A young businessman told how he earned pocket money of $140 (50,000 HUF) a month since he was seven years old, which taught him how to save throughout his life.
Until the age of 14, 24-year-old Hannah Koumakis received this amount for free from her parents, who also taught her how to earn a little money by washing neighbors’ cars and walking dogs. But there was a twist: he had to make a budget and keep his money in a book, and he also had to buy almost everything he needed himself. For 11 years, he divided his “income” into separate categories: long-term and short-term savings, other expenses, and donations to the local church.
According to her, her friends assumed her family was rich, but in reality she and her two sisters had to pay for their own needs, such as clothes, family meals and school trips, out of pocket. Each month, he put $70 (25,000 forints) into long-term savings, $20 (7,000 forints) into short-term savings, $14 (5,000 forints) in donations, leaving $36 (13,000 forints) to spend.
Hannah used 11 years of her long-term savings to buy a house. Hannah, a podcaster and business owner from Auckland, says it all helped her learn how to budget from a young age, and she now feels independent with her home and car.
