The beginning of the end and the start of the beginning: Musings at the start of a New Year
2018. A big birthday year for the girls in our rather small family: my sis turns 50, I turn 42 (aka the Answer to the Question of Life, The Universe and Everything – I’ll let you know how that pans out!), my niece/god-daughter turns 21 and my daughter turns 18.
I’ve been waiting for this year since I was expecting my daughter. Seriously. It’s an epic big deal for me: numbers lining up like that!
It’s also a big year for my kids. Said daughter has embarked upon the HSC and will finish school. And my 6 year old son starts Primary School. He starts what she is finishing and I’m rather emotional about it all.
If my son has taught me one thing, it’s that my parenting experience so far is almost meaningless. He’s a completely different bag of chips so a brand-new school adventure awaits me too.
I do have the benefit of hindsight on a few issues though and these I have resolved to press in to maximise for his benefit.
When my daughter turned 6 she started earning a bit of pocket money. A whopping R6 per week (yes, that’s R for Rand as in South African Rand/ZAR). Every birthday, her weekly rate increased by R1. We agreed to a few things she would need to do on the reg to ensure she received her money (making her bed, putting her clothes in the laundry hamper, keeping her room neat) and I taught her what I think is a very valuable life lesson: you don’t spend it all.
We had 3 jars. One labeled Gift, one labelled House and one labelled Spend If You Want. She would place R1 into each of the first two jars, and the rest into the Spend If You Want. At the end of the year we donated the Gift money to an orphanage and the House money went into a savings account in her name to fund the deposit for her first home. With the Spend money she bought lollies or she’d squirrel away for a toy.
Today her chores are more substantial (as is her “pocket money”) and she has a part-time job. Now she has 3 bank accounts: House, Overseas Trip and Spending. And she saves healthily towards her goals. Last year she self-funded a $6,500 trip to Timor Leste as part of Catholic Outreach. Next year she plans a 3-month vacation in Europe. And her house deposit fund is enviable.
To say I’m proud of her would be an understatement.
This life lesson is one I wish I had been taught early on. It seems some parents and teachers assume being savvy with money is common sense or easily learned. I found it pretty tough and wound up in some hot water in my early 20’s.
What the hot water taught me is to be deliberate with money. I asked myself what future I wanted for myself and worked backwards from there. Like I said, I like numbers lining up. It gives me great comfort.
And 2018 is the year I’ll embark on this teaching with my son. Wish me luck. I’m not that foolish to think the above method will necessarily work with him! There will be trial and error along the way. Any suggestions will be welcome!
And as I personally endeavor to squeeze the most joy out of another year, I wish you all a very full and blessed new year.
Feel free to reach out to an Authorised Representative should you feel inspired to line your numbers up this year. It’s what we do! We love it.