From Barefoot to Financially Empowered: Needs vs. Wants – The Foundation of Smart Spending
Hey there! Welcome back to the blog. Today, we’re diving into a fundamental concept for financial literacy: Needs vs. Wants. This might seem simple, but understanding the difference is crucial for building responsible spending habits in our children.
My Story: From Financial Struggle to Financial Literacy Advocate
Growing up in a low-income household, financial literacy wasn’t part of the conversation. I scrambled to manage money after moving out, blowing my paycheck on basic needs with no savings to show for it. Big regrets, for sure! I wish I’d known about budgeting, saving, and even splurging strategically (yes, it can be done!). The only financial advice I got was from my Nanna – a simple yet powerful “put some money in savings.” Looking back, she was absolutely right.
Fast forward, I met my partner, and soon we were navigating parenthood and our first rental. The urgency to learn about money management hit hard. Enter the “Barefoot Investor,” my financial literacy awakening!
Why Needs vs. Wants Matters
Even as a 27-year-old mom of three, my husband and I still make financial mistakes. But here’s the thing: we don’t want our kids to repeat them.
That’s why I created “The Saving Seed Money Workbook & How-to Guide for Parents.” The first two weeks focus on Needs vs. Wants – a conversation I wish I had as a child.
Equipping You to Teach Needs vs. Wants
Stay tuned for our next blog post where we’ll explore strategies and tools to help your child differentiate between needs and wants. In the meantime, here’s a taste of what’s to come:
- Age-appropriate activities: Make learning fun and engaging! Think games, role-playing, and real-life scenarios.
- Open communication: Encourage questions and discussions about money.
- Lead by example: Our spending habits speak volumes. Be mindful of your own choices.
Let’s empower our children to make informed financial decisions. They’ll thank us for it later!