Tips for the Next Generation
Were you taught how to manage money? Most Americans weren’t, but that doesn’t mean you can’t succeed.
So how do we inspire the next generation to save better and manage their money wisely? The Council for Economic Education recently published some helpful tips from marketplace leaders.
The ideas are simple, but my hope is that they motivate you and your children to not only save but to view money as a tool in accomplishing God’s plans:
- Open a savings account, work odd jobs to earn money and save.
- Nickname your savings account – something like, The Dream Vacation or New House or Car Fund
- Set an achievable monthly saving goal – start with a $1,000 goal
- Wait 24 hours before giving into an impulse purchase
- When tempted to splurge, wait till you have the money saved and when you’ve got the money, see if you still want it. You can avoid buyer’s remorse and keep your savings account healthy.
- Think about how long will you have to work to cover the cost of the purchase? Is it worth it? So if you can’t afford the purchase, buy only after you have saved twice the amount.
- Don’t spend $1 here, $2 there, but save up for a meaningful purchase or investment.
- Save 10% of every dollar including gifts, jobs, and allowance from an early age.
- Review your personal finances every week and educate yourself.
- Experiences are better than having stuff. Save for travel.
- Look at savings as a muscle you must exercise to make and keep strong.
Remember, Proverbs 21:20 (TLB) which states, “The wise man saves for the future, but the foolish man spends whatever he gets.”
Often people depend on their credit cards to get them by when they don’t have adequate savings to pay for purchases, emergencies, and bills. If you are struggling with credit card debt, I want you to get in touch with Christian Credit Counselors. They’ve been our trusted partners for years and may be able to negotiate with your creditors on your behalf.