Originally Posted by
Easy Street
So, please save the exhortations to budgetary discipline.
I respect your post and I understand where you are coming from. However, I stand by the exhortation for budgetary discipline, something which unfortunately is still not properly taught in schools and possibly not handed from one generation to another by caring parents who are setting their child up for life.
When my two were of a suitable age, about 10, I sat them down and spread out all the household bills, my bank statements and credit cards and cheque book. I explained why I frequently asked them to turn off the lights in rooms that did not need them. I taught them that credit was OK as long as you could afford to repay it. 0% finance was the way to go. Just because cheques were in the cheque book did not mean that the money was in the bank to pay for the amount and so on.
We have always eaten well and when we had something different from usual the question would be, "Was this on offer?"
Now they are in their thirties, they love to tell me how they got a particular item with £1000 discount through 'canny shopping'. My daughter is on minimum wage yet has built up personal savings that I never had at her age while enjoying life to the full, driving a car and eating out sensibly from time to time and taking overseas holidays with friends.
The secret is not a secret, it's called financial responsibility, and I taught her so I'm proud about it.