Twenty-somethings who make their first foray into the real 9-5 working world, the fact that every fortnight or every month a (seemingly) large sum of money is deposited into your bank account to do with it what you will, is just exciting. Suddenly you feel wealthy. Suddenly you feel like someone who’s really participating in the world, not just a student or an intern, but a real adult doing adult things. From renting property to deciding which bank account is best for you, responsibilities almost feel cool.
The honeymoon period then wears off. Suddenly participating in the world as an adult is hard work. Choosing which bank account is best is hard. Renting property can get prickly. Even grocery shopping can get sloppy (oh, I already 5 packets of pasta, and one pack seems to be disintegrating…). However it can be easy to fall into the trap of being content with having enough to pay for what you want and need and not keeping track of your financial situation – not being mindful and not saving. Here’s the reality: when you’re 30 and you don’t have some kind of substantial savings (say, more than $1000) it’s a bit concerning – especially if you’ve been working full-time and have no dependents. As my parents always say, you’ve got to have something for a rainy day. When you need repairs done, a costly trip to the dentist, or you even if you just want to take a small trip, will you have enough if you’re not being vigilant and saving? No you won’t.
Maybe a little perspective is what’s needed.
Since the Global Financial Crisis, millions of people worldwide live below the poverty line. A recent ACOSS study reported that 13.9% of Australians, i.e. 2.5 million people live below the poverty line. Globally that number has been projected to sit at about 1 billion people living on $1.25 a day in 2015.
Should you feel bad about statistics like those? At least be sympathetic, and try to at least mildly control your finances in lieu of that information (e.g. buying an $11 latte < trying to live a humble life for 1 hour a day). But as prices of mediocre basics like bread and milk rise (some milk is sold to supermarkets for about 70c per litre) it makes it increasingly difficult when we just don’t have any other options – unless you seek them out. You don’t need to be a martyr, but the effort to reconsider some financial investments needs to be made, even it’s just for an hour a day.
Make your lunch at home instead of paying up to $15 for a fancy café lunch. Be patient and wait for a sale before buying something full-price. Bottle your water at home instead of paying top dollar for a basic commodity, which is not even readily available to millions of third-world inhabitants.
It’s never easy to begin a regime of this sort because it almost feels like you’re depriving yourself of the satisfaction of spending your hard earned dollars. But if something is hard earned, why throw it away so easily for momentary, fleeting gratification? The effects of the actions that are made in the present are usually met in the future, and without sounding like an overbearing parent, or even worse like a stale and crusty financial adviser, these things are worth considering especially in light of the fact that there are people out there living on $1.25 per day.
Image: Jenny Downing / Flickr CC
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