Without a doubt I’m part of the “YOLO” generation. The You Only Live Once mentality is applied to all aspects of our lives, but mostly to the money we earn. Although I am capable of saving, when I have a holiday booked and I need to pay it off, I choose to invest what I earn in a life of adventures and magic for Little Miss and I, because after all, you do only live once and I’d rather make this life the best possible since it is just the two of us. I’m not the only one. You see more and more people spending their money on holidays, flash cars, expensive clothes rather than putting down roots, starting a family and getting married these days. And why not? You earn the money so you should be able to enjoy it!
These days it’s so hard to get a mortgage and the deposit costs a fortune. A wedding can cost as much as a car and if it doesn’t work out you have the cost of divorce on top. And lets face it, by the time we’re old no one will be getting a pension anyway! If you’re young free and single why not spend that money you spend all week slaving away to earn, let future Laura, John and Mark worry about those things.
However, things were so different for my parent’s generation. By my age my parents were married to each other, with a house and two kids. My dad worked too much and my mum didn’t work at all. Like me, my parents lived in the “red” barely making ends meet and they didn’t get to have half the fun we had. My first two holidays were paid for by people other than my parents, I didn’t go abroad until I was 9. Little Miss has been abroad 9 times and she’s only 5. But for them it was all about the future, and low & behold at the age of 50 money is no object really. They live comfortably, they pay their bills, they can invest and they can have holidays. It’s a complete turn around. They didn’t have the fun while they were young, but they sure as hell can have it now. Something I doubt my generation will have the luxury of in the future.
Then we have my grandparent’s generation. This is more tricky as my grandfather was a rare exception. One of the last things I ever remember him saying to me was “you can’t take it [money] with you..” and it wasn’t until his death that we realised he had hundreds of thousands squirrelled away that we’re not even sure he knew about. All his life he was very much about investing. Not really for his future as he had his service pension but because if he had a penny he wanted a pound. He wanted to make sure if anything happened to him my Nanny would never want for nothing, and he succeeded. I know that’s not the case for my grandparents generation, a lot of elderly people live in poverty. But he was good. And although I didn’t inherit his need to plan for the future, I did inherit his thrifty ways and ability to make a small amount of money go far. I sure know how to live a Champagne life style on a lemonade budget.
If you currently live the frivolous lifestyle but want to start making a viable future here are a few tips to help you get started;
Make sure you’re paying into a pension plan
If your company doesn’t offer one set up a private one to ensure you still get a decent income after you retire.
Consolidate all your debts
Instead of paying out money left right an centre to overdrafts, credit cards and store cards, look into bad credit short term loans so you’re paying out one lump sum rather than small amounts all over the place.
Enter a rent to buy scheme
Worried you’ll never get the money together for a deposit to buy a house? Why not try a rent to buy scheme so you feel like you will have something to show at the end of things.
Remember, at the end of the day it’s your money and you can spend it or save it however the hell you want. As my grandpa told me, you can’t take it with you.