Wednesday, 6 August 2014

Miss Financially Independent

I set up a bank account for Sticky today. One of the greatest lessons I've learnt as a woman is how to be financially independent and it's one I'm determined to teach her!

My husband and I have got into the habit of throwing our change into a jar at the end of every day. Once it's full, we normally use it for sensible things like paying off the credit card. Occasionally, we use it to treat ourselves to a nice dinner out. It's usually about $120 so it's money we would have spent on frivolous things. Today I emptied the jar and put it into Sticky's bank account.

One of the greatest lessons I've learnt is financial independence. I've saved hard when I needed to, and splashed cash when I wanted to. I've splashed more than I've saved, but it's meant I've also lived a life!

Given I was single for so long, I had to learn how to manage money and stand on my own two feet. It means I've bought a car and an apartment by myself. It means I have my own money. It means I have financial security. It means that no matter what happens to me in life, I'm confident of standing on my own two feet.

I think my generation is the first to learn this. A lot of my parents' generation, the women found themselves at a loss op once they divorced or their husbands passed away. I couldn't bare being that vulnerable and unprepared for the world.

I want Sticky to learn the same thing. Learning financial management is difficult unless we're taught at a young age. I want her to value money, to understand where it comes from, to appreciate working hard for it and learning how to save for things she wants. I think so many of the current generation just want immediate satisfaction so they buy everything now. There's no saving plan or long- term goal, it's just all now. This is why so many of them have ended up with enormous credit card debits.

No, my daughter will be more savy than that. She will not get everything she wants when she wants it. She will work to get pocket money, not just given an allowance for doing nothing. She will make a contribution and be recompensed for it. She will learn how to manage her finances so she never needs bailing out. My intent is to raise a strong, independent and astute woman who makes good financial decisions. If that means she's financially secure enough to keep me in the lifestyle I've become accustomed to once I'm old, well I'd say that's just rewards for a job well done!

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