I remember cracking my first piggy bank when I was seven. I had to work for my pocket money. It wasn’t child labour, but sometimes setting the table or unpacking the dishwasher seemed like it. I didn’t know it at the time, but opening that piggy bank set in motion two things that would eventually be counted among my greatest passions – achieving financial goals, and my love for the Adelaide Crows. I had saved up enough money to get my very first footy jumper.
My parents were very purposeful with money. They worked hard and put money aside in envelopes – a separate envelope for each type of expense, back when everything was done in cash. They made sure I did the same thing. I had three piggy banks, each for a different reason. My pocket money was divided each week. Fifty cents went into a Velcro Ripcurl wallet (this was for a bag of mixed lollies after cricket or footy training) and one dollar went into my piggy bank. The pig had become a tri-coloured texta-scribbled masterpiece (to remind me what I was working towards). Another fifty cents went into a glass jar. This was my donate jar. Being seven and not having a full understanding of the world and the need for giving, this donation always went to the RSPCA donation box at the supermarket. You know, the ones shaped like guide dogs? Sometimes, it went to the Lions mints & jellybeans box at the Chemist.
My tri-coloured piggy bank was smashed, and I had saved up to buy my first footy guernsey. It was only $40, but in 1991 that was a big deal. Owning a crows jumper (don’t hold that against me) was very important to me, but my satisfaction was just as much about achieving my goal. I collected my dollar each week doing odd jobs and chores and generally enjoyed a good windfall at Christmas and on Birthdays. I even skipped the Royal Show that year, pocketing my show bag money. I was purposeful.
I developed a habit and an attitude toward money thanks to my parents, and it gave me a deeper understanding about the value of money, and a sense of passion for it. It’s one of the main reasons why I continue to love my work in finance now.
I find the same purposeful principle applies to my finances now. When I am engaged and have a purpose, I save more successfully and my responsibility with finances improves. Just like my seven-year-old self, my finances are split. The fifty cent lollies have been replaced with discretionary spending and enjoying life, and there is now a new grown up living expenses “pocket” for bills and mortgages and all the boring (but important) stuff we need to live. My tri-coloured texta scribbled piggy bank is now my wealth pocket, giving me focus and purpose. And I still have my give pocket.
While the amounts may have changed, the simplicity of my childhood financial plan hasn’t. Pocket Wealth is about going back to basics. Re-gifting yourself the tools you had at seven, before the complexities of life got in the road. It’s about being responsible regarding the value of saving money versus spending money.
My Pocket Wealth is simply pocket money for adults. By first taking care of your live and wealth pockets, you can then pay yourself pocket money that you can enjoy purposefully and guilt free. It is not about minimalist or frugal spending and it’s not about a ‘yolo’ lifestyle. It’s more a responsible understanding of what you want to do with money – your financial purpose.