Attitudes to spending money, credit

Just curious as to peoples general attitude to money and credit. My brother is out in Oz and has, in the past, been a bit 'relaxed' about borrowing money i.e. not sure if he always pays it back. Now he's been away for 2 years and just announced that he's coming home for Xmas. The mothers first reaction I think was 'how are you paying for that?' rather than 'isn't that great, we'll all be delighted to see you!". She gets upset if he's in debt but I also note her comments in general about anyone spending money on any non-essentials e.g. taking the family away for a night over the mid-term break. She was always careful with money as I was growing up and whilst I would see myself as careful too, I would also splash out now and again on smallish treats that I could afford. I'm wondering if her attitude is hardening as she gets older and will that happen us all? Eitherway it got me thinking as to if there is a proper attitude to spending money and using credit.

What do you think?

Its just the difference between generations I feel.

Older folk are more inclined to save, the younger generation live for the here and now (not all of course, but most).

I have found that as I get older, I think more about saving than I used to do. Probably comes with age and added responsibilities. I know family members who spend way beyond their means and live off credit. That lifestyle just scares me.

Older folk are more inclined to save

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That is so funny!

I would consider myself older folk. I am not in my twenties or ... let's not go there!

I have no notion of saving. Where would I put it? The banks!

I work to live. I don't live to work!

It's all about attitude. Age doesn't come into it.


Marion

Older folk are more inclined to save

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That is so funny!

I would consider myself older folk. I am older folk! Yikes! I am not in my twenties or ... let's not go there!

I have no notion of saving. Where would I put it? The banks!

I work to live. I don't live to work!

And before anybody asks. I work in a mid-income job in the public sector. Money was never a priority for me.

It's all about attitude. Age doesn't come into it.


Marion

Chill out - no need to tell me twice !!

RMCF said:

Chill out - no need to tell me twice !!

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lol!
I agree that most older people are more careful with their money than younger generations. My parents have LOADS of savings,shares and generally are frugal enough. I would have a more relaxed attitude to sepnding than them even though they would have multiples of my disposable income/savings but I feel you can't always save for tomorrow without enjoying today too. You can't take it with you after all!

don't get me wrong, I'm all for enjoying yourself and spending a bit, but I don't do it as much now as I am married with a child.

In my 20s and 30s I spent like there was no tomorrow, with the result that when I came to buy a house, I had zero savings despite earning a pretty decent wage for the 10 previous years. But I had fun!!

I think the whole thing about older folk is the fact that there was no such thing as easy credit a few decades ago. You had to be more frugal. It was long before the era of people handing you 5 credit cards with €10,000 credit limit on each, and not caring if you max'd them all out.

RMCF said:

Chill out - no need to tell me twice !!

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I don't know how that happened.

I can't say that I need to chill out. I mean, I do pilates and Yoga every week.

A 2 minute repetition isn't totally significant in my life.

But hey! Mistakes happen.


Marion

RMCF said:

Chill out - no need to tell me twice !!

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One of these "older folks" having a senior moment probably.

She forgot almost immediately that she had posted it.

I dont think its anything to do with age.

I think some people just have a different mindset on money.

I have a couple of friends who both have what I consider to be a high level of personal debt, both of them get paid, meet their responsibilities (mortgage, bills, debt etc..), live for the month then save whats left over. They cant understand my attitude which is, get paid, meet responsibilities, put money into savings, then live on whats left.

In both cases if they get a windfall they wouldnt for a minute consider putting it against debt, theyd spend it - they see it as 'extra' money. If I had debt and I won 5k Id immediately see it as a way to reduce my debt.

I think some people just hate owing money - I despise it. Id far rather save up to buy something than buy it on credit.

The credit culture was always there though, just on a smaller scale.

The items were just less valuable in the 80s so not as calamitous if things went a bit astray payment wise.

PeopleI know regularly bought things on "the never-never" as they called it, mainly appliances.

Caveat said:

The items were just less valuable in the 80s so not as calamitous if things went a bit astray payment wise.

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I see posts on this site where people have overdrafts, bank loans, credit card debt on 3 or 4 different cards, credit union loans and owe family money. Crazy amounts of credit.
And what you usually find is that they didnt borrow to buy 'something' (like an appliance on the never never), they just had a high standard of living for that money - nothing material to show for it.

In the 80s people borrowed to buy 'things' or to survive. In the 00s people have borrowed to have nice holidays, clothes, gym memberships, restaurant meals, etc... its more about lifestyle.

I think older people should be encouraged to live frugally, live in virtual poverty and leave everything to ungrateful offspring who will promptly piddle it against the wall over the course of several holidays abroad.