• Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact
    • Facebook
    • Instagram
    • Twitter

When Parents Text

When Parents Text

If mum and dad didn’t teach you money management, you must read this.

September 20, 2019 by Annie

The number of young South Africans aged between 18 and 25 has increased significantly in recent months according to a study carried out by the University of South Africa. Much is said about the poor state of financial literacy here in South Africa, and many of the financial institutions are at last taking steps to address this through appropriate courses for the young.

But that is not where the problems start.

The problem starts at home

The lack of understanding about how finance works, (we’re not talking about high finance – just the day to day control of money we all need to know about) begins as many things – at home. Our immediate role-models and our parents, and it is the teaching of this teaching of monetary management that mums and dads fail to pass onto their children that is the main culprit.

In many instances, it is not that fact that parents are simply neglecting to teach their children about money management; they themselves lack the knowledge in the first place. It is therefore essential to gain an awareness of the things your parents did not or were not able to teach you about controlling your finances.

Living within your means

The single biggest cause of young people getting into debt is the fact that many live their lives beyond their means. Yes, some people don’t have enough money in the first place – especially if they are unemployed. But there is also a high percentage of people who do have enough money, but they just don’t manage it properly.

The temptation posed by credit cards

Credit cards can pose a big part of the problem. The fact that young people can buy things on credit and pay later by installments is for some, an offer that is too tempting to be ignored. But buy now and pay later can cause big problems – especially if it’s something that’s done on a regular basis. Before victims release it, they accumulate so much debt that the sum of all of the payments added together becomes too much for their available income.

It’s bad enough when this type of debt is realised for luxury of “fad” items, but when the debt is taken on for necessities like food – that is a potential nightmare. The nightmare has been brought closer to realisation by the growing number of stores like Pick n Pay enabling people of all ages to buy food items using credit cards.

Being qualified for credit doesn’t mean you can afford it

Living within your means is all about being able to afford to pay your bills and debts without a problem. But when many people find that they qualify for a particular credit card, they sometimes make the mistake of believing that this so-called “qualification,” is the same as being able to afford repayments. It is not.

The firms that offer these cards to people without carrying out the proper credit-worthiness-checks are acting totally irresponsibly.

Learn the art of budgeting

The critical thing with managing your money supply is budgeting. Without proper budgeting, you do not know how much money are spending on a regular basis, or what you are spending it on.

Create an affordable budget and acquire goods and services within that constraint and you won’t go far wrong.

 

About Me

Hi! I'm Annie and I have 3 kids (all in their teens - yikes!). My mommy blog isn't all about lunches and DIY - it's also about humour. Like how my kids make fun of my texts as if I don't know how to use emojis (I DO!). Now that I have a bit more time - since my kids don't want to hang out with me (teenagers), I have taken up blogging.

Why Hire A Pest Control Company To Deal With a Roach Infestation?

January 17, 2023 By Annie

How can I engage my child in learning?

January 17, 2023 By Annie

3 Materials to Keep in Mind For Your Custom Stickers

January 12, 2023 By Annie

Top Reasons Soft Tissue Physical Therapy Is So Effective For Healing Injuries

January 9, 2023 By Annie

Which Countries Have the Strictest Abortion Laws?

January 4, 2023 By Annie

  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • Facebook
  • Twitter

Why Hire A Pest Control Company To Deal With a Roach Infestation?
  • Business

Why Hire A Pest Control Company To Deal With a Roach Infestation?

By Annie / January 17, 2023
Cockroaches are a nuisance; they can cause significant damage to your property, ultimately making their spread so dangerous. On top...
Read More
How can I engage my child in learning?
  • Tips

How can I engage my child in learning?

By Annie / January 17, 2023
IGCSE courses can be really engaging, but getting your child to be excited about learning can be a challenge. As...
Read More
3 Materials to Keep in Mind For Your Custom Stickers
  • Tips

3 Materials to Keep in Mind For Your Custom Stickers

By Annie / January 12, 2023
It’s easy to look at a sticker and think that they’re one-size-fits-all, but in reality, there are quite a few...
Read More
Top Reasons Soft Tissue Physical Therapy Is So Effective For Healing Injuries
  • Health

Top Reasons Soft Tissue Physical Therapy Is So Effective For Healing Injuries

By Annie / January 9, 2023
Healing after an injury can be a long journey for many people. While the body is mending itself, it needs...
Read More
Which Countries Have the Strictest Abortion Laws?
  • Health

Which Countries Have the Strictest Abortion Laws?

By Annie / January 4, 2023
The global debate surrounding abortion regulations is contentious, with countries often taking drastically different stances on the matter. As the...
Read More
How to Build a Backyard Igloo: Winter Weather Fun for the Kids (And You!)
  • Tips

How to Build a Backyard Igloo: Winter Weather Fun for the Kids (And You!)

By Annie / January 3, 2023
Are you tired of the same old winter activities like sledding and ice skating? If you're looking for something a...
Read More
The Benefits of Social Learning
  • Life Style

The Benefits of Social Learning

By Annie / January 2, 2023
Are you looking to learn something new? Are you interested in taking online classes but aren't sure if they fit...
Read More
Pet Care Talks: Top Routines That You Should Get Your Pets Into
  • Pets

Pet Care Talks: Top Routines That You Should Get Your Pets Into

By Annie / December 29, 2022
Owning a pet might be one of the most time-consuming things, but it will be all worth it once you...
Read More
Your Step-By-Step Guide to Preparing a Room for Painting
  • Tips

Your Step-By-Step Guide to Preparing a Room for Painting

By Annie / December 27, 2022
Are you in the process of painting a room in your house? If so, you may be wondering how to...
Read More
Carpet Cleaning Machines – A Comprehensive Guide
  • Tips

Carpet Cleaning Machines – A Comprehensive Guide

By Annie / December 27, 2022
Having dirty carpets always feels unpleasant. But do you know how to clean them? Or do you even have the...
Read More

About Us

Hi! I’m Annie and I have 3 kids (all in their teens – yikes!). My mommy blog isn’t all about lunches and DIY – it’s also about humour. Like how my kids make fun of my texts as if I don’t know how to use emojis (I DO!)... Read More…

When Parents Text

  • Home
  • About
  • Life Style
  • Family
  • Tips
  • Health
  • Business
  • Pets
  • Recipes
  • Contact

© 2023 · Pretty Creative WordPress Theme by, Pretty Darn Cute Design