Here are some saving tips from African Bank to ensure you always have money for the things you need and want.
TRACK YOUR SPENDING
Most teens use debit cards to purchase their goods and lose track of just how much they are spending. Keeping a record you can refer to often acts as a good handbrake and puts a check on unhealthy spending patterns before they become a problem. Find the tracking mechanism that works best for you.
DEVELOP FINANCIAL DISCIPLINE
All over the web, there are tons of tips telling you not to carry very much cash. It’s assumed that if you don’t have it, you won’t spend it. But the truth is you’ll actually spend more when you’re using your debit card or a credit card.
Here’s what to do:
– Decide how much cash is safe to carry in your wallet.
– When you want to buy something, ask yourself this question, “Can I do without it today?” If you can, don’t buy it. Most of the time you’ll quickly forget about the item and you’ll have saved the money you would have otherwise wasted.
– If you’re saving up for a larger purchase, make sure you deposit money into your savings account on a regular basis so it can accumulate safely. Only when you have more than the amount you need should you buy the thing you’ve been saving up to buy.
TAKE YOUR OWN LUNCH
Taking your own lunch from home is a lot healthier and a whole lot less expensive than spending it all at the tuckshop. Adults in financial trouble quickly admit that eating out is often their biggest mistake financially. Once they stop eating out all of the time, it’s amazing how easy it is to pay their other expenses and have a little money to save and invest each month. If you start this money-saving habit now, you’ll be a lot less stressed later.
MAKE YOUR OWN MONEY
Making money is different to earning money. When you earn it, you are trading your time and energy for money. You work an hour and get paid for an hour.
When you make it, you’re working lots of hours building businesses and then getting paid over and over and over again for that same hour. There’s nothing sweeter than learning how to write your own pay check when you’re young. By doing this, you’ll always be the CEO of your own life and you’ll never be dependent on a job.
OTHER THINGS TO DO
There are hundreds of great websites with simple ways to cut your expenses and save money. Spend some of your Facebook time learning about money and how to save it. Learn how to get and keep more money in your pockets rather than putting it into others’ pockets. Be the one others come to for money, not the other way around and life will be a whole lot more enjoyable this way.
Source: African Bank and Creative Wealth International