I remember when I was a kid, maybe 15 or 16 years old, I wanted a small telescope to play with because I had an interest in astrophotography. This telescope was relatively modest, and I spent several weeks saving up my money to buy it. After all, my parents forced me to have a budget, so I knew exactly how much money I could spend.
Month after month, I continually added money into my budget until, finally, I was in the home stretch. I was $20 or $30 short, and I happened to mention to my dad my plans for my purchase.
In my head, things were going along as planned. I wanted to buy something, so I saved until I had the money to buy it. I worked within the confines of my budget and followed all the rules of proper money management. At 15, I felt proud of myself for doing so.
I was shocked when I heard my dad’s response. [Read more…]