Today’s youth is an instant gratification population. When they want something, they want right away andmany times values a newer thing rather than a quality item. Many people would be surprised to find out that in a recent study,a group of people ranging in age of 14-29 stated that when something in your home breaks, like an appliance, they would simply go buy a new one. They’ve nonotion that the idea of fixing something you already own is an option Now with the struggling economy this younger generation are having to learn to be more frugal from the older generations that have been living that way all along. For example, if your vacuum stops working you must visit a vacuum repair shop and examine vacuum parts and vacuum pumps thatcould be replaced. This article will describe other lessons the younger generation is now learning from the older ones on ways to be more frugal.
The amount of credit cards owned by those under 30 years old is astronomically high. Many of these people were given credit cards at the age of 18. They were lured by the credit card companies that offered some of them gifts or prizes if they did get a card. Many of these young teens were incapable of knowing how to be financially responsible. But, they did know that they’d a credit card with a great spending limit that them tobuy whatever they wanted at the time. They would thenjust pay the minimum requirement an increasing debt that soon got out of control. The credit card companies fed on the instant gratification of these younger people and shows greatly the problems with our economy today. Americans have greater amounts of debt at younger ages than ever before. They now must to learn how to change that.
Many bad things have a silver lining and this recession could be such an example. The economic struggles have forced several citizens that were living much past their means to reevaluate themselves and their spending. They are now seeking the advice of the older generations tohelp them relearn how to be financially wise. One lesson is topay off and get rid of their credit cards and to only have them for emergency purposesAn emergency. This istough for a lot of people but it will help them realize that they can only buy something if they have the cash for it at that time. Another thing they ar learning is to take care of the things that you do own. When somethings breaks like a Television, an appliance or even your automobile, take it to get fixed instead of buying a new one. If you absolutely have to buy a new item, invest in a better made item that will last many years instead of cheaper made product that’ll break after one year. This is how to be more frugal in today’s society.