What were your first experiences with money?
I started working as a babysitter when I was ten. Getting paid and having my own cash was an experience I had never had before. I was able to use the money at my discretion, for shopping, entertainment with friends, etc. Although my parents always provided for my basic needs, they did not pay for entertainment and other privileges. Earning money allowed me to experience these things on my own.
What were the key messages around money that your family instilled in you?
I grew up in a conservative household with four younger siblings. Having such a large family, we were always money conscious and my parents were careful spenders. My dad has always taught my siblings and I to save 10% of our income, tithe 10% of our income to the church and other charities and live on the remaining 80%. That message is something I won’t soon forget and I am always careful to plan my budget based on a lesser piece of my income, planning for savings and charitable donations. I won’t sit here and make the claim that I always allot 20% to savings and tithing (that would be a lie!) but I do always set aside something; a principle that is critical for healthy money management. Having a savings account to rely on when the unexpected happens gives me comfort when it seems that money goes out almost as quickly as it comes in. With seemingly endless bills to pay and hungry little mouths to feed, I feel much better knowing that we will be okay if the furnace breaks down or the car needs some major repairs.
What is your current relationship with money like?
My relationship with money has certainly matured. In my young twenties I unwisely spent a lot of my discretionary income on designer clothes and purses, extra vacations and other perks that I really didn’t need. As I’ve grown, started a family and worked my way into a career that I love, I have begun making wiser choices. I can happily report that I have a retirement account and an investment portfolio, something I couldn’t have said ten years ago. However, just like everyone else, I doubt I’ll ever have a feeling that “I’ve made it” or “money is no concern”, I’ll keep earning it and my family will keep spending it and I’ll still indulge myself from time to time.