Younger generation should learn something about managing their money

United States
March 5, 2012 4:41am CST
Through the brunt of economic recession not long ago, we all face hard time from every aspect of our generations, from older to younger, especially those who just newly - grad. I believe that many of our younger generation fail to have the idea of well - manage their available fund and money, and lack the concept of savings. I, myself from time to time also overspend the money I shouldn't, and I didn't invest my money well on something will be profitable in the future. Lately, I found this website pretty useful, from a person who started with a $100,000 student loan, and manage his fund well enough to pay off the debt and also achieve some kind of financial success. Go to it www.yobucko.com, and you might learn something practical from it. Started it young, and you will rewarded it early.
6 people like this
22 responses
@Woody7189 (247)
• United States
5 Mar 12
I agree with you completely. Learning how to manage money is a very important lesson that can drastically affect the quality of a persons's life. Those who never learn how to manage money often find their lives to be full of struggles that could have easily been avoided. How much money you have to spend today is not as important as how you will survive in the days and years ahead. Sadly, too many members of the younger generation never learn these things.
@erjnsimon (1191)
• Makati, Philippines
5 Mar 12
i must agree with you that younger generation should learn to manage their allowances. many of us actually spend money anytime we want to, however i can control myself especially now, i want to earn money this time. many of the younger generation treat money as a luxury. generally, it is truly a luxury however we must treat it as a need now. we must take care of it like we the way be take care our needs. actually, just an observation, many people treat their needs like they don't need it, like they can live without it. but is wron. this is the right way. for money, we must manage it indeed, me must only use it to buy necessary things especially on the part of the new generation which actually don't earn money now.
@SIMPLYD (89888)
• Philippines
5 Mar 12
What i can just say, is that i am proud that we were able to raise our child, knowledgeable of the fact that money is hard to earn. Thus, as she grew she really knows how to make do of the allowance that we would give her. Those cash gifts that she would receive on Christmas and other occasions, would be saved and she would always ask for cash gifts when asked what she likes. Hence, saving them made her buy her wants that needs big amount , with us, just giving her the amount she needs to complete it.
@myfb2009 (8296)
• Malaysia
5 Mar 12
Hi Simplyd, happy to hear that your child knows the importance of saving. Indeed, children must learn the importance of saving since from childhood. Then only they understand that money is hard to be found and should be use wisely.
@sanofer (525)
• India
5 Mar 12
in this recession everyone should learn the art of saving. Youngsters spend their money like water and they dont save money. It is not good and we should save some amount even though it is very small because a small drop of rain make the ocean.
• United States
6 Mar 12
Agree with you, however, recession is not the only time to learn the art of saving. Rain or shine everyone has to learn to save some of their income, and the best time to learn is when you are young. It is very easy to spend money, especially when the money comes from your parents. I would say parents also have big roles in their children spending habit. Please do not buy your children expensive items. Spend time with them not money. Time is more valueable than any amount of money.
@asliah (11144)
• Philippines
1 Oct 12
hi, thats true,i have noticed that to my niece that she didn't give any value to money,she always asked for money to her father and mother,she spent the money without giving of any worth or value of it.so i for me i think my niece need to know how to value and spend money wisely.
@inertia4 (27942)
• United States
8 Mar 12
Well, given the current financial situation the country is in, it is a great idea for the younger generation to learn to be money smart. I agree. I also think that the younger generation will have more control over their money then the generation before them. This is the time and a golden opportunity for the younger generation. Learn to save and be smart.
• United States
6 Mar 12
I think the lack of saving is a huge issue for all generations. Part of the reason may be that people don't believe bad things will happen to them...losing their house, having health issues, etc. Also, many can't imagine retirement at younger points in their lives, so they end up doing nothing about it. I've actually seen a lot of middle aged people have a terrible savings plan, particularly if they have kids. I'm 23, and I've noticed that both my father-in-law and my own mother have less savings than I do, which is outrageous. However, my older brother still lives at home while nearing thirty, which isn't too uncommon these days, and another mouth to feed equals more expenses. As with my father-in-law...he has three young kids, no retirement, and he asked my husband and I what we thought he should save for: retirement or college for the kids. He's past forty, still has to raise these kids, hasn't saved anything yet and it seems like he's just realizing he needs to. I went into my local bank when I was nineteen and opened a Roth IRA, and sadly, the bank personnel seemed surprised that someone so young was doing this. It shouldn't be uncommon. I started saving for retirement/unseen expenses when I first started working at fourteen, and now that money has grown a lot by an age that's younger than most people even start saving. Start saving young, and don't get a credit card--those two statements would be the best advice I would offer anyone, my generation or older.
@megamatt (14326)
• United States
6 Mar 12
I think this is a lesson to any generation to be honest with you that should be heard. Senior citizens are going back to work in this day and age, not being able to retire, because they cannot afford to live the life that they did because they are not able to save one cent they earn. There are people of all ages, that tend to burn through their money. Yet people never learn. This is a far different time that it was even five years ago and who knows what it will be like even five years from now. I really think that many people who spend money like it will never stop rolling in really don’t get what is going to happen. So in the end, you can make all of the money in the world but if you can’t save it, then it is just like throwing money in a furnace. It is not what you make but what you save.
@Thoroughrob (11750)
• United States
6 Mar 12
I totally agree. I have an 18 year old son that has a really good job, and just blows his money. He makes more money than my husband does, but still don't think he can afford to move out. He is always broke by payday. It is unreal. I wish he would open his eyes.
• Philippines
6 Mar 12
Me & my sister manage our allowances well & fortunately we have money to get whenever there's an emergency.
@Metatronik (5938)
• Pasay, Philippines
6 Mar 12
Thank you for giving that kind of website at least I have an idea. Though unfortunately I am not a student anymore but I should remember that for the future as well. I will take time to read.
• United States
6 Mar 12
I had a savings account for a while until Randy had become disabled and he had to use our savings just to survive. I have not been able to find work myself and have been trying hard to find ways to make money. I am now living with my parents which has been very difficult because my parents expect us to pay their bills on top of our own bills (we have a storage bin, car needs gas and we have to pay car insurance on top of some old debts). I already pay my parents heat bill. I am unable to work because the house is not handicap accessbile and Randy cannot get around without me. I refuse to hire a nurse because it costs and besides Randy would feel uncomfortable having a stranger take care of him. In my instance it is not the lack of knowledge on saving, but rather a bad economy and Randy being hurt that has drained our savings.
• India
6 Mar 12
Reaching financial freedom requires careful planning and finding good avenues for investments. Saving money these days is a challenge as there are many bogus schemes floating around offering good returns but vanishes after time passes. The help of financial planner can be sought at this juncture. It's good to have a financial planner to tell you which financial products are suitable for your and which are not good.
• United States
6 Mar 12
I think we could all use some advice on managing our money. So many of us shop and spend money in other was as a form of recreation which gets us into trouble. And if you still have the teenage mentality of wanting the latest and greatest to one up your friends and family that's great til you are so far in debt your sinking. Thank you for the link, it looks good.
@lingli_78 (12841)
• Australia
5 Mar 12
i can't agree more with you... saving and budgeting are the hardest things to do especially in the current economy situation... i am very fortunate that my parents had taught me how to save and manage my money since i was a child... so it is not a huge problem for me now that i already have my own family... take care and have a nice day...
@_sketch_ (5709)
• United States
5 Mar 12
With things going as they are, many people aren't going to get the chance to even imagine having any sort of savings. It's not that young people are irresponsible; it's that greedy politicians set up the middle and lower classes to fail. Student loans? I went to school one year and am paying hundreds of dollars. You know why I dropped out? Because I didn't have any money. Was it that I was being irresponsible? No. It was that I didn't have any money. If someone only has enough money to pay their modest bills and are just barely scraping by, then it doesn't leave them with much options. It's a cruel and unjust system, but a system like that is bound to crumble. Can't knock out the foundation and expect a building to stay standing.
@emdjay23 (1575)
• Philippines
5 Mar 12
That I would agree.. younger generation now a day spend so much on none sense things in which eventually they will just get tired of it and just throw it away. They don't even know the concept of saving money for the future, I guess one way to let them realize the value of money is if there comes a time when they don't have anything, they can't even buy bread to eat or shelter to live in.. "one will realize the value of a thing if you have nothing"
@myfb2009 (8296)
• Malaysia
5 Mar 12
Hi King, children must learn the importance of saving since from childhood, so that they won't misuse the money which they earn in future. To have saving is very important to every individual. Because we never knows when we are in need of that extra money. That's why, it is always important to save money for rainy days, as like what our parents always said. I have start to teach my son the importance of saving since he was still in a tender age.
@kiran8 (15328)
• Mangalore, India
5 Mar 12
Hi kingparker,investing and saving what one earns is something that should be cultivated and taught from childhood...Parents should encourage children to save by giving them pocket money and also teaching them the importance of saving.Even a small amount saved regularly goes a long way and one is amazed at how much it can multiply.We can calculate and see how money invested in banks earn interest and when it is compounded it really becomes a huge amount in a matter of 15 or 20 years..all the best
@jkct02 (2859)
• Malaysia
5 Mar 12
Personal finance management is a discipline everyone of us ought to learn. It is the best if it could be taught starting from primary schools. The earlier to know the concept of controlling well our finance the less people we will have in financial hardship later. It seems it is too much to ask for most of our youngsters to invest wisely of the little money that they have to make sure that they can be independent financially. I would consider that it is a bless nowadays if they won't over-spend and become a debtor. The materialistic temptations are just so high and are everywhere that these kids are just helpless. The website you mentioned is a good site to learn not just for students but adults as well.