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fairy godmother
learning about money
money advice
new shoes
spending habits
new car
credit card
Just Spending What You Have
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Just Spending What You Have

It very worrying that we live in a society where people are encouraged to think that if you want to buy something then we you just go out and get it, instead of just spending what you have.

The problem with not understanding about money and budgeting for things is because children are not taught about financial matters in their school education. Therefore I think there should be a lot more emphasis in learning about money and budgeting from an early age. It should be a compulsory subject in schools and children would benefit from taking exams about money and interest rates. If young people leave education, with knowledge of financial matters then It should follow that they are surely less likely to find themselves in debt situations later.

Also its clear from peoples spending habits that some cannot see the difference between wanting and needing to buy something.

Wants and needs.

Wanting something and needing something are completely different, but can be similar. That is because you can easily convince yourself you want and need this item. So you say I need a new car. No! you want a new car.. A need is when your child needs new shoes because they are tatty and no longer fit.

Your priority in life, should be to have the money saved up to be able to pay for needs not wants and to not borrow from others.

Helpful money advice

• Unless you have a fairy godmother you need to have some savings in case you need some money urgently. This should be an absolute priority.

• Get into the habit of saving not spending. However small the amount that you are able to save then do so. Small amounts can quickly add up and become a substantial amount.

• When you see something you want, think whether you want it or need it. If you don’t have the money put aside then the want is going to have to be a No!.

• It is so easy to buy things with a credit card and go over your allocated amount very quickly. Think about how are you going to pay it back?

• Take some advice from someone who is good with their money, this could be a partner or a friend

• Understand the interest rates that apply to you. If you are paying interest know what you are actullay paying back in interest.

• If you have no money you are either not earning enough for your outgoings or you are spending far too much, for what you earn. You decide!

• Don’t live beyond your means. Know the amount of money that you have and divide it into the amount of days that it needs to last for.

When you control your finances and do not overspend then you are taking control of your life.

Street Talk

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