Sometimes I think the word budget has been stricken from the vocabulary of many teens and twenty-somethings.
They struggle with the concept of making the $500 in their bank account last until such time that said bank account is replenished. If the money is there, it must be OK to spend it, right?
All my friends were going to the movies and I wanted to go with them… Everybody else was going out to eat and I was tired of dorm food… No, I didn’t need that new lace top, but it was really cute and on sale…
Have you heard any of these from your kids who weren’t able to stretch out their cash? (Disclaimer: Before my own kids get angry or begin to speculate whether I’m talking about one of them, let me say I don’t recall any of them ever using the specific examples I cite above.)
Are we Boomers guilty, yet again, of making life too easy for our kids? We made sure they had the things they needed and often the things they wanted. Now many swipe their debit cards, buy whatever they want and just assume the requisite money will be there.
The connection between how much is being spent and how much is actually in the bank isn’t always made. Let’s work on that, parents.