Financial Mistakes Of Our Children

Many adults, mature people sometimes make the stupidest financial mistakes . Someone loses control over themselves, and someone just is not able to learn to keep their desires and, accordingly, expenses within the framework. What can we say about teenagers – about young people who have absolutely no experience in managing personal finances? The problem here is that sometimes teenagers have no one to explain the principles of money management, or their carelessness is simply not paid attention to. As a result, we have people who have no idea what to do with their own money.

In my opinion, it is not so difficult to teach your growing child a few lessons in financial literacy . This will not only not interfere, but will also help young people to adequately and reasonably manage their money in adulthood. After all, all problems, even financial ones, as we can see, often arise from childhood. Knowing what financial mistakes a teenager makes, parents can explain how to solve them and, in the long term, avoid them. And here are the most common of these financial mistakes.

The first of them is the inability to correctly assess the value of a particular product. For example, it is not enough to get, say, a cool scooter from your parents. After all, it will also have to be serviced. This means constantly buying fuel, changing tires and providing your vehicles with maintenance and service. Few people think about it at all. Of course, you can count on your parents. But how, then, do you even know the price of money?

The second oversight is the acquisition of more certain things than necessary . Here you can talk about cosmetics and clothes, for example, when young people have a breakdown and all the money they have is spent. And the realization that some (or all) of the purchased things are not needed at all comes only later, in hindsight, when the situation cannot be corrected.

Shopping with the intention of impressing others is another mistake young people make. Of course, the chance to measure your financial capabilities is very tempting. But impressing friends or loved ones with spending is not the best way to assert yourself. Moreover, in the long term, such spending has extremely negative consequences, because it has already been proven that such purchases do not bring us pleasure, only a momentary satisfaction from the ability to surpass someone.

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