Tips, advice, and the latest news from the savings world.
Why do we save? Explain to your children that we save in order to get things that we will want in the future, but also to get things that we will need in the future. It’s hard to think about the future when you’re young because to most children their idea of “the future” is next week, tomorrow, or even five minutes from now. So, does a three year-old understand the concept of long-term saving? Absolutely, positively not. Or does a ten year-old understand the concept of saving? Absolutely, positively not. As a result, most adults in America don’t understand the concept of saving either. We have a very low success rate of saving in this country.
Saving money and attending college are two activities that are typically NOT thought of together. In fact, many college students might tell you that they don’t have enough money to buy a pizza on a Friday night, let alone to add to a savings account. But what if we rethink the traditional notion of “savings” to make it a goal that is a bit more realistic for this cash-strapped chapter of life?