56.Spending and saving money
Q.1 What do young people spend money on?
Ans-Oh, I guess it depends on the level of income young people have as the more money they have, the more things they can afford to buy and pay for. If young people have a limited budget, they mostly spend their money on necessities like housing, food, clothes and most needed education and cultural activities like going to the cinema once in a while. But if young people have a high-paying job or run their own business, they mostly spend their money on travelling, trainings and other memorable experiences. Also, they try to care about their health and beauty and are ready to pay for fitness, massage, beautiful skin and hair. And, of course, quite a big number of the young splurge on gadgets, good alcohol and entertainment as well as on branded clothes, footwear and accessories.
Q.2 Is it good and necessary to teach children to save money?
Q.3 Do you think it is important to save money?
Ans-Absolutely. First of all, it's one of the key lessons that will impact whether kids will do well in life 'cause saving teaches discipline and delayed gratification as well as goal-setting and planning. It builds security and independence. For example, kids will learn to live within a budget. And they will learn how to balance spending money on what they want now with saving for the future. Plus, having an emergency fund set aside to cover unexpected expenses will make kids' life less stressed. Another reason why it's essential to teach children to save money is that most children form core behaviors, which they will take into adulthood, by the time they are 7 years old.
Q.4 Do you think that people buy a lot of things that they don't need?
Ans-Exactly. Nowadays people buy lots of things they later never use. And I think the most common reason we buy such stuff is quite simple boredom.
When a person doesn't have anything else to do, when a person doesn't have a purpose, they simply get something new to spice up their day. So, first of all, people buy something new to entertain themselves. For some people, buying new stuff is the only way to feel good about themselves. I know people who think that they aren't good enough and not dressed well enough if they don't possess this or that item or piece of clothing. So they are trying to solve their psychological problems through the act of buying. Also, people's brains are made to be attracted to novelty. There are so many cool things produced each year: new phones, new laptops, new cars, new gadgets, new TV shows. So even if a person doesn't need a new phone, they simply can't resist the pressure. As a result, a person quickly convinces themselves that they do need one. Finally, many people fall prey to advertising. Companies glamorously introduce their products and explain how these will magically cure you or make you feel better and that you will now belong to another group of people, a much cooler group of people.