Saving
Methods
•Set targets. You should have a good idea of how much money is coming in and from that set a rough amount of money you will want to spend per week/month and try your best to stick to this.
•Make a note on how much you have at least on a monthly basis. Produce your own mini-statement (If your money is in your bank account then this should be done for you). This will help you keep a close eye on your spending.
•Try and make as much money as you can. Look for opportunities that will help you like cutting the grass or washing the car or selling old things etc.
•Shop around. If there is something that you know you would like, instead of buying the first one you see, look around and see if you can find any other similar but cheaper versions of a good quality.
•Put your money in a bank account or piggy bank. If the money is not directly there, you are less likely to be tempted to spend it on unnecessary things.
Why Save?
•Often I spend a lot of money on something that is basically useless just because I could. Having the saving mentality will make you less likely to make this same silly mistake like I did.
•Rainy day funds are often associated with adults but it is always a good idea to set aside a certain amount of money, regardless of the amount, as you never know when you might urgently need it.
•Once you get into the habit of saving now, it will stay with you throughout your life. This will be particularly useful when you are older.
•A bad habit is becoming dependent on others and borrowing. When this becomes a habit you can get yourself in trouble when you’re older from borrowing from banks or other organisations.
•Once you get a bank account you gain interest (a little bit of money) on the money you leave in your account.
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How do i save more?
Most young people that do not have a part time job may get pocket money from their parents. Every month, I get £50 but end up spending most of it in that time - mostly on iTunes. I am sure many of us have problems with spending too much so I am going to teach you how to save.
7 Issue 01/November, 2014