What Mistakes Make It Difficult for Young People to Save?

[Suba]

Many young people (they are not married), although they already have income, they are reluctant to save, they prefer to live a hedonistic style and always follow the development of model trends. Of course there are many mistakes young people make that make it difficult for them to save, Unfortunately I can only gather a little information, so I need your willingness to complete this thread, some of the information I got that hinders and makes it difficult for young people to save is:
1. It's not time to save yet
Because they do not have the responsibility to meet the needs of their children and their wives and children, so they think it is not time to save, they prefer to live happily.
2. Not Having a Saving Plan and Goal.
In general, young people do not have plans and goals to save or are motivated to raise money.
In your opinion, what makes it difficult for young people to save?

 

[Kendy]

I presume one of the reasons young people find it difficult to save money is lack of insight and inability to set their priorities straight. I have come across many individuals and student who do not think ahead of the future, when once they have leverage of enough money, all they think about is how to spend it on; fashion, mobile gadget and assorted types of food. No doubt, it is good to enjoy the pleasures of life but at the same time, you should be disciplined in thinking about the future.


The mistakes that make it difficult for young people to save is the inability to manage their funds. So many young people are so engrossed with pleasing others due to peer pressure. I had a friend who works and earn about $200 but at the end of the day, someone who is not working would have been more productive than she who claims to be a working class. The issues is that her priorities are not set straight and even when I bring this to her notice due to excessive habit of loaning money incuring debts and also having this entitlement mentality, she gets flared up which I just had to back down. When once you are indisciplined with money, then it will be a very great barrier to savings.

 

[Abigael]

Those are very true points you have mentioned about what makes young people not to save. The idea that they are still young to save is what is their biggest mistake for sure. They don't realize that this is their time to start preparing for when they will have a family.

Many of them end up getting cought up with the family when they are not yet financially stable. The other mistake of not having a savings plan is also very genuine. Most young people don't put aside a portion of what they earn fkr their savings. They just spend it all. They may decide to save but since they don't save in different accounts from their spending money, they end up spending the saved money.

Another mistake that young people make with saving is not having control over their urges. They desire alot to keep up with current trends with clothes, shoes and gadgets. So they spend most of their earnings on these things and don't have a plan on saving. Some even take loans to satisfy these desires.

Young people need to start learning that this is their perfect time to start saving. This is because they don't have much responsibilities and most are earning pretty well.

 

[Mika]

In my opinion, there are two reasons why young people can not save or find it difficult to save money on a regular basis. First of all, they do not earn well. A young man or a woman might be placed in a good job, might have good knowledge and skill, still, they lack experience, thus, they are not drawing as much salary as they should be. Therefore, they always fall short of money. Secondly, young people have a lot of requirements. They buy subscription services, they spend a lot of money on mobile phone bills, they spend money in parties and clubs, they frequently done out, they go to the movies. Due to their recreatioal activities, they are not able to save money. Thirdly, young people do not have any knowledge of how to save money. They spend money on junk food, they spend money on unnecessary items, they dine out instead of cooking their own foods, etc. Fourthly, young people are unable to save money because they either do not have a regular income source or they already have a pending loan (outstanding loan), an educational loan for example. When you have debts, how can you save money regulary?

 

[Ithedicious]

Lolz, for me there are so many things that makes saving quite difficult and one of those things are responsibilities I have to take care of, Apart from responsibilities I will save my money conveniently without any problem..

People who have difficulties trying to save their money in most cases is always as a result of so many things that makes them to spend money unnecessary and it is quite difficult especially for people that are addicted to things like smoking and alcohol because they will always be forced to spend their money on these things .

Now concerning the young people, most of the things that are likely to be the reason why some of them are not able to save money is partying. Everyone love party . But if a person has something to pursue for the future, all these addiction will never comes in because they will just channel their energy towards achieving something in the future, probably something that will help them achieve good financial status and stability in life.

Generally these are things we supposed to be spending our money on and not on temporary things that won't benefits us. Future is more important than temporarily enjoyment.

 

[Jasmine]

I learned the importance of saving from my parents. My mom was a homemaker and father worked in a company. Every month when father received salary, he give mom some money so that she could buy groceries, however, mom manged to save some money from her grocery budget. She saved money in a bank, when the money compounded, she saved the money in fixed deposit bank account. Father on the other hand saved 3-5 percent of his income in an emergency fund. When the money compounded, he invested in the share market. Since I saw my parents save money regularly, I not only learned the importance saving, I even learned how to start saving. I started saving when I was still child. I saved money when I ever I received money from my grand parents and uncles. When the money compounded, I gave it to my mother so that she could save it in the bank. I was 11 years old when I had my first bank account. Sadly, these days young people try to spend everything they have the moment they receive cash, that's because most of them did not learn saving from their parents, even if they earned they don't have faith in saving.

 

[Augusta]

The young people have always have the problem with saving culture, sometimes I just want to believe it is because of the young mind that just believe it is not yet time to start saving that there's still time to save as one grow older. But in this regards I think the parent has a big role to play here to let the young ones know that saving for the future doesn't have to be when one has grown you can start at any age provided you are making money or having a legal means of making money
The issues young ones have are lack of responsibility: With no responsibilities especially financially the young ones will not have the need to save

ignorance: Another is ignorance on the path of the young ones if they are not educated on the importance of savings then they might not have the urge or even know on their own that they need to save.

Love for frivolities: This is another issue with young ones, the love the good things of life and believe that is what life is all about so they are always about spending. So with this saving to them wouldn't be possible as they always want to enjoy.

 

[Shigobad2020]

Though there are people like us who comes from a poor family background and we are been taught on how to save when we started hawking for our parent , but still some of us normally spend the money to buy unecessary things while some makes good use of the money .

One of the main reason why young people are not saving is because they believe they are still very young to start saving and because their parent are providing for everything they needed , so they believe its nit the time to start but actually some youth started their business at eaely stage with the little they save and they are financially fine controlling their own company.

The second reason why youth cannot save is because of the urge to buy new and trending products like wears , wigs , shoes e,t.c due to the peer pressure , they sees their mate looking good by buying expensive things and they also wanted to feel among.