Are you acting like a spoilt child when it comes to your Money?

The other day I was reflecting on our two young boys, aged 7 and 4.  We try and give them everything (sometimes too much).

I don’t remember having half the things they have today and what I did have I looked after.

I always wanted to give my children more than what I had and I am sure you think the same way.

They are great kids and like most they have a tonne of toys to play with.  We spend half our life picking up after them.

However, recently their behaviour has not been the best, the usual, not listening, talking back and tantrum after tantrum.

So, we decided to take the drastic action of taking their currency away, which for them is their bikes, footballs and lego.

This was a massive shock to them initially.

I don’t think they believed us when we did take them away from them.  There was a lot of crying, tears and complaining.

I think they were in mourning for days after that.

We spoke to them about the reason for them being taken away, ie. bad behaviour and we explained they would be returned once their behaviour had improved.

They commented, what are we going to play with now?  It’s like their whole world came tumbling down around them.

As kids do, they adapted to their new reality to the point I think they forgot about those toys for a while.

They became more resourceful, found other things to play with and occupy their time.

In the end, they were not really missing out on much.

They created new experiences and ways to play.

When their toys were returned, it was like Christmas all again.

So, there was a new height of excitement, like they had received new toys.

You might be sitting there reading and asking your self, but what does this have to do with me and money.

My friend, the reason I am telling you this as it has everything to do with us and the way we manage money, everything my friend……

Just think for a few moments how you go about managing your money…..

I maybe jumping the gun here but the majority of us don’t even know where our money is going, what we are spending it on.

At the end of the month, you sit there wondering, what did we spend our money on?

Is this you or are you someone who knows exactly where it is going and managing to put money away on purpose?

When you look at the way we spend these days, we’ve got to have everything under the sun and we’ve got to have it now.

Back in the days of our parents, they were not as fortunate, they would not buy anything until they had the money for it, it just didn’t happen unless they were buying a house.

They had the basics, very few luxuries….

These days we seem not to worry, we don’t think much about it and just go out and buy it.

I still remember when went on holidays with our parents.

It would be a road trip to somewhere in SA or if we were lucky we would venture interstate.

There were none of these international holidays, my first was at the age of 18.

We’re guilty of this, our sons at the right old age of 7 and 4 have been to Hawaii and Hong Kong.

So, what’s the point of all this?

The point is that many of us are guilty of acting like spoilt kids when it comes to money.

We spend like there is tomorrow, buying everything under the sun (all the latest gadgets or the latest fad) when in fact most of the time it does not enhance our life one little bit.

In some cases, it can make our life more miserable because we don’t seem to be making any progress when it comes to securing our financial future.

So, how do we solve this little dilemma?

Well, it’s quite simple.  Stop being a spoilt kid when it comes to your money.

Aim to put some of your income away before you even have the opportunity to spend it.

I would be aiming for 10-20% of your income if you are serious about securing your financial future.

Put it on autopilot and forget about it.

I remember back when I started in financial planning at the right old age of 20.

I was single, living on my own supporting myself.

I wasn’t earning a lot.  My first full-time salary was approx. $26,000pa.  I think straight out of Uni now it is more like $50k starting salary.

I was paying for all my living expenses and paying down my HECS debt at the same time.

At the time I started putting away around 10% of my income and I learnt to live off the rest.

Now if I didn’t have the money for something I wouldn’t buy it or at the very least I would have to consider how important it was to me before outlaying the cash.

But here’s the thing, I adapted much like kids adapt when things are taken away from them, they find a way to manage.

Don’t get me wrong it wasn’t pleasant at times, but I survived and many years later I reap the rewards of that discipline and I still apply the same behaviours today.

You may be sitting there saying that it is impossible, the first reaction for most is we wouldn’t be able to cope.  It’s your defence mechanism coming up.

I challenge you to give it a go, get out of your comfort zone and try it for a while and see how you go, you might surprise your self.

If for some reason you think 10-20% is a too big a jump, then start small and work your way up.  Maybe start with 5% while you adjust and then gradually increase it.

Did you know that most of the rich people in the world started out modestly, paying themselves first while using the rest to survive on.

The bonus for you is if you get this right is that you will be on your way to financial freedom if you can automate all this and not touch it.

The benefit and reward will come when at a point in the future those funds will grow, that growth will lead to income, that income will lead to choices or a better lifestyle.

Becoming wealthy is not rocket science nor is it very exciting.  But sometimes slow and boring gets the results.

Isn’t that worth the effort?

You can still live for today but as a responsible child, not a spoilt child.

Just like my two boys received their toys back, it was like Christmas all over again, creating new experiences.

The same is true when you reap the rewards of your hard work.  It’s there in the future allowing you to have more choices and a better lifestyle.

Isn’t that what we all want?

So, my question to you is do want to be the spoilt child who gets everything they want and have no respect for money or be the responsible child who leads a good life and reaps the rewards of being good with money.

Give it a go and I think you’ll find you will become more resourceful, make better choices when it comes to money and live a stress-free life when it comes to money.

You’ll no longer be the spoilt child when it comes to money.

P.S Whenever you’re ready, here are 3 ways I can help ensure your financial affairs are in order and you can achieve them in the timeframe that works for you.


1. Book a Q&A 15min Strategy session

If you want to get some 1:1 help, we can jump on the phone for a quick call, and brainstorm how to make sure your financial affairs are optimised, protected and cared for.

Email me at to book a time.


2. Get the 60-minute crash course

If you want to go a bit deeper, you can book a 1-hr Strategy Session to scope out, road test and make sure your current plan is the best it can be, fully optimised.

Email me at or phone me on 0401 253 729.


3. Answer a Question

Or, if you just have a burning question that you want to be answered or a problem you are trying to solve, simply just send me an email,

Make it a Great Life!

 Glenn Doherty – CFP – Founder & Financial Organiser at Jigsaw Private Wealth

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Advice Disclaimer: Any reference in this publication to the provision of advice refers to advice of a generic nature, and should not be taken as product or investment recommendations. Before any action is taken based on the information provided, independent financial advice from a licensed financial adviser should be sought. Financial Freedom Project Pty Ltd ATF GA & DC Doherty Family Trust Trading as Jigsaw Private Wealth is a Corporate Authorised Representative of Exelsuper Advice Pty Ltd. The information contained in this publication is of a factual nature only and is not intended to constitute financial product advice. Information is current as at date of publication. This is an online information blog. It does not imply an offering of securities.

Money Psychology