I guess in our world today, most of us will not have the money to buy a home up front without the benefit of a loan. I know we certainly never would. What bothers me now though is that so much of our western world lives off of- “Don’t pay a cent till 2014” or “No interest, no deposit” philosophies.
Do we really need that new mattress so much right now, that we have to take it home today? Do we forget that they will have another sale in two months on the same product? Do we not have the option to wait? Too many of us have taken the opportunity to “buy now” on too many luxuries. This attitude is soon caught by our children.
One strategy we adopted with our children is to make a list. If you want something, write it down. This eliminates the stresses of the in-store “Please, please, please” routine. If you really want it, write it on your list and you can save up for it. Its amazing the number of times those “must have” items never make it to the “must have” list.
Another strategy we have, which many people have, is to have your children put a certain amount of money away. In this way we teach them to create a savings account, and not spending every dollar that comes in. One son couldn’t believe that he had 100 dollars in his bank account and has set the goal to build that to 200.
Dave Ramsey’s Total Money Makeover has been a real benefit to our family. I have a link to his site at the top right of this blog. One of his expressions is to “live like no one else does now, so you can live like no one else does later.” Simple and profound all at once.
What about you? Do you have financial strategies you’ve used at home to help with the “I want it now” syndrome?