Finance tips: Learning about finance early on in life

Google+ Pinterest LinkedIn Tumblr +

Young people and money is one good topic. Young people often do have money managing problems and those include credit cards, overspending, debts, income and savings. When you’re young you often worry about other things like going out and having fun rather than sitting at home and analyzing your financial status. You would spend away and you wouldn’t think about what will happen next year because you have your parent helping you out. You don’t worry as much as your parents because you have your parents to worry about your finances and you don’t think about finances until it hit you one day that you don’t have enough money to live on your own if you wanted to move out and to afford an advance college degree. It’ll then hit you and you wonder where did all of my money go.

You start to think about your finances when you live on your own and you don’t have parents or siblings to help you out. Ask any young person that live on their own and they’ll tell you that they have a budget journal and they think about money and managing money all day and night. When you live on your own and you’re away for college, you tend to want to reserve more money and tend to want to make more money but this is not the case if you live at home with wealthy parents. Not all young people need a lesson about finance and some are even better at it then older folks. You sometimes have parents that spend lavishly and you wonder if they ever think about spending several thousands on a laptop.

There are some people that learn very well how to manage money when they’re young and then there are some that will throw away a thousand dollars per night on drinks at the local club and I have seen my friend doing it. It’s not uncommon but some young people won’t change their habits because they have wealthy parents or just a big bank account than the rest of us. However, if you do have young children at home, you should teach them early on in life not to overspend and save for their future need like college, wedding, emergency, buying a new car, and buying a home. When you’re living with your parents you don’t think about buying a home, paying for college, a wedding, a new car, emergency money but eventually you will need money for these things when you reach 23 years of age or older. You want to have some money in the bank and you don’t want to start learning at age 23 because it’s a bit late. You want to teach your young children to start saving and making money when they turn 16 so that by the time they reach college age or marriage age they have some sort of extra savings and they’re not empty pocketed like most young people are nowadays. Learning to save and manage early is always a valuable skill for young people and it’s not a hard topic to learn either.

Share.

About Author

Leave A Reply