7 i was very aware everything i owned and the house we live in is bought on money made from interest.
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    They always tell me that when I'm going to support myself, I should focus on buying necessity products. Also buy in bulk because it's cheaper.
    Look at the weight of the product and look at the price.
    Nothing direct but these are the things I've picked up ever since I bothered to listen
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    (Original post by PhoenixFortune)
    I grew up with two very contrasting parents: my mum is very frugal, always encouraging me to save money and only buy things I need rather than want. My dad however, is a spendaholic, always impulse buying useless things (who needs two full size fake milk churns in their garden?!), whilst telling me that I don't understand the value of money... :rolleyes:

    So I learnt what not to do from my dad, and what I should be doing from my mum.
    Good lord... your parents must have had tonnes of arguments with regard to finances and monetary issues?
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    They taught me to only spend what I have. They don't have credit cards or anything like that, so if they don't have enough money to buy something, they go without. They save up for things they want, rather than buying it and paying off the debt later.
    Which I think is a good way to be, as debts can add up without you realising.
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    My dad once told me that in most relationships/marriages, one is the saver and the other is the spender. So I should try and find a saver so I can have the fun.
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    I'm fortunate enough to have had my parents teach me the art of budgeting at a young age and how to look after money. When I moved out at 17 those lessons were invaluable despite (at the time) not on speaking terms with them.

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Updated: April 7, 2012
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