By: Value News | Category: Financial Services | Issue: January 2015
Marni Rammage thanks her mother for teaching her at a young age how to budget.
Edmund Burke once wrote, “Those who don’t know history are doomed to repeat it.”
When it comes to money and how to manage it, our past offers valuable lessons. Our experiences with money – good and bad – can motivate us to change our present way of spending and saving. We asked RCB Bank employees to share their first money memories and the lessons they learned growing up.
“I didn’t have a very good education on money,” said Jennifer Lane, teller. “My parents were never good savers. They’d always tell us we couldn’t do things because we ‘didn’t have any money,’ so as a child I missed out on a lot, never did sports or activities. My parents also have bad credit and couldn’t help co-sign on student loans. This made me realize as a parent I wanted to spend my money wisely so my kids could be kids and participate in activities.”
“When I was very little, my mother wanted to teach me how to budget, so she put mason jars in the kitchen cupboard with tags on each one – savings, spending, tithe – and taught me how to split up my allowance each week and later my first paychecks,” said Marni Rammage, customer service representative. “Since she started me so young, it became a habit that carried over into my adulthood. Although I don’t use mason jars anymore, the principal of budgeting is instilled in me.”
“The first money I earned was for babysitting,” said Julie Gaches, loan officer. “My dad convinced me that I should buy savings bonds with some of it. He told me that it was a ‘really good deal – you give them $12 and you get back $25.’ He left out that it would be 10 years or more to get the $25 back! Another very important lesson I learned growing up was to make savings automatic.”
“When I was around age 8, I noticed my mom always took time on the weekends to pull out this little book,” said Sean McKee, mortgage loan originator. “She kept adding and subtracting numbers and I wondered what she was doing. One day I asked and she said, ‘I’m balancing my checkbook. Balancing is a good way to know how much money you have left in the bank.’ She asked me if I ever wondered why she kept all of her receipts. I hadn’t paid much attention to notice. At that point, I learned the importance of keeping track of your purchases and deposits.”
“My great uncle gave me a beef bouillon container full of pennies when I was five years old,” said Robin Landsaw, retail coordinator. “He told me if I take care of my pennies, the dollars would take care of themselves. I still have the container with the pennies in it today to remind me of the importance of saving, even if that means the simple act of saving my pennies.”
“I started working when I was 12. I learned real fast how hard you had to work for what little money you earned,” said Carol Houston, banker. “I learned how fast money spends versus how long it takes to earn. The best advice given to me was always pay yourself first. Take a little something out of each paycheck to put back for your future.”
“At age 11, I got my first lesson about money and loans,” said Skip Mefford, branch president. “I was completely infatuated with this hunting bow and I didn’t want it, I needed it. It cost $125. I had a $10 a week allowance but no money saved at the time, so I pestered my dad until he decided to give me my first loan. He lent me the money and collected half of my allowance every week. It taught me that if something is given to us, we tend to not appreciate the item as much as if we had to work for it.”
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