In today’s world, younger generations possess a large amount of spending power and influence. This power is ideal for companies because many items kids buy fall under the “luxury” category, things like: games, music, and clothing.
Unfortunately, the advertisements that attract youth to these items usually work by making them feel insecure. Teenage years are often the easiest target because issues like body image, power, and peer acceptance are sought after by teens and easy for advertisers to focus on.
We live in a world where the pressure to spend money is stronger than ever. Everywhere we go, we are surrounded by advertisements. Advertisers have strengthened their ability to make people want something, usually by making us feel like we need it. Sometimes the feelings we get after seeing an ad make it really hard for us to resist impulse buying and prevent us from saving.
Why save if you have enough money to buy everything you want? Well, different people save for different reasons. For your stage of life, you’re likely thinking about a car, a trip with friends, money for college, or an item you really want but can’t afford at the moment.
Whether your parents taught you at a young age how to handle money, or you’re ready to get a grip on it now, it’s never too late to be financially responsible. In many cases, college is the first experience we have that requires managing rent and other expenses. This is also a time period where college students make many mistakes. Below we have listed some common mistakes college students should avoid. If you’re aware of these lessons now, you won’t have to look back and regret your financial mistake later.
If you’re not knowledgeable with your own finances, this is the time to educate yourself. It’s never too soon or too late to begin talking with your children about money. Don’t know where to start? Begin with books written by people known for helping others with financial success. The sooner you get your finances under control, the sooner you’ll be able to lead your children by example. Remember, actions speak louder than words.
Here are four tips for teaching your kids about money:
1) Keep it age appropriate: The current economic situation makes it difficult to hide conversations about money. If your child happens to overhear your discussions about finances, remember to keep your explanations in a language they understand. It may be best to refer to a bank account or ATM as a piggy bank when speaking to younger children. When your child is older, tell them mall money comes from working (in their case an allowance from chores). Remember, it’s okay at any age to tell your child they can’t have the newest toy or overpriced t-shirt because it doesn’t fit into your budget. Even though it may be hard, you’re setting an excellent example on how to set boundaries and stick to your budget.
There’s a lot to think about when planning for retirement. And, of course, the earlier you get started, the better. Below are a few tips to get you on the right track.
Contribute to your employer’s retirement savings plan.
If you work for a company that offers a savings plan, such as a 401(k), contribute as much as you can. It is wise to contribute at least the full amount the company will match. Make sure to find out when you are fully vested as well.
Not knowing where your money is going can spark a lot of arguments. Time spent with your significant other should not be filled with resentment over finances. Besides, who wants to argue on Valentine’s Day, anyway? Here are three things to keep in mind so you can enjoy time with your significant other:
1) “Better” name doesn’t mean better quality.
Stop searching for brand name products. Generic products often consist of the same ingredients. Are you having trouble finding them? Start looking on the bottom shelves at the grocery store. Stores purposely put more expensive products at eye level.
2) Check for accuracy.
A very common mistake is not paying attention to ensure items are ringing correctly. Save the distraction of digging in your wallet for the very end. You may catch a mistake and save a few bucks.
Whether you’re in the transition stage or already in college, paying for your education is likely at the top of your priority list. That being said, free money sounds pretty appealing, right?
You’ve heard it a thousand times, “Apply for scholarships!” You know your financial future is important, but those large scholarship databases have left you feeling like a little fish in a big pond. You’re up against so many people and it seems the odds are not in your favor. What can you do to stand out?