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REVIEW of Money 56
On a Whim and a Prayer
When the budget is tight, beggars can't be choosers

Learning to manage money should begin at an early age. The small allowance your parents give you as kids may not seem to go far; and when others in your peer group are more affluent and have money to burn you may start to believe you are being unfairly treated. The fact is, however, that most people, your parents included, have limited finances and can't afford excessive spending. The olds have to stick to a budget, and as a child you have to do the same. Later, once you have a paying job you might do as many do and blow all of the first pay packet on something extravagant. Hopefully, having to go short for the rest of the week will be a wakeup call to be more cautious in future. If you aren't you could be in serious trouble before too long.

Many will have moved out from home and may be sharing a property with friends, not all of whom are budget-conscious. The rent still has to be paid by someone or risk eviction. Then there are the utilities; plus food, your own clothing and health costs. You may have thought independence was the reward for growing up; but it is a double-edged sword. Suddenly there's no bank of mum and dad to fall back on. The credit card might appear to be a reasonable substitute, until it becomes maxed out. That's another disastrous consequence which has to be faced.

The best advice is to go back to basics - buy only what you can afford and resist the temptation to purchase designer labels simply to keep up appearances. If you wind up broke, the way you look to others is the least of your worries.

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