Blog – 29.01.2016: Money Skills for Young Adults (Part 3)
So let’s continue this week with a few more thoughts on getting your young adult (children) on the right track financially. The thoughts below apply to older young adults (is this proper English?).
- Don’t buy things at the spur of the moment – wait for two weeks and you may not want it any more
We live in a consumer society and are constantly bombarded by advertisement trying to seduce us to buy things we do not necessarily need. It is so easy to buy stuff at the spur of the moment as we believe ownership of a certain item will make us happy. This may or may not be the case and I am not saying you or your young adult should not buy stuff. But he / she should be more selective and only buy things he really needs. A good way to do this is to impose on you a time out. The idea is to consider the purchase of an item but do not do it immediately but give a time out period (cooling off) of somewhere between one to four weeks. Half of the time our young adult will no remember any more the urgent need to purchase the item. This just means that it was not that necessary in the first instance. Another half of the time he will probably still want the item and he has carefully considered the purchase, the alternatives and what else to do with his money. If he then decides to buy the item it is probably useful and he will get sufficient benefit out of it to justify a purchase. This cooling down / time out will most likely result in many unnecessary items not being purchase with the funds now available for more worthwhile, longer term goals.
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