PENSION & FINANCIAL WELLNESS
Life Lessons from the Great Depression
Craig Whitehead Member, Pension & Financial Wellness Committee, ARTA
Making ends meet isn’ t always easy; however, I consider my parents, George and Melba, to be experts on the subject.
They taught me how to make the household budget go further and to survive during hard times. They married in 1932 during the Great Depression and raised seven children, of which I was the youngest. Here are a few of the lessons my siblings and I remember most strongly, and what we have tried to pass down to our own kids.
Lesson One: The Value of a Good Education
My dad was pulled from school after Grade 8 to work on the farm. My mother quit school in Grade 12 after moving back to Taber, when she discovered her new school did not give her credit for courses she completed in the United States. Despite this, both of my parents were lifelong learners and were adamant that all of their children earn at least one degree. Most of us completed an education degree, and we continue to thank them for the opportunities it has provided for us.
Lesson Two: Creative Problem Solving
My parents were what you might consider“ free range.” They taught us how to think and find solutions to any problems. We were taught about safety, but my parents trusted us to take things from there. Once, my brother and dad built a lamb
shelter, which was well-used for many years, even after a necessary move when my brother— not wanting to lose the shelter— put it on two cedar posts and pulled it with our little Allis-Chalmers tractor to its new home.
Lesson Three: Self-Sufficiency
We had a mixed farm, so we learned how to take care of cows, pigs, chickens, and a garden. With such a variety of food and the knowledge of how to preserve it, my family always tried to keep a year’ s supply of food on hand. During bad years, if the crops were destroyed, we could survive. Even today, my siblings and I keep gardens when possible and try to store a generous supply of food.
Lesson Four: Not All Wants Are Needs
My parents taught us to focus on the essentials and to live within our means. They used cash whenever possible, and if they had to take out a loan, they paid it off quickly. Dad liked to say,“ Interest never rests.” Today, my wife and I record expenses regularly and treat credit as cash by paying off our credit cards at the end of each month.
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