| My parents were anything but frugal, but they loved us
and did the best they could. Let me be clear in saying that my siblings
and I had an amazing childhood, one in which we never felt poor even though
we really were.
It’s funny because the lessons I learned from them were more ‘what NOT to do’ than ‘what TO do’. |
 |
Save for the Future
Frugal parents often emphasize the importance of saving money for the future. They teach their children to prioritize savings and to avoid unnecessary spending. I remember my parents setting aside a portion of their income every month, often sacrificing their own desires to ensure we had a safety net.Be Mindful of Expenses
Being mindful of expenses means tracking, budgeting, and cutting costs where possible. My parents would always say, “First save, and then spend whatever is left and only if you really need it and you are going to use it.” This taught me the value of prioritizing needs over wants.Avoid Debt
Frugal parents often encourage their children to avoid taking on debt whenever possible. Credit cards were either paid off each month, used for emergencies, or not used at all. I learned early on that debt is a burden that can limit your financial freedom.Make Do with What You Have
Resourcefulness is key. My parents taught me to repair things rather than buying new ones and to find creative ways to use what I already owned. This not only saved money but also instilled a sense of appreciation for what I had.Invest Wisely
Frugal parents emphasize investing in assets that appreciate over time. They advise not to put all your eggs in one basket; always diversify your investments. This lesson has guided me in making informed financial decisions and building wealth.Don't Be Swayed by Marketing
Frugal parents teach skepticism towards advertising and marketing. Purchasing decisions should be based on needs rather than the latest trends or fads. This has saved me from many impulse buys and unnecessary expenses.Work Hard to Earn Your Money
My parents worked tirelessly to provide for our family. Dad worked 12–14 hours a day for the post office, and Mom raised three kids, all a collective 4 years apart. They taught me the value of hard work, inspiring me to build a successful engineering career and writing portfolio to provide for my future family.Be Content with What You Have
Frugal parents teach contentment and discourage comparing oneself to others. They encourage finding joy in simple pleasures and avoiding excessive materialism. This has helped me appreciate the value of contentment and focus on what truly matters.Always Have Some Money for a Rainy Day
Life is unpredictable, and emergencies are guaranteed to happen. Setting aside cash each month for unexpected expenses can save a lot of stress and anxiety. This lesson has been a lifesaver on numerous occasions.Use Public Transport
My college was 22kms away from home, and I always used public transport. This taught me the importance of being resourceful and minimizing unnecessary expenses.Don't Buy a House as a Status Symbol
Material possessions should not define your worth. Our family prioritized spending on food and education rather than unnecessary luxuries. This taught me that true value lies in experiences and personal growth rather than material possessions.Spend Money on What Truly Matters to You
My mom always wanted to give us the world, which taught me to spend money on what’s truly important and avoid wasting it on superficial items.Be Nicer and Less Flashy
Respect and admiration are earned through kindness and humility rather than material possessions. This lesson has shaped my interactions with others and has been invaluable in building meaningful relationships.Have a Garden
Growing your own herbs can be a cost-effective and rewarding way to enjoy fresh produce. This lesson has not only saved money but also encouraged a healthier lifestyle.Make Double Use of Most Things
Aluminum foil, paper towels, etc., can usually be used more than once, reducing waste and saving money. This frugal habit has become second nature to me.Turn Off Anything You Aren't Using
Conserving energy is not only environmentally friendly but also saves money on utility bills. This simple yet effective lesson has been ingrained in me since childhood.These are just a few of the money lessons I have learned from my frugal parents. These lessons have helped me to be more financially responsible and to build a strong financial foundation for myself.
Conclusion
Growing up with frugal parents has taught me invaluable money lessons that have shaped my financial habits and decisions. From saving for the future to avoiding debt and being mindful of expenses, these lessons have helped me build a solid financial foundation. By applying these principles, I have been able to work hard to earn my money, invest wisely, and prioritize spending on what truly matters to me. These lessons are not just about saving money but also about living a fulfilling and content life. As I strive to provide for my future family, I am grateful for the frugal wisdom passed down to me and the opportunity to pass it on to the next generation.