Money habits. This article works as a reminder for me, and probably useful for you too. These are some basic rules in money habits that I learned from my Dad. And yet, it seems like there’s a lot of people who are not doing this.
So these are 4 Money Habits that my Dad teach me unconsciously. And thanks for being my most excellent teacher, Dad.
It may sound bragging or biased. But my Dad was a respectable headmaster and a senior lecturer at one of the prominent universities in my city. Besides that, he’s teaching a seminar from town to town in my country. Of course, he had a wealthy colleague or student who drives a nice car. Yet confidently, he’s driving his old Suzuki Katana jeep everywhere.
Someday I asked him “At the parking lot, there’s a lot of nice cars except yours. Are you sure you’re giving them confidence as a teacher when you drive a plain old car?”
And he humbly answers,
“Son, what’s the purpose of keeping up with others when you offer nothing?”
It reminds me of a good quote from Robert Quillen About Money Habits
“Using the money you haven’t earned to buy things you don’t need to impress people you don’t like.”
I know it’s far fetched, but it’s the mentality. A lot of us see someone in hype-beast clothes driving around in a brand new car. We probably think that he/she is plentiful, but not necessarily. We don’t know the invisible factor here. His/her debt, or credit behind their life.
We have to choose the money habits between people thinking you have money, or actually having money. I ride my good old 2011 Red Vixion till now. Of course, I do want a new bike, but it’s just their primary purpose are getting me from point A to B, and it never failed on its primary task.
2. Never Finance your Laziness in Your Money Habits
Being lazy is expensive money habits. This new term was new and instilled in me from my Dad. He told me because I asked why he always in such a rush to pay our monthly fees like electricity, water, the internet, etc.
“Son, don’t be a lazy person because it’s expensive,”
said my Dad to the seven-year-old me.
Back then, I thought that was just some kind of scare tactic he used as a parent to me. But now I did understand. It’s a money habits. Our economy dictates that it needs to tax laziness. How?
When you’re too lazy to draw money from your bank ATM, they’ll tax you 6500 rupiahs for the usage of ATM Bersama
If you too lazy to pay your due dates straight, they have a tax called late fee
When you fail your class at university, you had to retake the course and pay, isn’t another tax on laziness?
3. Buying Things, You Don’t Need
Back then, my Dad always told me everything that he wanted, but he never bought it. It baffled me if he wanted it why he doesn’t buy it.
But now I’ve realized it. It’s bad money habits.
How much of your stuff, that cluttering around you that you didn’t need, but you bought it because you think it was on sale, or maybe just in case you need it.
How about the invisible expense? Your Netflix account that you don’t have time to watch? All of them are sucking on your money silently. But now that I’ve regained my sense of control, it feels satisfying.
Not everything you wanted is what you need. Get your money habits straight.
4. Never Apply for Credit Card
My Dad always implying me to not using a credit card. He told me that credit card debt unavoidable. I know that a credit card is so alluring because of its rewards. Yes, there’s a way to mitigate it, but even some experienced credit card users fall into its trap.
There are some points that I finally concluded by myself about the meaning of why my Dad imply me to not using a credit card.
There’s always the temptation to overspend
Debt perceived as not important
Sense of false security from the minimum payment
Credit card fraud risk
Will You Do These Money Habits?
Who am I to judge. Everyone has their right about how they spend their money. And probably you’ve got these tips many times. I do, too. Yet sometimes I’m still falling into these traps.
And those are 4 Money Habits I learned from my Dad. How about you? Do you have any advice about money habits from your family? Share it with us, and let’s discuss it!