What My Dad Taught Me About Saving and Spending Money

by Anonymous
(United States)

I learned about saving and spending money from my dad. He seemed to have a formula for everything like bedtimes, mandatory saving of earned money and allowances. He kept meticulous records in something he dubbed, The Book.

We started when we were three years old with an allowance. I received a nickel; and when I was four, I received a dime. At some point he even adjusted the amount for a cost of living increase. He was always very fair about his methods. However, I think my older siblings thought he got a “little soft” on child #5 and child #6 (me).

When any of us got a regular job (not just babysitting or lawn mowing), we were required to save half of the money we earned. This came with the benefit that he would match anything we put into savings. This was intended to be our college savings. This deal would end upon our high school graduation. I didn't get a regular job until April of my senior year. Since I only had a few months to take advantage of the matching benefit, I saved 100% of my earnings.

Our parents were very generous with their time and money in helping others through various charities and through our church. This helped us see that life isn't just about ourselves and that even if we don't have a lot of money, we can be truly rich.

Our parents didn't just pay our way through college but helped by letting us stay at home with free, room and board if we attended college locally. Also, the above mentioned savings-matching helped us with our expenses too.

I was able to pay for my college as I went along earning money in the summers and working some during the school year. I was glad that I didn't have any debt to start out my married life and my husband didn't either. We saw eye-to-eye on money matters, which has been very helpful through the years.

We also learned by example from both of our parents about saving for things we really wanted. We never felt deprived and we even got to eat out on Sundays. My mom knew all about shopping to save money on groceries, clothes and miscellaneous items. I guess that story will have to wait for another time as this page was entitled, What My Dad Taught Me About Saving and Spending Money.

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Wisdom from Dad
by: Dave

It sounds like your father was a very wise person indeed. What a great example! I especially like his use of "The Book" to keep track of everything. This shows how parents can instill good ideas about money at an early age and help their children take the first steps on the road to financial freedom.

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