If You Want To Reap Financial Blessings, You Have To Sow Financially’
Sayings like these perhaps carry considerable importance in the time of money-driven world today. It is actually true that if you want a brighter financial tomorrow, you have to pay attention to today and do prudent planning.
The World Talks a Lot about the Youth Money Management
Universally the youth is in the centre of attention of the financial matters. They carry the responsibility to craft a better future for themselves and for the world too. Various parts in the world in some or other way are interacting with the monetary matters in particular concern to youth.
The above headlines from different newspapers and studies express quite a deep concern for the youth and money management. The type of economic environment we are living in, demands full-proof financial planning. However, the irony is, in the era when we are much more blessed with the luxuries of life, we are dealing with a great deal of stress in our financial lives. Countless cases of a credit card over dues, default, mounting debts, have become like a standard part of daily routine. Besides, in some parts of the world, several big scale economic changes are also adding to the mess of money. Brexit is the most relatable example. Pay squeeze, cost of living crisis, are among the most important consequences of this historic decision that is making the lives of young people pathetic.
Youth is undoubtedly among the most affected class of any financial condition. They have the responsibility to shape the tomorrow, but with a staggering today, it is almost impossible. The bank globalisation has been increased significantly, and it has characterised the global financial crisis before the period of 2007-09. Many business systems around the world found their cornerstone in international banks. Due to a competitive banking system, we could achieve improved resourced allocation and economic as well as financial development.
This was the time when the youth had a friendly and favourable financial atmosphere. Loans, mutual funds, credit cards, everything was in offer in great deals and with an entirely new approach. This is promising while the other side shows the stress of one of the most promising economies in the United Kingdom, in which the young couples are facing denials due to poor credit scores. Brexit after-effect or poor money management, whatever you call it, a threat on the future is the result of any money mess.
An extreme need is there to emphasise the importance of smart money management. There are ways and tactics to do that and with self-discipline, if we follow them, then it is not impossible to live the dream of a prosperous life. Financial institutions today have countless loan products that focus on the needs and circumstances of the youth. For instance, a significant part of the young population is struggling hard from bad credit scores. To provide a solution, new age lenders offer loans to poor credit people. Some are with obligation while some are without obligation.
TIPS AND SUGGESTIONS ON MONEY MANAGEMENT
Financial consultancies and institutions also provide tips on money management that focus on even the teenage group. Pay attention below on the ways that suggest money management tips to the teenagers.
Give financial responsibility to teenagers
The money has its importance, and that should be in good knowledge of every teen. It is essential to give them responsibilities to manage their finances on their own. This teaches them below things –
- Spending the amount that they can afford
- How to avoid the pitfalls of unplanned expenses
Budgeting with pocket money
Pocket money is the first introduction from financial responsibility. Provide a set amount to your teenager as pocket money helps them realise the struggle of how to stay within the limits of a budget. From daily routine expenses to their party plans, they need to encapsulate all in a limited amount. If they want to throw a party next month, then it is natural to save more spend less from the current month pocket money.
Give a set budget to accomplish a task
This is another constructive way to help the young blood do patient management of money. Make them set a monthly budget for their lunch and inspire them to stick to it. If they use that money for other purposes like buying new clothes, going out with friends, then they have to compensate for it. They need to take the sandwiches from home.
Set the right example
Children imitate their parents and elders. It is very complicated to escape from the judgemental perceptions of the teen. In this age, they believe what they see. Follow the rules of discipline when you use your money. A spendthrift attitude of elders in the family cannot teach the children a lesson of right and patient financial management.
Take their suggestion in your monthly budget
This can be an effective way to teach your teenage child. You plan your budget every month. Ask your children to suggest you on the budget. Tell them to suggest a way to do the maximum use of the available money. Also, make sure to inspire them to think on the ideas to detect some unnecessary expenses. This makes their mind calculative and develops troubleshooting skills in financial problems.
THE WORLD AROUND IS FULL OF OPPORTUNITIES AND CHALLENGES
There is much more to bring in the notice, but it is better to understand the core message that surrounds these reports. The situations around are full of opportunities at the same time hardships. However, the latter can be tackled well with timely and calculative planning of finances. The economic atmosphere keeps sometimes changing without any intimation what stays is your intelligence to address every situation.
THE TECHNOLOGY IN THE FINANCIAL MANAGEMENT
The search engines get a universal search for money management tools. Countless budgeting apps are just a few clicks away from you. Mobile has become a money manager. A big part of managing finances also depends on sensible borrowing decisions. Loans fulfil myriad of needs, and a smart lending platform can help materialise financial goals. FinTech is another promising addition that brings the finance industry and technology together. One can borrow funds online and can repay online with the least documentation on immediate approval decision. Technological developments like blockchain are there to ensure the security of financial transactions. The speed-loving youth can definitely connect to this revolutionary version of the lending industry.
Hours and years of discussions on the money matters may fail if we do not learn the art of money management. From small saving habits to big financial decisions, everything has the potential to affect life. However, it may sound impossible but with only one tool of ‘smart planning’, youth can win the big battles on the various fronts of finances.