Managing your finances becoming difficult? Limited pocket money? No money only when you need to buy something desperately? Well, that’s the life of any other student, young enough to be living off of parents’ money yet old enough to manage and save for the future. I can not only imagine but understand your problem in every way, shape and form. Getting into a cycle of debt isn’t something you want to get into, now or ever. Falling short of money isn’t the issue here, it’s the ability to understand where the money needs to be spent (difficult to control your impulsive needs and yet, your pocket can seem to convince you otherwise). These extravagant lifestyles have only golden exteriors, sometime, dig your way deeper into the rotten interiors and you’ll know. Our wants are never within our means and so when that happens instead of working hard and earning, why is it that we give in to our impulsive moods? Perhaps influence of pop culture or pressurizing peers doesn’t bode very well for us. So perhaps these 7 ways might help you figure out how to save some of your money (maybe finally you’ll save enough to buy yourself something great,now wont that be nice?):
Open a bank account: it might be the most basic of the solutions, but it’ll help you in ways you haven’t even thought of. Having a savings account, keeps the money safe, not always in reach for impulse buys and the satisfying thought of having a certain balance of money that you have earned or saved, will provide you with ultimate happiness. It’s safe and secure.
Financial goals need to be set: Setting financial goals is a smart choice and can be very rewarding. Instead of wandering aimlessly, you have something to strive for and a clear path for getting there. To set financial goals, first define what your goals are. Write them down and set milestones along the way to help you achieve them. Prioritize your goals and put together a plan of action. Just remember to be realistic when setting financial goals. You want to set a goal that is reasonably attainable.
Keep a Record and a Budget: it’s always best of you keep a record or a list of where and how you spend your money. Having a written piece of information always helps to cross check and is a constant reminder as to how you squander your expenses. Maintain a budget and try to stay within it. If you have external expenses, make a note and try to make up for it.Creating and following a realistic budget helps you avoid making purchases you can’t afford, missing payments or defaulting on your loans. These mistakes can hurt your credit history and therefore your ability to: rent an apartment, borrow to purchase a home or car, or most importantly, get a job. Become disciplined and stick to your plan, it always helps.
Pay yourself first: the best way to understand the true worth of your money won’t be through your parents’ taunts or screams. Try to earn through minor internships or jobs and save the money you earn. Once you get your first pay, you’ll understand the value and integrity of each and every note and once that happens, well saving and being smart with it, will come easily, and so pay yourself first. Try to maintain an emergency fund for unforeseen and unfortunate events that may come your way. Trust me all of this will be extremely rewarding.
Never remain under debt: No matter what you do, never let your debt build up. It’s a loop and once you’re stuck, it will be impossible to get out without losing much more than you can afford. If you borrow or even lend, for that matter, keep tabs and make sure balance is maintained and the accounts are taken care off within a day or two. Don’t procrastinate for once the time passes, interest will rise not necessarily in cash and it’ll cost you much more than the cash you have.
Save in the little things: Try to travel by public transportation, maybe not spend all your cash into eating outside every day and buy little things just because they are attractive to the eye. Save money on school supplies and borrow books from the library instead of buying them. Once you’re in charge of yourself, you need to question yourself twice or even thrice before you make a decision, and if its not an immediate yes, well then you have your answer.
Look at the bigger picture: you’re an extremely lucky person to have the kind of family and money that you do. Use it wisely. Think about the future even if you feel like it doesn’t matter at the point. Think about giving back to your parents everything they gave you, to make them happy. Look at the bigger picture here and let that inspire and motivate you. Don’t take what you possess for granted, for once gone, it’ll take you a lifetime to get it back.Be grateful and thankful and grab opportunities to do better and be better.
Once you undertake to save and be smart about your finances, things really seem to fall in place. I know I know it’s easier said than done and most likely, I’ll end up in this wild goose chase of never having enough quite soon, yet it’s never too late to try. To follow what I preach might be tough, but hey, when is it easy? Just think about the one thing you’ve been dying to buy and as and when you feel like you’re slacking, think about holding it in your hands with your all your money, earned or saved. Living within your means, not squandering and letting go of a lavish lifestyle may not be cool enough or trendy enough, but hey, what might be trending today may not be tomorrow, what might be cool may just pass with time and yet you’ll still be here, pocket empty and heart full of regret. Also won’t it be nice for once to not be short on cash? So manage, prioritize, save, earn and learn. And as for your finances, they’ll fall right into place.