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How Does Money Shape People's Upbringing?



How does money shape people's upbringings?


I guess the first question to ask yourself is do money troubles keep you awake at night or is it something you never have to worry about? If the latter, then we can assume that you were brought up in a fortunate household where you had a vast number of opportunities to take part in. Meanwhile, if it is something that is affecting you, I hope this article can help you find ways to make saving fun and informs you of ways to get financial help.


It can be argued that your financial spending and savings habits in your adult life, could have been influenced by those you grew up knowing.


Spending vs savings


Some of us live paycheck to paycheck whilst others have the habit of saving and having rainy-day funds.

Due to the current cost of living crisis it is understandable that the majority of people no matter what job or career they are in have trouble saving as by the time the bills are paid there isn't much left to save.


Similarly common questions asked are "what are we saving for?" and "isn't it better to just live in the moment?"

Other than saving for a house deposit, I do not have much to save for at the moment so once that money has been put away, I tend to go shopping and buy things to feed my hobbies and happiness but is this worth it in the long run?


Granted after what society has been put through in the past few years, the ability to go outside and purchase something brings a lot of happiness but how much does it really take to save and not spend?


Why is having savings important?


Firstly, having a rainy day fund is important for financial emergencies. Especially in this current climate where gas and electric bills have skyrocketed.


Here are a few reasons as to why savings are important:

  • It can help you to pay for large purchases

  • It can help you pay off debt and avoid debt

  • Leaves you with the feeling of financial freedom

  • and most importantly, reduces your financial stress!

Everyone has different reasons for why they save and why they do not or cannot. I hope this article helps those who feel as though they cant save to find different methods that work for them.


How to save


A general rule of thumb is 20/30/50 where you should aim to save up to 20% of your income, 50% goes towards necessities and 30% goes towards discretionary items. However as mentioned before, the general public may not even have 20% left after paying bills to save.


But not to fear! There are many other ways to save which involve small amounts over a certain time period, there are even challenges you can complete to make saving more fun.


Money saving challenges:

  • penny challenge

  • 52 week money challenge

  • 2p/5p saving challenge



Cost of living crisis


The current economic climate in the UK is affecting millions of lives. The cost of living crisis arises from issues such as the Covid-19 pandemic and brexit which has impacted the UK's economy, making it a public health emergency.


The cost of living crisis in other words is a problem regarding the fact that many people do not have disposable income left with their current paychecks. Due to this, a lot of industry fields are striking to better their work experiences and increase their salaries. This is due to the fact that income has not increased the same percentage as inflation has.


Unfortunately, this has left a lot of lives suffering with choices such as food or heating their homes. If anybody is struggling, there is help out there.



I hope that after reading this article you have been aware of ways to decrease your financial stress. And at the end of the day it is important to remember that money doesn't always bring you happiness and there are other ways.





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