Sunday, March 26th is Mother’s Day; a chance to spoil our mums rotten as a way of thanking them for all that they’ve done for us over the years.
Most of us have our parents to thank for teaching us valuable life lessons, on everything from love and friendship to work and money. And when it comes to advice on managing our finances, mum and dad’s clichés proved to be right. So much so, that we now catch ourselves reciting them to our own kids!
Here are some cash-related catchphrases our parents used on us… any of them sound familiar?
“Don’t spend it all at once”
AKA, don’t blow an entire week’s pocket money on sweets because you might find something better to spend it on. Nowadays of course, we’re not so concerned about buying the biggest gobstopper in the shop. Instead, it reminds us how important it is to develop good savings habits and resist being a payday millionaire. After all, we never know when we might need the additional cash.
“Look after the pennies, and the pounds will look after themselves”
Our parents would teach us that if we fed our piggy banks each week with our (meagre) 50p pocket money, that 50p would grow and grow. So in two or three months’ time, we’d have enough saved up to buy something bigger and better than that bag of sweets.
The message remains the same today: save or invest a small amount of money regularly, and it can grow into a larger sum of money to fund our future goals.
“Money doesn’t grow on trees”
…If only! This sentence was usually spoken sternly by mum or dad when we were frivolous with their hard-earned cash. But it was only when we fled the nest and started to live independently when we realised how true it really was. . Money may not grow on trees; but like a plant, if we nurture our savings, they will grow!
“Live within your means”
A gentle reminder from our parents when the money we’d earn from our Saturday job was gone by Sunday.
Today, living within our means involves more than setting a monthly budget and sticking to it. We need to be mindful of how we manage our money, making sure we have something set aside for life's little emergencies and are able to distinguish between the ‘needs’ and ‘wants’ when it comes to spending.
“Be grateful for what you have”
We all had that one friend who would wow everyone in the playground with the latest toy or fashion fad. And when we went home to nag our parents to take us to the shops, they’d remind us of how important it is to be thankful for the toys we already had.
It’s not necessarily a money motto, but we can apply it to our finances. As well reminding ourselves of the all the reasons to be grateful, we need to accept that reaching our financial goals takes time and patience. You might not be in a position to buy your first home, a new kitchen or go travelling just yet; but by getting into the right money mindset and developing good savings habits, you’ll get there!
What words of wisdom did your parents pass down to you?