Saturday, August 2, 2008

Spender vs. Saver

On Wednesday evening, I went over to my friend Jenny's for a seminar on how to raise a financially responsible child. Granted, I don't have to think about this for a few years, but it was good information and made me reflect on my views of money and how they have changed over the years.
My parents worked very hard to teach my sister and I the value of money. We didn't get the things we wanted - we got the things we needed. And plenty of times my parents told us "no". Looking back, I can't imagine how much money they spent on us every month on things like music lessons, gas taking us to and from music lessons, sports, friends houses, etc., car and insurance payments, vacations, trips to see Grandparents.... Things that you don't appreciate until you become an adult and look at the sacrifices they made!
At the beginning of the seminar there was a little questionnaire to help you figure out if you were a spender or a saver. I am happy to report that I am half and half - which is a huge accomplishment. A few years ago I would have been a hands-down spender:)
Growing up my parents gave us an allowance. We received a dollar for each year of age. This money was used to purchase all extras - presents for our family and friends, clothes, hair cuts and products, movie tickets, etc. I remember working during the summers and some during the school year. I was saving for a trip to go to Martinique (which never panned out) and then I also saved and purchased a new cello bow. At that time, I wasn't so caught up in "stuff". Towards the end of my senior year in high school and in college that changed and I started to accumulate a lot of stuff and debt. I went from a saver to a spender.
This leads me to believe that as a parent I can lay out a strong financial foundation for my children and try to teach them about the value of money and wants vs. needs. But on some level, I think each child is different. Some will be more swayed by the things of this world than others. Case in point is my sister. She started a saver and stayed a saver. She was able to study in England her senior year - traveling all over Europe with money she saved. My parents didn't do anything different with her - but their teachings stuck more with her than with me! And I have always admired that about my sister. She never got caught up in having just the right stuff - she was happy with what she had.
I am glad that I am half and half and hope that I will move back towards being a saver. Marrying a saver sure helped. Gilbert keeps me grounded and keeps my spending in check. Plus I am just not as concerned about "keeping up with the jones anymore". Here's to hoping this good trend continues!

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