HOW YOUR MUM HAS SHAPED YOUR FINANCIAL BEHAVIOURS

Did you know that our childhood experiences influence our money habits and behaviours – even now? Yep, the emotions, feelings, conversations, and experiences you had in your formative years have undoubtedly affected the way you perceive and manage your money. We call this your money story.

The fact is each one of us has internalised many of our parents’ attitudes, traits, and behaviours when it comes to money (some resourceful, some not!) – and these lessons are often deep-seated.

So, think about your own childhood… how has your mum influenced your money habits and relationship with money? Did she proactively pass down any money advice or did you learn from observation? Did you see her manage money well or avoid money? Was she a saver (and investor) or a spender? How did your mum talk about money?

So, to celebrate our mum, I’m going to share my money lessons, advice, tips, and tricks that I learnt from my mum.

What is the best or most memorable financial advice/money tip your mum ever gave you?

“My mum was a saver; she somehow could put money away no matter the circumstance. She came from a wealthy family who didn’t go without. She saw the value in money and loved to save but she also loved the property and investing in property.”

MY TIP: Never forget the value of the money you make and make sure to save your hard-earned money to invest.

How has your mum impacted your financial decisions, money management, or life in general?

“My mother taught me that money is the power to live a life of choice. If you have money, you can direct your own path and not be reliant on anyone else, she believed in independence.”

MY TIP: Understand that money is the one currency that gives you freedom so make sure not to waste it if you want to be the captain of your own ship.

What is one piece of advice or pearl of financial wisdom, you’d like to pass down to your children or a young person in your life?

“Investing!

As a child, we lived from paycheck to paycheck and I was never taught to invest or the possibility to create wealth outside of simple savings.

Today, I have a multitude of investments spanning; property, shares, managed funds, SMSF, some funded with equity and some with debt, and this has made me realise the significant gap in my financial education as a child and how that influenced me for such a long time.

I would like my daughter to follow in my footsteps and invest and not be afraid to take calculated risks and that she plans for the long-term which goes a long way in ensuring financial security and stability in the future.”

MY TIP: My philosophy is ‘if you can shop for shoes, you can shop for shares!’ You all know how much I love my shoes right? Learn about the basics of investing – your future self will thank you.

What would you like to thank or acknowledge your mum for?

“Being a strong-minded woman, my mum was determined to have her own financial independence and save money in her own right whilst also adapting to, and learning a new way of life in a new country (not to mention self-learning the English language – wow!).”

NOW IT’S YOUR TURN!

What gems of wisdom have your mum passed down, and how has this impacted your financial success?

Got something? Why not tell your mum how she has impacted your life for the better? It will make her day!

I’m Tracey Sofra and I believe women should take control of their money and create the financial independence they deserve to live a life of choice.

If you are ready to take the next step in your journey to living a life of choice take the Financial Confidence Quiz and find out how you score to move forward in your financial life.