When we’re young, it’s important that we learn as much as we can about money management. When we’ve grown up, we’re pretty much set in our ways. It can be very hard to change the way we view and handle our money as adults. However, it may be possible to relearn things we’ve been taught before.
4 Important Money Lessons for Kids We Should Relearn
- Don’t Forget Your Lunch Money – When we were given lunch money for the week as kids, we could do one of three things. We could spend it all at once; spread it out evenly across the entire week; or spend part of it some days, take lunch from home the others, and pocket the remainder. We’re taught that the latter option is the best, but we’re not all wired that way. The second option is also good, so long as you’re weekly budget isn’t too high. Try to retrain yourself to set a weekly allowance for eating out.
- Piggy Banks – When I was younger, my parents had given me three piggy banks. One was labeled spending (he was my favorite), another was labeled savings, and the last was for emergencies. Keeping the money I collected in separate piggy banks would help me to stay disciplined. As adults, we should be doing the same thing, except with bank accounts instead of piggies. Or you can use piggies; whatever works best for you.
- Giving Yourself an Allowance – Many believe that in order to get your finances under control you have to completely stop spending money that isn’t directly paying down debts. That’s like trying to quit smoking by going cold turkey. You will eventually crack and smoke up an entire head shop. That’s why you use nicotine patches, or the gum. When it comes to money, you have to give yourself a little allowance to spend on fun and toys. Otherwise, you’ll resent your money, and eventually break down and go on a dangerous shopping spree.
- Comparing Prices – Did your parents ever let you read over the grocery store receipt? Did they explain to you why they made certain purchases instead of others? Maybe they bought generic brands, or got certain items in bulk. Next time you go grocery shopping, spend some serious time there studying the different prices and what you get for that cost. You may find that you’re able to save some real cash by being smarter about prices. Then, you can start applying the same technique to the rest of your spending.
These childhood lessons are often more relevant to us as adults. If you find that you’re struggling, it may help you to go back to basics. If that’s not enough, it may be time to learn something new after all. Chapter 7 bankruptcy is a great tool, and your constitutional right. With the help of a bankruptcy attorney, Chapter 7 bankruptcy may be just the solution to offer you a fresh start.
Washington DC bankruptcy lawyer Kevin D. Judd is here to help you find the best solution to all of your financial worries, and achieve your goal of becoming free from the burden of debt.