Mum is always armed with her 'words of wisdom' - such as 'I want never gets' or 'Don't be a spend-thrift'. But should we be taking these 'sayings' a little more seriously?
Our first lessons in life about finances generally come from our parents and when it comes to being money-savvy, it is Mum we need to thank. Research has shown she holds the purse strings and teaches us the difference between 'want' and 'need', while Dad dishes out the pocket money.
Senior Wealth Manager for Her Finance and Mother of four grown children shares her top tips on laying strong financial foundations, right from the start.
If you fail to plan, you are planning to fail.As a Mother of four children, the worst thing for me would be if I was unable to help any of my children go to University. I remember the bittersweet moment when I took my youngest son Tom to collect his exam results. On the one hand, the elation he felt that he would be going to the university of his choice. And on the other hand, the devastation he felt for his highest achieving friend whose parents couldn't afford to send him. From that moment, my son was really able to appreciate just how hard his dad and I had saved for the futures of him and his three siblings.
Good things come to those who wait.From a very early age, we have encouraged our children to save their pocket money and pay it into the bank. It is a beautiful way to teach them to respect the value of money, and it is such a great sense of achievement for them when they see their small contribution gradually grow into something bigger.
We don't know what the future holds for our children, and whether-or-not they will even have the luxury of a state pension. But what we can do is encourage good saving habits from the moment they start working. Putting a little away every month from the start will pay dividends in the future.