Are you familiar with the acronym TCK, or third-culture kid? It’s used to describe people who were raised outside their parents’ native culture for most of their formative years.
My father is Pakistani and my mother is Korean. We lived in Korea until I was three, then relocated to Hong Kong. My father was content for my mother to raise my brother and me with Korean values and customs, so our home life was largely shaped by Korean traditions. My mother had observed many TCKs grow up feeling detached from their home cultures or, worse, struggling with identity confusion, so she made a deliberate effort to instill in me a sense of belonging and dedication to Korean culture.
Of all the important lessons my family passed on, it’s their perspective on money that I lean on most often.From my travels, I found that Koreans treat money very differently than many other societies. The money mindset in Hong Kong resembled Korea’s, so I didn’t notice how my habits diverged from others until I moved to India for high school. At that international boarding school I met peers from across the globe with different outlooks. When I later arrived in the United States for college, I finally recognized how much my upbringing influenced my financial habits.
The money principles my mother taught me ended up shaping my entire approach to personal finance. Below are the rules I’ve followed — practical guidelines anyone can adopt to save more.
1. Don’t Waste Food
If you want to annoy my family, sit down for a meal and leave food uneaten.
Wasting food was unacceptable in our household; we were expected to clear our plates, right down to the last grain of rice. Although it could be frustrating at times, I’ve kept this habit throughout my life. I wince whenever I see someone leave food unfinished or — worse — throw away perfectly good food.
Some friends used to tease that I ate like I hadn’t been fed in days, but for me it was instinctive. My mom once warned that leaving just a spoonful every time would add up to a huge amount of waste over time. That remark guilted me into a lifelong aversion to wasting edible food.
2. Save as Much as You Can
Across generations, my family emphasized saving whatever we could to afford big purchases and prepare for unexpected events. Most Korean families held similar views. We were expected to prioritize saving for the future, even if it meant missing out on small luxuries.
Saving is such a cultural priority that Savings Day is marked on Korean calendars. Although economic shifts reduced the national savings rate from nearly 25% in 1988 to 3.4% in 2012, the habit of setting money aside remains ingrained. There’s almost a sense of remorse when we spend rather than stash money away.
As a child, I resented that my mother confiscated my birthday cash and New Year’s blessing money. Even during college jobs she made me save 80% of my monthly paycheck. I complained that she micromanaged my spending like a stern accountant because she was relentless about reducing expenses.
Her strictness made sense given she was born in the 1950s, when Korea was among the world’s poorest countries (per-capita income then was even lower than nations like Iraq, Liberia, and Zimbabwe). Now as an adult, I appreciate why she insisted on aggressive saving.
Family is central in Korea, and it’s common for multiple generations to live together, including adult children. Unlike some Western contexts where staying at home can carry a stigma, living with family in Korea allows people to scrimp and save for long-term goals while enduring short-term sacrifices.
3. Use Cash Whenever Possible
In my upbringing, if we didn’t have cash for something, we simply didn’t buy it. Avoiding credit kept us living within our means and limited purchases to essentials. Not all debt is harmful, of course, but that was our approach.
This cautious stance toward borrowing has stayed with me, even though I chose the costly but enriching option to study in the U.S. I was fortunate not to need student loans, but as an international applicant I had to provide financial documents proving access to at least a year’s tuition up front — in cash.
Korea has experienced several financial crises in my lifetime that toppled heavily indebted firms, and each downturn made people wary of credit. Younger Koreans are becoming more comfortable with debt, but my mother still insists cash is king. I carry a credit card for convenience, yet I always clear the balance in full and on time.
4. Haggle Whenever You Can
Haggling is a skill many Koreans take pride in. Prices aren’t always final, and if there’s a chance to save, we’ll try to negotiate.
Markets and street vendors are everywhere in Korea, and it’s routine to bargain for items from clothing to gadgets. It’s also normal to negotiate rent or even mobile phone plans. Locals know they can haggle with restaurant staff for extra portions or with karaoke rooms for more time.
Outsiders may find this uncomfortable or interpret it as rude, but it’s usually a friendly exchange where buyer and seller aim for a mutually satisfying deal. There’s often playful theatrics — mock offense at the opening price, feigned disbelief — but it’s all part of the game, and I’ve participated many times.
5. Live Modestly
Despite the flashiness associated with some K-Pop stars, most Koreans favor modest living regardless of income — especially older generations. My parents taught humility and preparedness for rainy days. Most of my peers were raised the same way.
Even when impulsive purchases are tempting, this upbringing had a lasting influence on me. Discipline is valued in our culture. In the 1990s, the government ran a nationwide thriftiness campaign to discourage buying expensive luxury items. The effort was so impactful it elicited complaints from producers in the U.S. and Europe.
That example shows how highly frugality is prized.
Lessons I’ve Taken Away
These teachings from my family have traveled with me around the globe and have served me well. They’ve guided how I manage money and care for myself. For that I’m deeply grateful to my family. I can’t imagine where I’d be — financially or otherwise — without these lessons.
Your Turn: What financial lessons did you learn growing up? How have they influenced how you handle money today?
Anum Yoon began and runs Current on Currency, where she shares practicalfinancial literacy for kidsinsights. You can also read her take on teaching kids about money 5 year old.
