My mom used to give my brother and I a fixed amount of pocket money each month. She taught us about budgeting from an early age. We needed to adjust our spending to fit within the amount of money we had. If we wanted to spend money on something more expensive, we could loan money from her and pay her back out of our pocket money — she didn’t charge us interest but taught us about credit from a young age.
At one point I decided to use my pocket money as seed funding to buy sweets and then sold the sweets at a profit to buy more sweets. This was the beginning of my entrepreneurial journey.
I wrote a previous piece on my approach to savings and investment.