How To Have A Mindset For Saving Money

Let’s rewind a few years, before the flight that landed me indebted in the US.

Thankfully, I was fortunate enough to have parents that were very transparent with finances throughout my upbringing. That blessing, along with an intrinsically analytical thought process, allowed me to build strong foundations regarding money management and behaviors.

One of the key skills to develop in managing your money is the ability to live under your means and as a result, SAVE MONEY!

I’m pretty certain my ‘drive’ came with that software installed from birth. I worked at a number of places in Costa Rica from a very early age and always had the same behavior when it came to the money earned. Most of my ‘jobs’ were over the summer or holiday breaks from school until I attended college.

My first ‘job’ was as a ‘car watch guard’ at the downtown strip mall bakery that my uncle worked as a delivery guy. I must have been around 8 years old and likely wanted some money to buy toys for Christmas. I’m not sure whose idea it was, but I remember it took some convincing for my mom since I was going to be pretty much alone on the street in downtown San Jose (the capital of Costa Rica). The gig was very close to -if not equal to- charity. Regardless, I clearly remember bringing home a significant amount of change and small bills every day for the few days I mustered the courage to stay at it -more to come on that. The dynamic was simple (or so I thought). Kind people would park their vehicles outside the strip mall and a handful of young kids would watch them while they were running their errands. This would supposedly ensure vandals would not steal their belongings or even worse, the car itself. I did not receive any formal training, did not have a weapon (although I wished I had one a few times), I’m not sure what I would have done if something would have gotten stolen either, but nevertheless managed to bring home the dough. I was a pretty scrawny kid (never really developed a lot of muscles as an adult either), and the factor I did not consider before merging into that line of work was that the other kids would beat me up to take the ‘customers’ or money away from me. I remember that as a rude awakening to what the hustle for money is like in the real world and on the streets. My uncle did scare or convince the other kids into letting me share “their spot” and earn a few colones (Costa Rican money) for a few days.

That was in fact, my first ‘paycheck’ aside from the small allowances my parents gave me for doing the odd jobs around the house. My family was a solid lower middle class at that time so there was not a lot to spare. I don’t recall the exact amount -as this took place in the late 80’s- but have a vague recollection of counting approximately 3,000 Colones every day (roughly $5 dollars at today’s exchange rate). I do vividly remember counting the coins and bills and proudly storing them in my piggy bank.

I enjoyed saving money, maybe even more than I did earning it. I also remember my mom had taken me to open a savings account at a local bank at some point before or after this experience. I would proudly go with her to deposit my money into that account and watch as the teller printed the deposits on the little booklet’s pages. I would do the same with any cash gifts I received for my birthday or Christmas. It was never a significant amount since only a few of my many aunts, uncles, and grandparents had the means to gift the kids cash, yet I would welcome it excitedly and look forward to it every time. It was a little more challenging to hoard the cash when my beloved cousin would run to the corner store as soon as she could, to spend the entire gift in candy.  I take that as one of my first lessons in ‘keeping up with the Joneses’. It was a little easier because I did not have the palate for regular candy, with the big exception of my obsession (to date) with chocolate bars.  Ultimately, these early-stage lessons helped me build a strong foundation for later in life when I could play with a few more than $5 dollars.

The moral of the story is to save, save, save, and to teach yourself to live under your means no matter what you see others may have. It is very likely they are spending their entire gift on candy.