When did you learn to follow a budget? (conversation, depression, state)
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I started working a "real" job at age 15. It was through a school program for low income kids.
I did that for several summers. I opened a checking account that I still have today.
I remember the days of balancing your account when your paper statement would arrive in the mail.
Lately I've run into young adults that can't conceive of doing this. By young, I mean in their late 30s and early 40s. They have kids etc.
I was trying to help one get their water back on after it was disconnected. They "forget" when it is due! One other person also chimed in that the same thing happens to them. Here, once you miss the payment date, you are assessed a 10 percent penalty plus a reconnection fee of 45 if they have to do that. That could easily be an extra 75 dollars.
The billing clerk says it happens often. He says he is shocked at the fact that they don't bat an eye about it either. I know these people and they don't have the extra funds to do this.
I have a relative that does this also. They make good money and no large bills. Their home and vehicles were bought and paid for by parents. So parent will run down and pay their water bill too if needed.
Relative said that maybe they might start setting up a budget to track their bills.. She works in education - another
I'm thinking of maybe starting a budgeting class. I'm shocked but yet want to do something about it. It is simple math - add/subtract. Its is self control that is hard.
I learned when I moved out on my 18th birthday (1977). After my half of the rent, utilities, and my monthly bus pass, I had about $50 to eat on for the month. I learned quickly how to eat big free meals at work (a good benefit), and survive at home on cereal for breakfast, and soup for all other meals.
You covered quite a bit there...... finances, budgeting, utilities, income.... Where did I 'learn' to budget? College. I 'experienced' it earlier, like you.
Self Control is hard!! Whether its eating, spending, debt, gambling, drugs, or sex! Come to think about it, those are all GREAT profit centers for business!
In this age of online checking there's no excuse to miss a utility payment -- or any other type.
Nevertheless, we used to miss paying the electric bill because somebody insisted on writing paper checks for everything -- and he puts off writing checks for months at a time. I was the one who had to go to PG&E and stand in line at the payment window with the other deadbeats. So I figured out what our electric usage was for a year, divided it by 12 and online checking sent a payment each month. Sometimes we were over, sometimes under. But it all evened out.
Self-awareness would really help a lot of people. Life is easier if you figure out what your weaknesses are and how to compensate for them. If you hate paying bills, for example, or never have any stamps.
At a very tender age. My parents grew up during the depression, and they made a point of passing on frugal values and money handling skills to their kids.
You covered quite a bit there...... finances, budgeting, utilities, income.... Where did I 'learn' to budget? College. I 'experienced' it earlier, like you.
Self Control is hard!! Whether its eating, spending, debt, gambling, drugs, or sex! Come to think about it, those are all GREAT profit centers for business!
yea - that gambling! Lots of seniors stuck to those machines. Wonder if they complain about their grandkids being on their phones all day -
I guess it was drummed into me early in life. Pay bills first! In fact, I was shocked recently when the bank changed my debit card & I forgot to call the internet service to change things with them.
They were very nice about it when I called after getting an email from them that the bank declined payment. But I was embarrassed that it happened.
I know some younger people who let things go, to the point of getting things turned off. One in particular would tell me about things she bought & then was shocked the utility company had the audacity to turn off her service.
I don't understand where the entitlement attitude comes from.
In this age of online checking there's no excuse to miss a utility payment -- or any other type.
Nevertheless, we used to miss paying the electric bill because somebody insisted on writing paper checks for everything -- and he puts off writing checks for months at a time. I was the one who had to go to PG&E and stand in line at the payment window with the other deadbeats. So I figured out what our electric usage was for a year, divided it by 12 and online checking sent a payment each month. Sometimes we were over, sometimes under. But it all evened out.
Self-awareness would really help a lot of people. Life is easier if you figure out what your weaknesses are and how to compensate for them. If you hate paying bills, for example, or never have any stamps.
Exactly! All the dates are on the bill. They have a website with a calendar to remind you.
But like you I too live with a person that "forgets" things. I had to take over the water bill payment. He is a terrible spender. But at least he can afford to spend, but the forgetting is another problem.
Other utilities are online and I pay those also, but with his dinero!
Not too long ago I had a detailed conversation with a young man about personal finances. He was always complaining that he didn't make enough (income). After a pretty revealing review, I offered the following:
Your income is pretty decent for your skills, experience, and location. He's a very hard worker.
His problem is income, however its not 'how much' he's earning, its what he's "spending" it on. He didn't know that his single biggest expense item was "overdraft" items... lol. He actually asked me, what's an overdraft? Too funny, I quickly replied, "your debt service to your bank."
This kid (I'm sorry, "young man") would go to the ATM on a Friday evening, 3 or 4 times, withdrawing $20 (I guess he was being frugal) while paying a $34 overdraft fee each time.... He was paying $34 to borrow $20!!!! On one particular evening he spent $136 in overdraft fees to 'borrow' $80!!!! lol
Once I explained this to him, and it started sinking in, he became pale as a ghost...... and then angry. The thing is, the ATM never told him "NO" - you don't have any money in your account!
Our newest generations are growing up with this, phones and ATMs. Instant gratification... (and as we know, always at a premium cost)
They make it easy for folks today. We have everything done with auto-payments. The utilities send me an e-mail with the detailed bill, but it's already paid by the time I get the e-mail. If I have a problem with the bill I deal with it after the fact, but we're never late on any bills this way, nothing gets "lost" or forgotten.
The problem with this plan is people whose bills are more than their bank balance, and that's where budgeting comes in. You've got to know your income and your monthly expenses, and most don't, or are caught when they pay a large unexpected bill and are left with insufficient money for their other normal bills. That's why an emergency fund is so important to pay those big unexpected expenses. Too many people live without an emergency fund and are thus "one paycheck away" from financial ruin.
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. She works in education - another 
