Younger People (18-25) - Attitudes to money

neverdespairgirl

Isaac doesn't dither - he's learned that dithering isn't appreciated chez NDG.

Phirefly

My niece is the living embodiment of 'dither'

SingleSue

I also do the choice system rather than an open one but with a time limit. If I gave them an open question, they would never reach an agreement and all hell would break loose....at least with the other option, they have to come to an agreement within 5 minutes or we go with the majority vote.

lostinrates

Phirefly wrote: »

That post just confirms it. We were separated at birth. We're even the same age. Thanks to you I don't need to post my thoughts and experiences on this thread as you've done it for me!

Well, nice to meet you, Sister!

Badger_Lady

Ooo, just to add to my last post (if that's OK!)... to those who happily spend big blocks of money on "stuff", I thought I'd do a list of stuff you can have if you're young and frugal (and/or hardworking):

- A three-storey, 5-bedroom period townhouse that you can decorate exactly how you like (because it's yours!)
- Lots of good-quality furniture rescued or restored from Freecycle (and a telly appearance on It Pays To Watch to prove it!)
- Fresh eggs every morning from your own ex-battery hens, and fresh home-grown fruits and vegetables... no need to get dressed and go to the shops
- A BMW convertible bought from savings, not loans, heheh
- Good quality, unusual and designer clothes that no-one else has... from charity shops! Including a long asymmetrical skirt made from 100% silk for £5...
- Backstage pass to every big music festival (in exchange for a bit of security work)
- Time and space to spend on the things you love - volunteering as a radio presenter, painting, photography, music...

Yep, all the above is mine and I'm so, so proud!

Max_Headroom_3

neverdespairgirl wrote: »

I was lucky enough to grow up with wealthy, generous parents, but it was never a question of getting whatever we wanted, when we wanted it.

So, for example, if we wanted to (say) do swimming lessons, or learn to play the violin, that was fine, but we had to give it a decent shot - do at least a term of it.

And we didn't get that much "stuff" - my parents were happier to let us learn / experience / do things rather than just accumulate stuff.

Ironically it always seems to me the parents with the least that give their kids the most!

Mind you, that could in part explain why they have the least to begin with, with that sort of attitude to finances....

Phirefly

Back to the thread, (and I'm procrastinating as I have a boring brief to work on) I started working at 16, more for social reasons than anything else (and all the desirable 6th formers worked up at the airport hotel) and it was once I started earning tips that my lifelong relationship with money began. It was almost like my first taste of self-employment. I suddenly realised I could actively influence the size of that pot of cash I kept by my bed, just by pretending to be interested in where the punters were flying off to in the morning as I poured their wine. It really made me think twice about dipping into the pot when I knew that every coin was so directly hard-earned.

My dad is 'frugal' to say the least and I think that played a part, you either reflect or react, I definitely reflect whereas my sister reacted massively and is very casual with money.

Like LIR, I worked all through uni and realised the only way I was going to get a job in industry was by working unpaid placements, so I negotiated that I would spend a year of uni down in london during the week working for nothing (with a 3hr round trip commute), then back at home in the midlands at the weekend, working in a shop in the day and waiting on at night. Pretty hard going which manifested itself in a head-on collision with an HGV but thats another story...

I've always felt very responsible for my own earning (acutely so now I'm S.E.) and I think that has a knock-on to my attitude to spending. I feel uneasy if I ever spend more than I save any given month.

It is (and has been) really REALLY hard work though, so no wonder we're the exception to the rule (in life as opposed to round here) as the majority have neither the drive nor discipline.

Max_Headroom_3

Badger_Lady wrote: »

Ooo, just to add to my last post (if that's OK!)... to those who happily spend big blocks of money on "stuff", I thought I'd do a list of stuff you can have if you're young and frugal:

- A three-storey, 5-bedroom period townhouse that you can decorate exactly how you like (because it's yours!)
- Lots of good-quality furniture rescued or restored from Freecycle (and a telly appearance on It Pays To Watch to prove it!)
- Fresh eggs every morning from your own ex-battery hens, and fresh home-grown fruits and vegetables... no need to get dressed and go to the shops
- A BMW convertible bought from savings, not loans, heheh
- Good quality, unusual and designer clothes that no-one else has... from charity shops! Including a long asymmetrical skirt made from 100% silk for £5...
- Backstage pass to every big music festival (in exchange for a bit of security work)
- Time and space to spend on the things you love - volunteering as a radio presenter, painting, photography, music...

Yep, all the above is mine and I'm so, so proud!

Sadly you can't get all that just by being frugal. You do actually have to earn a decent amount as well to afford a BMW convertible and a five bedroom house in the first place!

SingleSue

Not always the case Max Headroom....my parents had the least in the early days but we most certainly didn't get the most. I probably have a lower 'income' than most on this board and my children certainly don't get the most either.

I personally suspect it is down to attitude towards money and savings and you can get a good or bad attitude towards that no matter how much (or small) the household income is.

Mini_Bear

I think much of this spend now, pay later culture has come along over the past few years as ppl our age (23) never realistically saw house purchasing as attainable. With house prices rocketing away from average incomes people thought they may as well have the few material possessions that will make them look well off (Ipod/iphone, new car).
It was very depressing looking at my parents average house in the south-east and realising the salary multiple i would need to purchase one similar as a single female.
I have many friends who are also careful with money and hav all been quietly saving into ISAs for several years hoping to eventually buy a property. Those that perservered are now happily closer to owning a home.
I also worked at university to help fund my studies and i was only one of three in my college (Durham) who did. i found it incredible that so few students thought it necessary to work during term time. And this was only a few years ago!
I feel that gradually as this recession and associated doom continues, young peoples attitudes will change and materialistic/celebrity lifestyles will become less attractive. Well thats what i think should happen!
Just my two pence!
x Mini Bear x