How does our culture’s hyper focus on shaping youth spending habits square with the new austerity trend that is sweeping the globe? The contrast couldn’t be more dramatic. Imagine how confusing the message of austerity must be for youth around the world.
After a recent speaking engagement one young adult asked me, “So, am I supposed to spend or save my money? On one hand, I hear how important it is to spend money for the good of our country, but on the other I hear about saving and the importance of creating a financial safety net.”
The one money habit that he didn’t ask about, and is all too often left out of most money conversations, is sharing. Imagine how different our country’s current narrative, and in turn our national priorities would be, if more youth and adults really understood the power of sharing with others.
Families across America need to proactively seize the moment because everybody wins when we have a balanced diet of healthy money habits based on a simple values-based philosophy – Share Save Spend.
It's not a philosophy of convenience. Rather, it is a lifestyle that defines the role money plays in our lives – a lifestyle that is built around generosity, not austerity.
Here are a few ideas to help your family jumpstart your money conversations:
- Lead with Sharing - By sensitizing children to the needs of others you will teach them the power of generosity. Give them numerous opportunities (money and time) to respond to the needs of the world.
- Set Saving Goals - Use goal setting to counter the "I wants". If your child wants something, let them save for it. The patience and discipline instilled will be invaluable when saving for big-ticket items like a car or a home.
- Start Talking – Healthy money habits and shared values are learned through conversations and experiences. Seize the moment and prioritize these essential activities.
- Walk the Walk - Your money narrative will shape how your children and grandchildren use money for decades. Periodically review that your habits and values match your desired outcome.