Jump to content

Have you overcome the bad habits...
... your parents taught you?


  • Please log in to reply
11 replies to this topic

#1 The Cat's Me-Wow

Posted 26 April 2012 - 01:50 PM

My parents were really not good financial role models for me. They earnt enough money, we never went without. There was always food, and clothes and a roof over our head. I know they had tight periods, and I remember some nasty money-related arguments occurring when I was young, but once my mum started full-time work when I was in my teens, things got a lot easier.

Without providing too many details though, they didn't manage their money very well. A lot of take away food, ironing/cleaning ladies, and in general, if money was there, they'd spend it. A lot of that incidental spending, that's never a lot of money at the time, but when you add it up over a week, or a month, your jaw starts to drop.

As much as I can see the mistakes they made when I was growing up, I'm finding myself doing the same stuff. Getting disorganised and lazy, so ordering Thai food delivered, spending close to a quarter of our weekly food budget on one meal. Buying chocolate bars and other 'treats' because I've had a 'bad day' and 'I've worked hard for it' (The second being a frequent sentiment expressed by mum when showing me one of her latest purchases)

I'm not trying to criticise my parents here, but I see myself doing the same 'little' things all the time, that add up to a lot. I know the value of saving now, but I can't seem to stop the 'instant gratification' thing in my head whenever I check the account to see if we've got enough for takeaway.

We've also done other things like redrawing on the mortgage in tight times, something I really don't like doing, but when mortgage redraw became the 'next big thing', I was sort of told that it was a great thing to be able to access. Now that I have a mortgage though, all I can see is that it adds about year or two to the amount of time it's going to pay off. This again, is something my parents consider an option in times of 'need' and openly talk about redrawing on theirs for different things.

More than anything, I want to set a better example for MY kids.

We're on a single income at the moment. I want to get back to work to get our income up a bit, but I can just see it getting sucked into the vortex that our current income seems to be.

Has anyone had a bad example set for them by their parents, grown up to fall into the same patterns, and managed to change those patterns?

Where did you start?

Does anyone have any tips for where I can start to unravel my silly spending habits? (My budgetting skills are good, and we pay our bills. I just know that I'm still wasting money, and I want to stop.)


#2 libbylu

Posted 26 April 2012 - 02:00 PM

Transfer all the money from your account as soon as you get paid, except for your weekly budgeted spending amount.  This way the best way I was able to save.  I got an internet savings account and had it automatically draw from my everyday spending account the day after payday.  I could then only spend what was left.  If we had an unusual or big expense we would transfer money out of the internet savings account and it came back into the spending account after 24 hours, but we BOTH had to agree on it and we didn't do it lightly.

#3 The Cat's Me-Wow

Posted 26 April 2012 - 02:07 PM

See though, we still do those things because we can. It's hard to explain. Once we'd gotten ourselves out of a tight spot by redrawing on the mortgage, suddenly it made it's way onto the 'list of options for tight spots'.

I have an account for the kid's clothes, and the other day it got spent because it 'was only $45 and I'll put it back on Tuesday when we get FTB'. It's so easy with internet banking. Maybe that's the option. LESS accessibility to funds for stuff like Christmas or clothes. So that I have to head to a branch to get it (which I'd have to do anyway if I was going shopping)...

#4 MsDemeanor

Posted 26 April 2012 - 02:22 PM

No not yet. I was spoilt and indulged and not taught how to manage money and still can't manage it well.

#5 GreenCabbage

Posted 26 April 2012 - 09:57 PM

I always thought my parents were pretty tight with their money but now looking at it they were probably pretty smart. They raised five children, althrough private religious schools and now own three houses outright after selling one last yr.

I think I have got some of their habits in regards to putting some money away but also small treats along the way.

#6 Therin

Posted 27 April 2012 - 06:07 PM

I'll just say that I am so proud of my mother and the job she did with next to no money.  Looking back I can see all of the corners we had to cut (no car, no phone, no movies, no take out, no new clothes, no new anything...) but at the time I didn't feel things were tight.

Now I do sometimes fritter - particularly chocolate :-) but I also save and scrimp on other things so I feel like it balances out - like a diet for my wallet.  I can see I am getting ahead and I know that if things got tight (which they currently are not knock on wood) the skills my mother taught me are there to save me.

In defence of your parents, I think maybe it's not all bad, money is for spending and making life easier, as long as you are saving enough to satisfy the Ant in you, a little bit of grasshopper keeps us sane.

#7 PinkyBlue

Posted 30 April 2012 - 03:19 PM

My Mum was shocking with money. We went without food, or well I should say, does vegimite and finger bun count? Clothes were made, or stolen. Im not sure exactly, but I remember once my mum being caught for stealing clothes.

Before I go on, I should say mum was a single parent of 3 kids with no Centrelink support back in the day. And a non-supportive dad who was not on the scene and no financial support.

I remember our electricity always being cut off and hidding behind the couch from debt collectors.

We were homeless at one stage. I had rich grandparents. Mum wouldnt go to them, but they were always her last resort. They brought a house for us to live in.

I have always been good with money from this experience. Making my $1 stretch.

Times have been tough lately since. Due to my daughter I cant commit to a employed job, so working for myself is all I can do at the moment and the $$$ is shocking!!!! I am probably on 4 times less then what I was when working for someone.

Anyways, I did slip into some habits, I wanted to feel good again, and was taking some of my mums bad habits. Hiding shopping from my DH, lying about how much it costs. Not sticking to the budget...like you....takeaway and those treats are my down fall.

I've started to take one step at a time. No more running out the house for the chocolate junk food run to the shopping centre and no more buying icecreams from the service station after filling up my car with petrol. Eating before I go out.

Little steps and little promises, makes it easier. These are just my starters. Once I get out of these habbits I will try and break others.

Ive started having ready made meals in the freezer so the tempation of takeaway on the way home is gone as I know I have something waiting at home.

It is hard.

We go without the fancy car, or the fancy accessories/clothes. I stretch my hairdresser appointments out as far as I can go now. I want my kids to have the best childhood, being able to afford those swimming lessons. I would be feeling so guilty if my bad habbits or my wants would over rule my children. This has been a good incentive.

Good luck.

#8 suzy-c

Posted 30 April 2012 - 03:30 PM

I realised, as an adult, that my parents were not happy with the way their lives turned out, but were still (maybe subconciously) advising me down a path that would end up just like theirs. Therefore I realised I probably shouldn'tve modelled after them as much as I did. My parents taught me nothing about finances, but I'm an avid self-taught armchair economist now.

My main frugal mentor was my Aunty, the nun. She never went without, she just never wanted in the first place. wink.gif

#9 Leafprincess

Posted 30 April 2012 - 03:45 PM

Money was tight in our house when I was a kid, not due to over spending but due to circumstance. Mum and dad worked their guts out to give us a better life and an education.

They taught us kids about money from an early age. How everything costs something and how hard it was to earn. I would follow them to work, and polish glasses. A whole tray of glasses was worth 20cents (I have a feeling it wasn't the going rate) biggrin.gif

to this day, when I can save money I will. I treat savings like a game. I get a real kick every time I can add an extra $100 to the savings account & watch my savings account grow with interest. I also don't feel the need to equate happiness with purchases.

I used to work in banking and would see people who couldn't control their finances. Here we're my suggestions:

Get rid of the credit card

If you can't get rid of it in one hit, pay it down & call up to reduce the limit keep doing it until its gone

Never redraw unless it's an emergency

Set up payment plans with providers instead of getings same day cash loans or credit cards or redraw

Use cash and only cash to pay for weekly expenses- if there is no cash you don't buy it

Any loose change goes into a large glass jar- bank it at the end of the month

Never lie about how much you have spent- it only leads to guilt, shame, bad feelings= more buying

Address real issues instead of compensating through shopping

#10 Castrophic

Posted 30 April 2012 - 09:53 PM

Unfortunately I'm not the best and have kept purchases from DH previously due to my guilt. We have joint accounts however I manage the money. Is your DP better with money? Can he do the budgets and you change the online details? Not that that's ideal
I'm trying to get better so have a rule about leaving a purchase idea for 24 hours before buying. Also I started taking my money out in cash as I was doing a lot of online shopping. Maybe leaving it in the bank or vice versa would work better for you?
In regards to food we take the money out in cash and this is left at home unless you know that you have to pick up milk and bread. Stops some of the impulse spending if I don't have cash on me.

Sorry it's not much help but when you find the magical solution let me know!

#11 hawkchick

Posted 02 May 2012 - 12:46 PM

My parents have no assets, no money and my Dad's company is in administration so his pay days are numbered and as he's the only Director, he won't be entitled to any redundancy type pay outs or long service leave. They pay rent and quite frankly, the pension is not enough to cover private rental, even in a crappy run down place.
DH and I own our own home outright - seeing my parents squander almost a million dollars in one shonky business deal after another made me determined to not end up in the same boat they're now in. People always suggest that we borrow against our house to invest in other property but I'll never risk losing my home. Not for anything. If you don't own your own home when you're in your 70's and you have to rent...you're screwed. And the public housing waiting lists are 10 years long.

#12 AnotherFeral

Posted 02 May 2012 - 01:03 PM

My parents' example wasn't *really* terrible, but at the same time they didn't actually teach me about money management, so I didn't pick up what skills they did have.
I'm nearly 35 and still bad at money management. I used to think I was good at it because I don't run up credit card debts or other 'bad' debts, but I'm not efficient with my spending and saving. Never been able to stick to a budget.
Now I am a single parent, and while XH is paying more CS than the minimum, good financial habits will make a massive difference to my situation a few years from now. There is now a much greater incentive to learn: the possibility of buying a house on my own and providing for the kids on my own. (I hope to be in a situation where CS is just the 'cream' rather than having to rely on it for basics). So this year a goal of mine is to become more disciplined with money.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

11 things that will happen when you're breastfeeding

After having three children and various degrees of success feeding them all, there's one thing I can tell you: virtually nothing will go as planned.

Surgery for baby born with a tail

A baby born with a tail has had it removed after doctors feared the birth defect might cause long term damage to his lower body.

When 'skin to skin' becomes a family affair

An adorable photo of a little boy and his dad enjoying skin to skin contact with newborn twins is melting hearts everywhere.

35 hilariously weird 'top tips'

Who would have thunk it? We never knew there were so many uses for feminine hygiene products. 

Pregnancy skin woes: acne, dry skin, itchy skin

Here are some of the most common skin complaints in pregnancy and how to tackle them, face on.

Watch this fun dance class for babywearing dads

Is there anything sexier than a babywearing dad?

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

When your kids have totally different temperaments

Sometimes it has felt like whiplash parenting. She perches watchfully while I vacuum; he tries to climb on and go for a ride.

How do our stress levels influence our baby?

Since having my second baby a number of people have commented on how placid, content and settled he is and, similarly, many have commented on how this is a reflection of how I am with him.

Separation anxiety isn't just for kids

Despite its prevalence, most doctors tend to be reluctant to diagnose adult patients with separation anxiety.

A charm bracelet, a boy, and my beliefs questioned

I was staring at the face of my son, realising that my once steadfast decision to be open minded was quickly unravelling at the seams.

Why I'm so grateful for Hayden Panettiere's PND honesty

There are baby steps and giant leaps forward. But there are steps backwards, too. And, oh, how they can hurt your heart.

The heartbreaking story of little Moko

The mother of 3-year-old Moko Rangitoheriri said she should have picked up on the signs. {Warning: distressing content}

Kate Beckinsale and teen daughter recreate birth photo

Kate Beckinsale has recreated her daughter Lily's birth photo, 17 years after she was born.

The adult-size stroller you'll want to test drive

It's one of the biggest baby related purchases they will make, so it makes sense that parents-to-be get a chance to road test a stroller.

Pregnancy announcement shows the reality of IVF

It's a long way from baby booties or bump shots people have become accustomed to in social media pregnancy announcements.  

Soleil Moon Frye welcomes fourth baby

"Punky Brewster" is a mom again, for the fourth time. Soleil Moon Frye announced the birth of her baby boy, Story, on Instagram Wednesday.

Mum breastfeeds baby found abandoned on the street

A woman has been praised as a "beautiful mother" after breastfeeding a baby which had been abandoned at the side of a street. 

A birth with a difference: the 'natural caesarean'

We've shared stories of gentle caesareans before, but a new video shows a new option called a 'natural caesarean'.

Baby name inspiration by music genre

If you're all about the music, then you'll need a musical name for that baby. We've got all the lists for you by music genre.

Giving effective instructions to toddlers

One of the most common errors made by parents is in how they give instructions to their children.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

The babies who are one in 70 million

Bethani Webb was excited to find out she was pregnant, but the first time mum did not realise she was carrying four babies not one.

Cafe offers breastfeeding mums a free cup of tea

A Sydney cafe is offering breastfeeding mums free cups of tea in a bid to show support for the right of women to nurse their babies wherever they choose.

To snip or not to snip? When the decision is not clear cut

Jamie Oliver, who considered a vasectomy, is to be a father again. A fellow dad reflects on his own decision 11 years ago

Doctors stunned by rare twins born almost six weeks apart

To everyone's surprise, Kristen Miller "kept doing better each day", keeping her second baby safe.

Baby book ideas for modern parents

Before my son was born I was given a lovely baby book full of blank pages waiting to be filled with weights and heights and first words.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

Mum tells how toddler 'nearly hung himself' in cot mishap

When Alison Johnson put her 18-month-old Caleb down for a nap, she had no reason to believe her son was in any danger.

Babies are still switched at birth? Yes, it can happen

All my panic and tears aside, my biggest question looking back is about the kind of security measures used in the maternity ward.

Doctors slammed for taking selfie with newborn

Everyone who visits a mum in hospital in the days following childbirth wants to get a photo with the new baby.

ergoPouch Twosie Sleepsuit for winter breastfeeding

Finally, there's a way to keep warm while breastfeeding through winter.

Health check: How long does sex 'normally' last?

What to do with this information? My advice would be to try not to think about it during the throes of passion.

When breastfeeding sucks: fixing common problems

From niplash to tight boobs, biting to milk supply issues, Pinky McKay looks at common breastfeeding issues and how to solve them.

10 things I've learnt in my first six months with twins

Six months on we're all still alive, and the more we get to know each other the easier the days become.

Mum's loving kiss leaves baby fighting for life

Kirsty Carrington thought nothing of giving her newborn son a kiss, little did she know it would leave the baby fighting for life.

When doing chores is your new 'me time'

After children, 'me time' looks a little different.

Get going: 14 travel strollers for families on the move

A stroller can make or break travelling with a baby or toddler. Here are 15 great single travel stroller options.

10 ways toddlers are terrific

It always pays to remind yourself of how terrific toddlers can be - they're little like this for such a short time

 

Vintage Toys

The toys of your childhood

Take a trip down memory lane with these vinage and retro toys that you may have had in your childhood or your parent's childhood.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.