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Agree with Drizzit that mnaging finances has a lot to do with habits.
Being 24, I have noticed a considerable difference between me and my peers where it will pain me to spend $5+ weekly to drink starbucks when kopitiam sells cheaper, unlike many of my friends. I attribute it to the fact that I am mentally cued to planning for my future monetarily (saving for rainy days etc) and automatically putting a proportion of my income to my savings. What transpired me to do this is my parent's beig a role model to me.
Both of them are prudent with their finances and have led by example in teaching me how to save and budgetting. My dad has always saved a portion of his income and consistently preach me about saving and investing since I was in Primary school ( if memory serves me right). In addition, he would give me only certain amount of weekly allowance (which wasn't a lot) and tell me "that's all". So yeah, Parents are really the ones to mould the habits of the young.
The second would be to incalculate in us to being less seeking to instant self-gratification. Our generation has grown up expecting that reward comes instanteously after our hard work/efforts. This translates to the weekly shopping spree after a hard week's of work. So guess one way is to teach us to learn to hold our expectation to getting a reward instanteously. Peer pressure might work to if one sees that friends are saving instaed of spending their money on the latest zara or forever 21 clothes For it will spur within the individual the temptation to buy just to "keeep up with their friends" .( those instagram pictures of friends eating fancy food just has the same sinful effect !!!).
So solutions i belive are parents being role models and teaching a generation to be less instant self-gratifying.
Being 24, I have noticed a considerable difference between me and my peers where it will pain me to spend $5+ weekly to drink starbucks when kopitiam sells cheaper, unlike many of my friends. I attribute it to the fact that I am mentally cued to planning for my future monetarily (saving for rainy days etc) and automatically putting a proportion of my income to my savings. What transpired me to do this is my parent's beig a role model to me.
Both of them are prudent with their finances and have led by example in teaching me how to save and budgetting. My dad has always saved a portion of his income and consistently preach me about saving and investing since I was in Primary school ( if memory serves me right). In addition, he would give me only certain amount of weekly allowance (which wasn't a lot) and tell me "that's all". So yeah, Parents are really the ones to mould the habits of the young.
The second would be to incalculate in us to being less seeking to instant self-gratification. Our generation has grown up expecting that reward comes instanteously after our hard work/efforts. This translates to the weekly shopping spree after a hard week's of work. So guess one way is to teach us to learn to hold our expectation to getting a reward instanteously. Peer pressure might work to if one sees that friends are saving instaed of spending their money on the latest zara or forever 21 clothes For it will spur within the individual the temptation to buy just to "keeep up with their friends" .( those instagram pictures of friends eating fancy food just has the same sinful effect !!!).
So solutions i belive are parents being role models and teaching a generation to be less instant self-gratifying.