My Grandma is a very money-savvy woman. I like to think that I get a bit of my money know-how from her, because as far as I can remember, she’s been good with money. Her and my Grandpa have a comfortable retirement, which has only been made possible by my Grandma’s careful money management.
5 lessons from Grandma about money:
1) Keep a record. My Grandma always kept a paper record of everything that came in and everything that came out. When the likes of internet banking appeared, she still continued with her paper system alongside the internet banking, to check everything was just so. She taught me this system, which I do still use, though I do an electronic version now.
2) Pay for things in cash. She would be horrified to have to have had to buy something on credit, as my Grandma and Grandpa are from the generation when credit didn’t really exist. As far as they know, they always pay for everything in cash, wherever possible.
3) Save and invest for as long as you can. Part of the reason why they live a comfortable retirement is that Grandma has always saved and invested their money so that it would then provide an income when they retired. I always wish I could have asked her about her investments before now, as she struggles with speech now, as they’ve done so well for them.
4) Do not go over budget. Linking in with checking everything coming in and going out, Grandma never goes over budget. They have kept to a similar budget for mainly years I think, never straying massively over budget.
5) Be generous with your money if you can. I always got cash gifts when it was my birthday or Christmas, and we’ve been on some fantastic holidays as a family. I hope I can continue with this tradition with both my parents and if we have any children.
I’d like to think my Grandma would be pleased to know that I’ve learn things from her regarding money and that I’m sharing those things with others. I might show her this post, but I don’t know if she’d really understand what is was. I guess you never know!
Have you learnt anything from your grandparents about budgeting? I’d love to hear your stories.
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