When it comes to looking after money, Glendora’s residents are doing a pretty good job. Glendora residents enjoy 27% higher wages than the rest of the country, according to official city stats, and the poverty rate is low to match, at 6% lower than the national average. It’s clear that good financial lessons are being imparted on all generations. However, as times change, so do the lessons you need to be taught.
What’s more, moving forward with technology can give you a wonderful boost to the methods you can employ to teach children, students or peer. From running interactive financial management simulations to e-learning, there are lots of possibilities. Here’s how to keep Glendora’s next generation in-the-know on how to manage money.
The importance of shopping around
Making the most of your shopping – in all sectors – has been the key to finding lower prices. The theory of capitalism has always made that relatively easy in the USA, but modern marketing is making it even easier. Large foreign superstores are coming to Glendora to provide even more options. That’s without even touching on the internet and ecommerce. Take personal finance. Typically, a lack of knowledge around a lender can cause unsavvy buyers to suffer low interest rates or miss out on a great deal. With a wealth of information out there on lenders, including Avant, Prosper, and NetCredit reviews, many of the big and small companies are covered. Teaching the next generation to effectively use the web to shop around is a key first step to good financial management.
Practicing restraint when purchasing
Shopping around is the first step to finding a good deal, but you should also question your young students as to whether they need to make a purchase in the first place. Impulse buying can burn a huge hole in your pocket – research reported by CBS News found that 1 in 5 Americans had burned through $1,000 in one session of impulse purchases. Help the young people you’re imparting wisdom on to have the confidence to be steady and not be swayed by impulsive purchases. Practicing mindfulness and meditation is a great way of increasing all-round health and also providing some solidity of mind to avoid these sorts of mistakes.
Helping savings grow
Saving is something that the Baby Boomer generation took very seriously, working hard and scrimping to afford their life. However, with the cost of living squeezed, many millenials have no savings – Glendora natives included. Encouraging the younger generations to get saving is something that’s been tackled by the mini-savings app. By combining technology, which the next generation are enthusiastic for – Pew found that 73% of teens have a smartphone – with small, barely noticeable savings, the principle of long-term planning is explained. When a few cents on the dollar quickly add up to big lump sums, it makes it easier for you to demonstrate to the next generation how that’ll work with large sums, too.
Shop around to make sure you always get the best deal. Don’t be tempted to splash out money on stuff you might not need. Finally, always save money, even if it’s just a few cents every day. With this wisdom, the next generation will be on solid ground to be a financial success.