How do you go about making spending cuts as a family? I address this question often with clients who are parents. When little lives are in the mix, the challenge of reigning in spending is often amplified. I’ve created a brief guideline for how to talk to you kids about spending cuts.
Delayed Gratification
I recently watched (and very much enjoyed) the Oscar-nominated film Brooklyn and was struck by the idea of delayed gratification and the enormous gap between life in 1950s New York and today. Travel, communication, errands - all of it drastically slower than today. Our ability to immediately gratify our needs and wants can’t help but impact the way we view and use our money.