The Best Money Mistakes I Made Growing Up

Growing up in an Asian household meant that money was rarely discussed. Before I was born, my parents went from having absolutely nothing in a foreign country to owning a humble little apartment in a developing suburban area in three years.

I never saw a lot of my parents growing up, and to my knowledge at the time, it just became the norm that your parents worked all the time. Growing up, my father went through a few years where his business was quite prosperous, judging by the few resources he had when he began it. Unfortunately, my father was not the best at managing money. I remember going to the store or restaurants, and watching my dad purchase items rarely looking at the price tag.

In my adolescence, when things took a downhill in the business, he still would take me out to relatively expensive restaurants and participate in activities, buy me new phones, pets, and such. My mother always feared I would take after my father— the impulsive, buying side that she did not have a figment of in her DNA. My mom was the household accountant.

In some ways, my spending habits weren’t the best. I started working relatively young— and when I discovered the things and activities money could buy, work became second nature. However, saving was not in my repertoire of skills at the time.

In some ways, I would even hesitate to call these mistakes, because I feel like these stumbling stones shaped how I think about money today. By no means am I perfect— I hate budgeting and I still love to spend on the things I like—and yes, that means the occasional splurge on green juice and a good loaf of sourdough bread.

Here are some of the money mistakes I made growing up:

Working at Places that Offered Discounts

I took part-time jobs at retail stores and high-end boutique juice bars because those were two things I enjoyed, and one perk was the discount. Needless to say, working sometimes up to 5 days a week, I would purchase items from my workplace on a regular basis. Even if I got a discount, that was still a chunk of my paycheque going away. I also worked in a relatively affluent neighborhood— central downtown/financial district and one summer in a quaint seaside neighborhood. This means whatever I purchased from around the area, was over what I was probably making per hour.

Needless to say, despite how hard I worked, the money never seemed to be able to stay in my account. A fair general rule of thumb is that you shouldn’t be purchasing something that’s almost equivalent to what you make per hour. And try to avoid overusing your discounts, because they do add up. In your mind, you think you’re saving money, but in reality, you’re just spending it on things you don’t necessarily need.

Buying Things I Didn’t Truly Value

Due to my people-pleasing tendencies, I struggled with saying no. This means I would agree to partake in some activities I didn’t necessarily want to do. Have you ever had the experience where you spent a relatively large amount on a purchase, on let’s say, a meal— and it turns out to be horrible, and you’re left with this nasty feeling of regret?

 Those are resources (and time!) you could have used on things you truly valued.

It can be difficult to say no to something that everyone else is saying yes to, but at the end of the day you have to know yourself and what you truly want. It’ll help you make more mindful and accurate decisions in the future. Even if you feel slightly awkward at the moment, truthfully no one actually cares much beyond what they’re doing themselves. Those ten seconds of discomfort can allow you to make purchases down the road that are more meaningful to you.

Being too Stingy

When something comes with an abnormally low price tag, it’s likely you’re compromising quality which will lead you to spend more later on. Practical things you’ll use regularly like technology, appliances, outerwear, shoes..etc, you should try to not cheap out on. You want these products to last and get their full use. 

In some cases, it’s really quality over quantity. I definitely still struggle with this sometimes. For example, I was looking for a universal charger while I was in Europe, and I ended up buying one for a measly 9 euros from a market. Turns out, it was absolutely useless, so I had to buy another one from an actual legitimate brand.

You have to train yourself to think about the long term, rather than the short term costs. 

Conclusion

I’m by no means an expert when it comes to managing my finances, but over the years I’ve learned a few tips and tricks from my own mistakes growing up. I learned to put aside money and save for something that I truly wanted down the line, even if it was going to take a little longer. I learned the value of time, and how not to overspend in proportion to it. I also am more mindful of what I’m spending on, and how tracking your expenses can really allow you to see where you’re hard-earned income is going towards. Giving ourselves this reality check can help us make better-informed decisions that help us align with what we value.

If you have any money mistakes you want to share, please leave them in the comments below.