Today's generation is an instant gratification generation. When they want something, they want it now and many times values a newer item versus a better quality item. Many people would be surprised to find out that in a recent study,a group of teens and twenty something said that when something in your home breaks, like an appliance, they would just go buy a new one. They have no idea that the concept of fixing something you already own is an option. Now with the struggling economy this younger generation are learning how to be more frugal from the older generations that have been doing just that all along. For example, if your vacuum breaks you should go to a vacuum repair shop and take a look at vacuum parts and vacuum pumps that may need to 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 among people under the age of 30 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 not capable of understanding how to budget their money yet. But, they did know that they had a credit card with a high limit that would allow them to buy whatever they wanted at the time. They would then just pay the minimum requirement each month resulting in a growing debt that soon got out of control. This credit card fed on the instant gratification of these younger people and shows greatly the problems with our economy today. People are having greater amounts of debt at younger ages than ever before. They now need to learn how to change that.
Many bad things have a silver lining and this recession may be one of those examples. The economic struggles have forced many people that were living way beyond their means to take a good hard look at themselves and their spending. They are now seeking the advice of the older generations to help them relearn how to be financially smart. One lesson is to pay off and get rid of their credit cards and to just use them for emergency purposes. This is tough 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 are learning is to take care of the things that you do own. When something breaks like a TV, an appliance or even your car, 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 will break after one year. This is how to be more frugal in today's society.
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