The news tells us that Americans are finallly getting more cautious about getting into debt. Our elders, many of whom lived through
the Great Depression, think it’s about time! One of their strongest lessons is to save up the money before you buy something – or your may regret it.
Here’s what some of the elders interviewed for 30 Lessons for Living told me:
What should young people avoid? Credit card debt. They’ve got to have the instant gratification thing. I struggle with my granddaughter about it all the time because she doesn’t have the patience. She’ll get way in debt for something she’s gotta have and I keep saying: “You’re not ready for this, you don’t have a good down payment.” And also, I want her to have a cushion because sometimes it takes a while in between jobs, and she’s just not prepared to do that. She’s just like; “Well I know I’m going to have this job always.” Well, my first husband; in ten years of marriage, he had thirteen different jobs. And we had three small children and it was very nerve-wracking. (Evette, 83)
One of the things that I would tell any young person was save a little money every week for yourself. Make sure those few dollars a week are put away because that compounds and at the end of fifty years you’re going to have a nice nest egg if you pay yourself first. We have granddaughters that are paying off student loans that are just out of sight. They both worked as waitresses and if they had put aside a few dollars a week for themselves, they might not be struggling so much. (Pru, 75)
Unfortunately, I never had the money to save when I was in my twenties. That’s what I say to my kids now. I say that I wish I could have started saving when I was their age, when they’re in their twenties and like that. If you’ve saved money, like I stress that younger people should do, and then you can really relax when you get older and retire and enjoy life and like that. And think about having your house all paid for, and sit back and enjoy your hobbies and do volunteer work when you get older, and enjoy your grandchildren and travel. But if you’ve saved money and like that, you can do that and not have to keep working. (Flora, 71).
Worth taking a look at before you pull out those credit cards!
As a college student, I know first hand how hard it is to live off of essentially nothing. You come to appreciate a good home cooked meal, and your nice warm bed at home where your parents can tuck you in and take care of you. But at the end of the day it is important to grow up and learn to survive on your own. I agree that it is so important to learn to save at a young age. Instead of taking out financial frustrations on a home cooked meal, go out and search for a job. Find a way to make some money, and make it last. As an 18 year old, I know that college is a time where it is difficult to get your financial bearings, but it is extremely important to do so. Savings accounts compound and often become extremely valuable in old age. Great advice!