7 things I’ve learned about managing money

Posted by Ravi Gulati | Posted in Financial Planning | Posted on 16-04-2014

I used to cut my sons’ hair when they were young. I’d dance around them while they played video games. But at age 12, both kids decided they had to see a professional hair stylist. Puberty does that to a young man.

“How much money did you save? And what did you do with it?” asked Mike Grenby, former money columnist at the Vancouver Sun, when I boasted to him about my frugality.

He said I should have started a bank account and put money into it each time I cut the boys’ hair. The money could have been used for a family vacation or other special project.

I’ve never forgotten what Grenby said about designating your savings and not letting them dribble away. It was an important lesson.

Here are few other lessons I’ve learned about managing money:

Pay your bills as they arrive

Use cash or debit

Don’t succumb to peer pressure

Take family vacations close to home

Introduce the kids to investing

Make your savings automatic

Pay attention

 7 things I’ve learned about managing money: Roseman | Toronto Star.