Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Site stuff

Join our Innovation Panel to try new features early and help make Mumsnet better.

MNHQ

Teaching your children about money - what one lesson would you want them to learn?

64 replies

OliviaMumsnet · 14/07/2010 10:55

Just that, really.
We've been asked about this (for the press, not a company btw) and we know that you're all very wise and avid about all of this and we want to hear your views.
TIA
MN Towers

OP posts:
MayorNaze · 14/07/2010 14:41

that money doesn't grow on trees

if you want something - you earn it

end of

honesty is best policy

addictedishavingagirl · 14/07/2010 14:54

oh yes mayornaze, dont hide your debt from yourself or anyone really. be hones about how much you owe, thats the only way your going to be able to pay it all back

PhDMum · 14/07/2010 15:12

that supermarkets are evil, and will go to any lengths to con you - 'buy one, get one free' is NOT the same as '1/2 price'!

ByThePowerOfGreyskull · 14/07/2010 16:07

Don't be frightened of it.
Learn from an early age that if you want something that costs £1 and you get 50p pocket money then you can buy it NEXT week once you have your 2nd 50p.
That savings can be spent on something fun, it isn't always for boring things - therefore saving can = fun.

Also if you are getting into a pickle with your money, the quicker you talk to someone about it the easier it is fixed.

nickelbabe · 14/07/2010 16:07

my dad always taught me "don't spend what you haven't got"
and "neither a lender nor a borrower be"

both very important.
don't get into a cycle where you need credit - if you haven't got the money to buy something ,then don't buy it.
his only debt his whole life was his mortgage (and he paid that off in half the time - mortgages were cheaper in those days!)
and now he's retired he has money to spend, and is enjoying himself (and he was never miserly with money.)
and never lend people money, because you'll never get it back.

saving is important - if you want something, then saving up for it makes it feel sooo much more valuable - buying things on credit is why our society is so throw-away these days. and always have enough in savings to be able to pay for the most expensive thing in the house should it break.

oh, he also used £100 as his zero mark in his bank account - never went below £100, just in case a payment went out that he'd forgotten about or thought had cleared, or in case of emergency.

TrillianAstra · 14/07/2010 16:17

Just because they will give it to you doesn't mean you can afford it

(a lesson my Dad has still not really learned)

Think to yourself 'will I get £X worth of joy out of this?'.

southeastastra · 14/07/2010 16:19

that the most important thing is life is to be happy not to earn the most, or afford the best.

onesock · 14/07/2010 16:39

You see, nickelbabe, I disagree with the second part of that wholeheartedly.

Many a time I have leant money to a friend in need. It's nice to get it back but if I don't then I just figure they need it more than me.
To be in a position to give, to share, is to me the greatest gift of all.

If my children grew up happy and successful but tight with money then I would feel like I failed them.

My Granny used to say, '£10 is not always worth £10!' She was right; to me it's a nice coffee and cake in Starbucks but what is it to the mother struggling to make £2.50 last until the end of the week?

notnowbernard · 14/07/2010 16:45

How a credit card works

nickelbabe · 14/07/2010 17:38

onecosk- i know what you mean, but i believe that you lend money to a friend, or to anyone, then you should consider it a gift, because then if you get it back, it's a bonus, but don't bank on it.

my dad's just quoting an old saying - he doesn't lend money as a rule, but he will give his children money if we need it.

nickelbabe · 14/07/2010 17:39

onecosk?
i can't type - onesock!

Earlybird · 15/07/2010 05:01
  • Pay cash for everything (or use a debit card). If you can't afford what you want, save up until you can pay cash (stops impulse buying).
  • If you have a credit card, pay it off in full every month. Only have one or two credit cards. Decline all other offers.
  • One of the first things you should do is save enough cash for 6-12 months living expenses, and set it aside. Use it ONLY if/when an emergency arises.
  • Your only debt should be your mortgage. Shop for the best interest rate. If possible, overpay on your mortgage every month.
  • Get a mortgage you can comfortably afford, instead of the maximum you are allowed
  • If you receive a windfall (inheritance, bonus, lottery win), use it to pay down your mortgage
  • As soon as your mortgage is paid off, take the monthly mortgage payment amount and start putting it into a savings/investments/pension.
  • Financial security = peace of mind and freedom.
JeMeSouviens · 15/07/2010 05:50

Live within your means
Save for the future
The size of your paycheck does not reflect your self worth

Nuttybear · 15/07/2010 10:10

NightLark I do agree with you. There are times when the adventure has to happen but it has to be within your future power to pay it off or family that can get you out of aggro before you go bankrupt. I still regret not going to Burmuda to see a man who looked like Errol Flynn and was as lovely inside as he was out. I would have had to go in cheap old clothes and counted my pennies at the bar. I also travelled mega cheap by Inter-railing and staying in very cheap hotels. There has to be a limit to everyones spending. Travelling and working must be the other option.

New posts on this thread. Refresh page
Swipe left for the next trending thread