I am the eldest in my family with quite a large gap between me and the second born. This naturally put me in a position where I was the first to get married and start a family. Now I get to watch my siblings enter early to mid-adulthood and try to “warn” and guide them to financial balance.
It’s quite interesting to watch them make different financial decisions than me and each other since we all grew up with the same “teachings” and habits we saw our parents making.
One of them thinks about today and plans only for the immediate future, while the other looks further ahead and is safely putting his money away when he could easily spend it on exotic vacations and car payments. While some may think it’s shameful to be living with your parents during your mid 20’s, it is perhaps the wisest financial decision if you have a goal in mind and minimizing expenses is what you need to do for this to happen.
Obviously it’s much harder to get through to the one who has a shoe and bag addiction and doesn’t know the first thing about creating and setting a budget. But maybe one day…
I wish I knew then what I know now and had safely put some money away while I had fewer expenses then I do today. If you are single – what do you spend most of your money on that can maybe take a “budget cut”? Do you put some aside for a rainy day? If you are parents to teenagers and young adults are you doing your best to make sure your children are able to stand on their own two feet and plan ahead for whatever life holds in store?