I’m from a upper middle class family and I am 19. I’m just wondering how should I must be spending my money? Must I be slightly stingy about spending it because since I am spending my parents’s money, it makes me guilty when I am spending it on movies or parties with friends? My parents always gives me money whenever I needed it, infact they always gives me extra money incase I needed it. My friends also will be like, oh you have money so why are you being stingy on spending it, but I kinda feel guilty because I’m spending on non – important stuff here.
How yall spend on things that are just wants and not feel guilty on spending it?
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You allocate in 3 categories, savings, day to day, leisure… then when leisure hits the mark, spend, no regrets because you have been disciplined about money.
Honestly it’s good you’re conscientious about it and don’t want to take advantage of it too much. But don’t just not let yourself enjoy it at all either. It’s okay to spend on having fun every once in a while. Especially since your parents are okay with it. You’re only young once. You don’t need to deprive yourself of experiences out of guilt.
Instead just focus on starting to plan out your own finances. Ensure you’ll be making good money on your own in the future.
Using your parents money now is only bad if you use it as a crutch and never learn how to make it on your own.
So enjoy the extra cash now, but start planning ahead and setting yourself up for success. Whether it’s college or trade school or opening your own business or whatever. You’re an adult, time to start figuring out how to earn your own $
But example of bad spending would just be like binge splurging on anything that catches your eye and buying too of the line stuff you don’t need and that kinda stuff. But occasionally treating yourself on your parents dime with their permission is fine. Just always be aware of your privilege, which it seems like you are. But just because you’re privileged doesn’t mean you can’t take advantage of it or enjoy it. You just have to keep it in perspective and be humble and acknowledge it and not run it in people’s faces or act like you’re better or that kinda thing
But seriously, let yourself have fun too lol. You’re not gonna look back and regret spending your parents $ to go to a awesome concert
Mate you should start to learn how to budget your money while you have access to a lot of money.
But also If your friends are calling you stingy because they have to pay their own way, I worry about the company you keep.
Learn, understand, and stick to a budget. That’s your foundation. Once you’ve got a clear handle on your needs like rent, groceries, and bills, you can budget for everything else, including a little ‘fuck it’ money. The trick is, that money is planned, not impulsive.
A great resource for this is You Need A Budget (YNAB). It helps you give every dollar a job, so you can spend guilt-free knowing your priorities are covered.
As someone who came from an upper middle class family then had to go on my own and fucked up, believe me. TAKE CARE OF YOUR MONEY. Save, invest and allocate money for fun vs using credit cards. This whole system is designed to get you to spend your money.
I grew up being told “no” a lot of the time. Now that I’m older, I finally understood why my parents didn’t spoil their kids. Living isn’t cheap and you’ll eventually learn that you can live without those “wants” and prioritizing your “needs.” It just takes discipline and mental fortitude.
Another way to interpret this is spending carelessly and then learning too late that ur unable to pay ur bills/rent/mortgage etc.