To celebrate Mothers Day a little differently this year, the Ladies Talk Money team used their How to Talk About Money guide to chat to their mums.

Ladies Talk Money Community Manager and Fox & Hare’s Marketing Manager, Charlotte chats with her mum, Gaenor, and her nan, Krythia about their top tips, biggest challenges and much more here –

What’s the best money or financial advice you have ever received? 

G – Have a plan, budget + goal and set up the habit of saving, put an amount aside religiously.

K  – borrow 100K to build a dual occupancy townhouse, even though I was near to retirement.

C – You should care about your Super. At the end of the day, your Super is YOUR money and you should care about where it’s invested, the returns and the fees associated with the fund. Making small changes can make a huge difference if you have the advantage of time.

What did your parents/grandparents/teachers/first boss teach you about money?

G – Both my Parents and Grandparents were very careful with money.(exception, my father would buy expensive items that he deemed important to him) They saved up for the item before purchase.

K – not much advice in a direct way.  But early on aged 11yrs old, I learned that money is a common problem in relationships, it causes strife. (My parents took on a new business immediately after the WW2 1946, and I was the person who tried to calm the rows over money, which occurred through my early teens.

C – It’s important to have something that is your own and only your own. Whether that’s a separate bank account, an investment property, a side hustle. Talk about money and be smart with it.

How has your approach to money changed throughout your life?

G – In both my long term relationships, my Husband and my Partner were reckless with spending and money in general. Both were very good earners but always spent more than they earnt. There was no equality in the financial decisions. I was a bookkeeper and took on the role of administration for the entire household. I tried to control the spending, Tax payments and budgets. It was exhausting, soul destroying and I learnt Money = Control + I had none!

K – My approach has mainly been a cautious one, although I have taken a couple of big risks and the example : buying my home in Mosman, at age 65, post Retirement.

C – I was never really interested in money as such and didn’t see the value in learning about it past the basics.

What have been some of the biggest financial challenges in your life?

G – Trying to have a partnership with shared goals and dreams with financial matters.  Never having a voice or being heard or considered. Realising that I need to have financial independence and take responsibility for myself.

K – Renovating my home, with no income coming in.

C – Paying off my credit card from my gap year in Europe. The debt totaled to $5,000 and was way easier to spend then pay off. Learned my lesson, chopped it up and haven’t had one since.

If you could give one piece of financial wisdom to future generations, what would it be?

G – Get good advice, make the time to set up goals. Discus your needs, wants, and Dreams and stick to the plan.  Grow up and take responsibility for your own future.

K – Be very careful with who you get to advise you about your money. Ask for a 2nd or 3rd opinion.

C – Have a solid cash flow plan as soon as you start in the workforce. Split it into different buckets and pay yourself weekly. This has made managing my money SO much easier and even if it’s just $20 per week you are allocating to your savings or a holiday, it’s better than spending it all. 

Read the rest of the Ladies Talk Money teams chats here.