When growing up, Pushpa watched people coming and going from her house – her father was a Union leader, and people came to him for advice. She noticed that some people were running out of money, while others coped – even though they all received the same income. Why could some not manage?
Pushpa said that there is a difference between Asian bloc and Western bloc financial thinking. Asians focus on saving and investing while the Western world focuses on managing debt and borrowing wisely. Kiwi culture concentrates on borrowing wisely and using credit cards wisely. Pushpa’s grandmother taught her that if you had only one piece of bread on your plate, then you only ate half the bread and saved the other half - unless you were absolutely certain more would come tomorrow.
The is a need to teach people to differentiate between needs and wants. We need to teach the younger generation about budgeting. Pushpa related how she sometimes sits in the university cafeteria in the morning and sees students queuing for coffee. Some she knows have no money, yet they still buy coffee.
Pushpa’s family ran a shop. As a child she once told her mother that they must be rich because she saw all the money coming out of the shop till. Her mother then got her to add up the day’s takings. This was followed by adding up all the outgoing expenses – goods, rent, electricity, etc. Pushpa then cried and, when asked by the mother why, she said that “There’s no money left after you have paid for everything!”
The is a need to teach people to differentiate between needs and wants. We need to teach the younger generation about budgeting. Pushpa related how she sometimes sits in the university cafeteria in the morning and sees students queuing for coffee. Some she knows have no money, yet they still buy coffee.
Pushpa’s family ran a shop. As a child she once told her mother that they must be rich because she saw all the money coming out of the shop till. Her mother then got her to add up the day’s takings. This was followed by adding up all the outgoing expenses – goods, rent, electricity, etc. Pushpa then cried and, when asked by the mother why, she said that “There’s no money left after you have paid for everything!”