It’s easy to have 20/20 vision.

But how amazing would it be to go back in time and do some things differently? Especially in the way we spent money!

Some 20 somethings are great with their finances. In fact, some are better than we were.

Perhaps it’s due to the additional knowledge they can now access compared to what we could. Or is it because there is now more open communication between parents and children about money and finances?

Regardless, I’m sure you have a few adult children, or know a few in their 20s, who could still benefit from a tip or two from veterans who would have done things differently.

If we had our time again, most would have adopted a few different practices.

1. Bought less stuff

Really, how much stuff is enough?

We all need to buy things, particularly in our 20s when setting ourselves up for life outside the family home. But you realise when you are older and trying to find that extra cash to pay the mortgage, that the buzz that came with buying stuff was often short lived.

• Clothes went out of fashion. Although we do see some things come back. What’s with the mullet???
• New cars quickly become old cars.
• The latest electronic gadgets (although limited in our days) soon lost their appeal.
• We tended to go camping, not live the city high life for holidays.
• Partying expenditure could have nearly paid for a deposit on a house.
• Overseas gap years? No such thing.

2. We had to save to buy!

Buy Now Pay Later (BNPL) schemes are the replacement of lay-by. But we had to wait to receive. So we had to think about whether we really wanted or needed it before we purchased it. Most would have saved and purchased when they had the money. The great thing about that was by the time the money was saved, there was probably something else we wanted more. So, no wastage

There were no set up costs with lay-by.

There were no penalties for late payments.

There was a refund for change of mind and it would be put back on the shelf.

Consider your beauty budget

For guys it’s pretty easy. They generally don’t have one, although ‘men’icures seem to be popular now.

The younger generation seems to be fussier about their appearance than before. Nails, spray tans, eyelashes, manicures, pedicures, massages, facials all add up! Do you really need those designer handbags and shoes?

It’s all about priorities. At 20 they seem really important, but in the scheme of things where do they actually fit?

And for the genders who like gadgets, cars and new shiny toys – same goes for you. Work out how many hours have to be worked to pay for these items and how long they will actually make you happy.

The 20 somethings need to look at how much they spent on these items over the last 5 years. They may be surprised that they could have bought their first bedroom (deposit or repayments on your home) by now.

We can’t change the past, but we can certainly make a difference to our future.

Please pass this article on to your 20 somethings if you think they may want to learn from their elders. Good luck!