WHAT was your first or favorite childhood money memory?
Did it stick? Did it become a habit? Did it become the cornerstone of a foundation that led to the development of other great money habits?
How has your first or favorite money memory and experience informed your money mindset and relationship with money over time?
Today, we are pleased to share five more fascinating first and favorite money memories including one about "crisp" new currency notes, "magic words" from mom, transforming a "rough" start saving, a grandmother's inspiration and saving in red envelopes.
We hope you find these stories entertaining, educating, and inspiring. We find them to be an excellent way to champion early age, youth and family financial literacy. We welcome you to join in the purpose filled fun. We invite you to share your story with us. Have a Sammyriffic read!
Shailly Seth | Co-Founder, Easy Return | Varanasi, Uttar Pradesh, India
As I look back today, my first money memory takes me to my childhood. Coming from India we have festivals round the year. So on every auspicious occasion my dad used to give me crisp new currency notes... something I would never spend easily!
The thought behind this was to save for a rainy day and avoid expenses which were not required. Hence, I learned my first lesson to love my money and spend it only when it was really important and to do so wisely. This is something I still follow to this day.
Another thing I learned from my mother is that none of your wallets should be empty. You must have some money in all your wallets and even the ones you don't use regularly.
What's the reason? Well it was simple. In case one has to rush out in an emergency, you never go without money.
️Again, this is a strategy I practice and follow to this day. None of my wallets are without money in them.
Joe Battista | Author, Speaker | State College, Pennsylvania
I grew up in a hard working Blue Collar family in Pittsburgh. My favorite money memories were of my mom always talking about saving. She taught us all about delayed gratification telling us we couldn’t have everything that we wanted just because we wanted it. She would say "Save for a rainy day" and "A penny saved is a penny earned.” One of her pet peeves was when my brother or I would always leave the lights on in the basement after we were done playing. She would say, "Shut the lights off you two! We don't have stock in Duquesne Light Company!” As we got older she constantly stressed the importance of opening a savings account and investing our money. “Always try to put something from your paycheck into savings.”
I am proud to say those lessons stayed with me and along with my like-minded wife, we have lived well but practically, and have saved diligently! As a result we plan to retire early!
Jessica Ward | Assistant Ranger at South Carolina Department of Parks, Recreation & Tourism | Charleston, South Carolina
I had very rough beginnings, we had very little to live off yet alone save. I never learned the value of saving until I was an adult and learned the hard way. Due to that my children are learning to save with us through use of their piggy banks and savings linked under my account.
Now that I have teens too they also have saving/checking accounts where they can deposit money earned through miscellaneous chores and holidays to save for big purchases.
They have learned to balance and reconcile their accounts, as well as follow their spending habits which is vital for increasing your knowledge on budgeting skills.
I’ve also found it is important to teach the skill of helping them decide if whether what they are wanting to buy is truly a good investment for their happiness.
Buying something on the spur of the moment may sound good, but later on will it bring you joy or will you regret spending the money when you could have gotten something better or more fulfilling.
I have found my oldest has spent more of her money on others through charities and gifts than herself, which I find is a great measure of who she is. The lessons never end as they grow the bar only changes on the next big hurdle.
Derrick Wesley | Teacher, Founder iMar Learning Solutions | Dennison, Texas
One of my earliest and most important money memories involves my grandmother, Virda Mae Auguster. She passed away when I was in the third grade but her passion for entrepreneurship has impacted my life even after her death.
My grandmother owned a hamburger stand, a day care, several rental properties, and also worked as a full time nurse. As a third grader I didn't pay much attention to those things, but looking back, her drive and passion has influenced me to start and continue grow my business iMar Learning Solutions.
Tony Yang | CFP®, APMA | New York, New York
Growing up in Asia, I use to get red envelopes with money during New Year. The color red symbolizes good fortune and prosperity. I thought saving money in red envelopes would help bring in more good fortune. Whether it helped or not, it triggered a reminder for me to always think about saving.
SHARE your first or favorite childhood money memory.
The purpose of this series is to share and talk about early money experiences with one another with the objectives of building a community of advocates who expand each other’s knowledge and inspire ourselves and others to teach and talk to children about money while they are young, around ages 2, 3, 4, 5, 6 and 7.
Making it easy to talk to and teach children great money habits while they are young is a key component to Sammy Rabbit’s mission and strategy to create systemic change, giving current and future generations of children and families the knowledge, experiences and skills they need to build more financial stability, security and freedom in their lives and communities.
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