Real Stories: Kavitha
What colour are you wearing?
Rate Rise - It feels great. Very comfortable. I don’t normally pick colours this bold, but I like it!
Who taught you about money growing up? Was it discussed in your family?
My parents played a huge role in teaching me about money. As were the people around me in general because I was very observant as a child. We were all taught the value of money at a very young age and we thought about what benefits we would get from saving and budgeting. I used to want a lot of things and buy a lot, like clothes for festivals, but I was only allowed to buy one new dress every year!
I learned the benefits of savings, because I could then plan. I knew exactly what I wanted and what was important to me. I then had the savings in order to purchase it later. So yes, that education helped me a lot! I have had a savings account since I was born and all the money I got from friends and family automatically went into the account. I didn't didn't even have a chance to think about how I was going to spend it.
So far, your experience of a solid financial literacy education has been different to the women we have talked to so far. How has that served you growing up?
It's helped me a lot as I ventured into adulthood and also now. It's allowed me to make smart investments. I have no credit cards, I have always avoided credit. I’ve never felt comfortable owing someone money so as soon as I owe someone I'll try to make sure that I complete whatever loans that I have as soon as I can.
It sounds like you are so very comfortable discussing money, who do you discuss it with?
At the moment with my husband, both of us, we talk a lot about it, We discuss it because it's a joint thing. So we always discuss what we're going to invest in next, how much we need to save for something, even something as simple as a holiday. We like having fun, but we also like having a plan and to know our limits. But we also don’t want to be saving for a rainy day and never use it. So we try for a balance. We look at our investments, we look at our children's future as well because we want them to also be comfortable so we try to teach them now at a very young age because I think financial literacy is crucial.
I wish someone taught me that in school you know but you know I'm glad that my parents sort of instilled that with me and my family. We sort of learnt a little bit, but I would love to know how investments work. Right now looking at the numbers I just get confused most of the time I wish I was more comfortable with it so that I know exactly what I should invest in and make the best returns.
“I’ve felt like I’ve always held myself back because I shouldn’t be the one asking for it.
If I’m good, they should know it, identify, recognise it, and pay me accordingly! But the world doesn’t work that way.
Especially not for women...”
How did you get information about investing?
I usually talk to my financial buddies, my investment bankers and friends who are already in that line of work and so that they are professionals and they can give us some advice.
What sort of three pieces of advice do you want to impart on your children that you hope they will carry through with them?
Save, SAVE for a rainy day because you never know when you will need it. I've always told them to set aside money for their future but also set aside money for fun. Splurge as well, so that you don’t feel like you're missing out. Don’t get a credit card and work smart! I feel that a lot of people tend to pick a career especially in my community where they pigeonhole you. It’s either be an engineer or a lawyer or doctor, but I encourage my children to pick a career where you have fun and when you have fun you know you naturally learn how to make the most out of it.
That’s beautiful advice. What advice would you have given that your younger self will end on that great question?
Financial literacy is something that I've always wished that I knew earlier and I feel the other thing that I would have loved to know. I wish that I would be given that advice at a younger age where don't be afraid to negotiate your pay and benefits. I've always felt like I've always held myself back because I shouldn't be the one asking for it. If I'm good they should know it, identify, recognise it and pay me accordingly. But the world doesn't work that way. Especially not for women. So I feel that that's very important and I should have done that at a very young age.
Well it sounds like you've done very well and you've got a good head on your shoulders.
Yes, but I only wish that I didn’t wait until my 30s.. I should have done that in my 20s. It’s never too early to start!