19-01-2019, 01:11 PM
1
Living beyond ones means.
I believe more and more people are doing this,why?I was talking to a neighbour,who I hardly know,..he was telling me his daughter had run up debts on her credit card and has had to move in with him,not sure if she owned her own house,she's staying there rent free,lucky to have a Dad like that,but I'm just wondering if it's the right thing to do?...only because once she's free of her debt,will she do it again,but I guess that's her business,..I have known bankrupts who never seem to learn,interesting.
19-01-2019, 01:25 PM
2
Re: Living beyond ones means.
I think it depends very much on their circumstances pauline. I know people who's rents take up a good 90% of their wages I am not sure what debts they incur but I can't imagine they keep within their means as it were.Others see things they want and imagine that means they need it so buy it. They I have less sympathy for but it often starts in childhood I think where they don't learn they can't have everything they want, it's a hard lesson for some to know that isn't real life for many people.
Some keep up with their friends, we have a small problem with that ourselves where we have to say no to a lot of trips etc that our daughters friends can afford but we can't. The iphones etc just not happening here but all her friends have latest models. Hard lesson to learn but I am confident learning it now it will come easier later on. I hope so anyway.
Costs of housing and utilities have outstripped many people's abilities to earn sadly.
I was reading somewhere other day over 60s are beginning to be most indebted generation ever, as their earning capacity dims but their needs and wants grow.
19-01-2019, 01:59 PM
4
Re: Living beyond ones means.
Well as a child growing up in the 60s and 70s, I was well used to not having anything
I started out in a studio flat with just a bed to my name. Every bit of furniture I acquired I got second hand, either given or bought
Same when I got a flat, those bits came with me and done whilst I saved and got new. Me and Mr Missy slept in a single bed for a year until we had the money to buy a double
Today, we still save for things we may want. Theres a lot of pie in the sky wants but without putting it on credit ( which we won't do ) they will stay as pie in the sky wants
I have friends who have the best of everything, yet their income doesnt justify it. It will only take the loss of a job and the lot will come tumbling down around them
19-01-2019, 02:40 PM
5
Re: Living beyond ones means.
Three of my children were born when we didn’t have much money and they are great with managing money. All own their own houses, except my son whose house and land had to be sold when he and his previous partner split up.My two youngest daughters were born much later in my marriage when we were better off, so they got a lot more than the first three.
These two younger ones earn high salaries but they spend money like it doesn’t matter. They don’t look at the price of anything and if they want it, they will buy it.
I can’t see them ever owning their own property as they just spend, spend.
19-01-2019, 02:40 PM
6
Re: Living beyond ones means.
I know Missy,that's all it will take for some,everything outward to show,yet nothing in the bank for a rainy day,I must admit I have been in that position,never again I hope,I only buy what I need and can afford now,..those days of credit are long gone and like you I save for everything.19-01-2019, 02:45 PM
7
Re: Living beyond ones means.
Originally Posted by Artangel
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Three of my children were born when we didn’t have much money and they are great with managing money. All own their own houses, except my son whose house and land had to be sold when he and his previous partner split up. My two youngest daughters were born much later in my marriage when we were better off, so they got a lot more than the first three.
These two younger ones earn high salaries but they spend money like it doesn’t matter. They don’t look at the price of anything and if they want it, they will buy it.
I can’t see them ever owning their own property as they just spend, spend.
,...the opportunities I have missed,all because of my spending,..oh well,at least I woke up and smelt the coffee some never do!.edit to add,thank God I own my own property,if I didn't I dread to think how I would have coped,..all these poor people having to use food banks.
19-01-2019, 03:08 PM
8
Re: Living beyond ones means.
Yes we learned our lesson hard way with credit too, managing nicely then my husband had a stroke and year off work to recover, never want to be in that position again although we did pay back every penny we owed, we just have what we can afford these days.
19-01-2019, 03:12 PM
9
Re: Living beyond ones means.
It's a basic lesson of life. Live within your means.Those who live beyond their means and get into serious debt should never be bailed out, even if they are family. By all means help them with a monthly payment plan interest free but never just wipe their debts because the lesson HAS to be learned.
Youngsters are expending large amounts of mobile phones and associated games and apps they use on them. Many females are constantly buying new clothes and spending ridiculous amounts on regular hair do's and finger nail treatments. There is a large beauty studio in my city close to where my wife works and it has a constant churn of, what I can only describe as uber vane slappers all wanting the fake Essex look. They all have the same hair dos and the stick on eyelashes and stupid nails. They trot out like they were on a conveyor belt. Then they all drive off in their Range Rover Evoques which I guess in many cases Daddy bought for them.
Add to that the ciggies that many of them smoke to be part of the "in" crowd and all the money they spend on drinking out and it's easy to see why some of these people are essentially just living "on tick" (i.e. everything is on HP, loans, credit etc).
A large proportion of the youngsters have been addicted to gambling via the online casinos on Smart Phones. They are too dumb to realise it is all rigged and so lose pots of money. Then go chasing it with more money to try and win it back which of course is disastrous.
The problem is, we don't teach kids in school how money works, how to plan for their futures, how to invest and save, how to make money grow. They are conditioned to live for the moment and spend whatever they want. Soon enough they realise they have nothing and no way to get out of the "living with parents" trap.
Living within our means is a vital part of life in this modern world.
19-01-2019, 03:18 PM
10
Re: Living beyond ones means.
Originally Posted by Julie1962
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Yes we learned our lesson hard way with credit too, managing nicely then my husband had a stroke and year off work to recover, never want to be in that position again although we did pay back every penny we owed, we just have what we can afford these days.
I think a lot of us learn the hard way,Julie,it was the same for me,managing well with working,not realising that the cost of living was going up,I wish I had ,had the sense to see that,then got into arrears,but like you,I paid every penny back,I have no credit cards and never will,as you say the banks made it far to easy to borrow,..I wonder what it's like these days?..one thing for sure,I won't be enquiring,
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