The important financial lessons that have shaped our lives, and the ones we hope the girls in our lives today learn, too.
International Day of the Girl just passed, and it got everyone at HerMoney to thinking about all of the financial lessons we’ve learned over the years. I began reflecting on all that I’ve learned in my short 23 years on this planet, and I considered what I know now about investing for my future and budgeting so that I can not only make rent every month, I can also afford myself a little luxury from time to time.
It also made me a little nostalgic, remembering all of the smaller, yet significant and foundational financial lessons I’ve learned along the way. Like how I had to save up my allowance to buy a new game for my Nintendo DS, or how I had to trade those few dollars I was awarded for doing chores to purchase the newest Glee songs on iTunes. How, instead of a gift, my parents would give each of my sisters and me a credit for one of the eight nights of Chanukah that would be used to donate to charities of our choosing. While thinking through, I realized that I have been learning about finances for a very long time, whether I realized it or not.
I am fortunate to have had so many lessons along the way. One big one I learned in the last few years was about the importance of investing, and I now know I’ll be an investor for life. It’s my hope that other girls can learn a thing or two about money from a young age, and get off on the right foot once they do have their own money to spend, save, and invest. So I headed to our wonderfully supportive private HerMoney Facebook group and asked our members what financial lessons they’d want to impart on the girls in their lives. Here’s what they had to say.
“Know your worth in your position at work! When your superiors put more on your plate, you should be compensated accordingly.” -Kayla S.
“Not to be afraid of money and finances. Like everything else, you have to educate yourself, take informed decisions, calculated risks and lock in profits. You need to be educated to ask the right questions and oversee what is happening.” -Shilpa U.
“Doing your research goes a long way. Whether it is about picking a credit card or investing a large sum, you want to cast a wide net, and pick out the options that serve you the best.” -Margarita L.
“In regards to credit cards, just because you can afford the minimum payment, doesn’t mean you can afford the item.” -Rachel I.
Start saving as soon as you start making money, pay yourself first, stay out of needless debt and have financial goals.” -Fern WG
“Start your retirement savings at 18 and get in on the compounding interest.” -Rebecca J.
“Don’t defer to any male in [your] life—or to anyone for that matter. To think for [yourself] in every way. Understand the difference between a want and a need. Practice alignment in financial and physical well-being.” -Holly M.
“Start a budget.” -Elizabeth G.
“Pay yourself first. Don’t fall in the “I deserve it” trap. Don’t follow the trends or whatever is “in.” Know who you are and your values.” -Nancy A.
More on HerMoney:
- How to Invest $1,000 or Less
- Invest For — and With — Your Daughters. Here’s How to Get Her Started
- How to raise financially educated kids and teens
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