Early Burden: Why smart money practices should start right away
Posted By: Matt in Saving on 10/24/2017 at 11:00:59
When you were younger, you mostly likely heard from your parents, grandparents or any adult how to properly do things, whether it was holding a fork correctly or saying "thank you" whenever the situation called for it.
At the time, the explanation was perhaps either non existent or curt, but the overwhelmingly common theme couldn't be overlooked: it was done so that the good habits became like second nature or routine to the point that they're embedded in all you do.
For every piece of silverware you hold or modest gift you receive, you either held that fork properly and displayed graciousness for even the most inconsequential sequence of events, and you did so because you learned it over and over again, without fail, and never looked back.
The question remains, quite honestly, why money can't be that way too· The truth is those who have learned how to spend, save and budget money properly as a result learning, listening and doing are more apt to be successful at all of those financial aspects for their entire life.
The key is learning how to do it at a young age and, like your silverware and thank you's, never thought to change a thing.
The statistics are encouraging, if nothing else. About 60 percent of those between the ages of 20 to 32 have a budget and stick to it, something that seems a little out of place due to just how poor the average savings account is (around $1,000 for that same 60 percent). That $1,000 number might reflect those older than 32, most of which you'd assume never learned the value of a dollar, how to save and then spend accordingly.
The 60 percent of those 20 to 32 year old individuals would suggest that budgeting and knowing just how paramount it is as far as saving money goes doesn't go unnoticed by that particular demographic. The more than half of those individuals in that age group who are budgeting and saving bring great hope to a lagging average as far as money saved is concerned.
Being able to budget and save money when you're young is no different than anything else that becomes routine, financially speaking. If you're always used to not having a car payment or buying used instead of new, why change that· The same goes for rent: if your rent is always kept modest, why would the mortgage on your first house be any different.
Learning how to handle money when you're between 20 and your early 30s allows you to be the same kid who was taught how to not slouch at dinner or talk with food in your mouth and grew up being mindful of those same requests.
Money shouldn't be any different.
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