I can thank my parents for teaching me and my brother valuable first lessons when it comes to finances.

• Save for what you want before you buy it
• Always pay the full balance owing on your credit card by the due date
• Save for retirement
• Spend wisely – if it’s something you really, really like, it’s worth it (think a high quality, classic wardrobe piece or a great trip)

I clearly remember wanting a new bike. I’d chosen it from the Shepard’s Hardware catalogue and begged my mom to buy it. I’d pay her back! But until I’d saved my money (a slow process of marking the accumulation on the fridge), the bike wasn’t mine. Saving and buying that bike gave me great pride and represented a lot of hours of babysitting!

In Grade 2 I was lucky to be part of a small group that learned about money. We learned about the denominations, how to make change and how to add it up. Fast forward to planning for the start of university and my mom helped me make a budget. I did a fairly good job but had forgotten to put in anything for the occasional coffee or gift for friends. I also developed the budget based on the school year only which led to a scramble at the end of the year to get a summer job – good motivation!

I grew up in an era when people still used predominantly cash to buy everyday things such as groceries and a new car was a big deal. Today’s world is totally different and I notice that my girls’ understanding of finance requires some further education. We use credit cards as our primary payment mechanism so I explain about paying the bills. We use bottle and can currency exchange to put spending on ‘wants’ into perspective. To go for coffee or a treat costs a whole big bag of returnables! And we ask questions for them to consider:

• How much does a tank of gas cost?
• How to spend money or gift cards they are given? On consumables or something that lasts longer?

How did you learn about money?