Why is it that some people don’t seem to understand responsible financial management?!
For a while there was a high school math class, Personal Finance, that actually showed you how to manage your money. Things like how to keep a checkbook, pay your bills, what bills you should have, the estimated cost of things, SAVING money, budgeting, credit cards, are all important things. Is this not offered anymore? It should be a requirement and you must have 100% to pass. Sounds tough? It might be, but it is important that young people understand this.
I know many “emerging adults” who have no clue about money. They get paid and the money’s gone in a day or two. Then they have to live like paupers until the next paycheck, and it’s NOT because they don’t make enough money. They make enough, they just don’t use it wisely.
Credit cards are a large part of the problem. Some people have so much credit card debt they will never get them all paid off. Yes, I said “them.” Lots of people have multiple credit cards, and they are all maxed out. Need something (or should I say “want” something)? Open up a new credit card. So many people, in today’s “must have” society, want it and get it. They aren’t thinking about the fact that for every dollar they spend, they have to pay back $1.25. They just want what they want…and they want it now.
Whatever happened to the idea of saving up for something and buying it when you had enough money?
Okay, I’ll get off my soapbox now. Our August newsletter will be about financial management. If you would like some tips on how to set up a budget and pay down debt, you can sign up for our emailed newsletter on the web site at www.newdirectionlifecoaching.com. The real question is… Will you do it? All the information in the world won’t work for you if you don’t implement the ideas. Just sayin’.