We learn so much from the leading ladies in our lives as we grow up, but the money lessons they teach us often don’t get the limelight they deserve. As we prepare to celebrate our mothers and grandmothers this Sunday 8 May, we asked the Gilkison team “What was the key money lesson you learnt from your mother or grandmother?” and here are some of their answers:
This made me smile and think of my Nan. No lengthy words of wisdom to contribute I’m afraid but I can still hear her telling me ‘look after the pennies and the pounds will look after themselves’.
My Nanna taught me you can’t spend what you don’t have. My Grandfather would get paid in cash and give it straight to my Nanna. According to Nanna he was an excellent husband because of it. She would then allocate the money into separate piles for bills, groceries etc. They didn’t have a lot, but what they did have housed, clothed, and fed a family of 7.
My mum has always taught me the importance of writing a shopping list and never going to the shops hungry. This has taught me about planning, and making deliberate purchases, rather than buying or acting on impulse. This has not only helped my bank account… but also my waistline.
My mum taught me to buy what you need, not what you can afford. Just because you make enough to afford something, doesn’t mean that you should buy it.
My parents always taught me to save often and consistently, they said ‘it does not need to be much, but it needs to be consistent’. This allowed me to afford nice things and has made saving fun, as opposied to a chore. All in all, this helped me reach my dream of owning my first home while still being able to enjoy my life to the fullest. My parents have always provided me the guidance and pathways to reach my financial goals to which I will always be thankful for.
One of the money lessons was “living within your means”. My parents weren’t big fans of debt and in particular credit cards. Pretty much everything was paid for with existing cash, which obviously meant we could only get what we could afford at the time. It was a very big contrast to the “buy now pay later” mindset of younger generations today, but it certainly helped teach the financial importance of deferred gratification.
What money lessons from your mother or grandmother have helped you lead a Rich Life today? Take a moment to share your gratitude and thanks this Sunday.