12 Tips For Every 20 Something Who Finds It Hard To Save Money!
By- Shreya Sharma
When you are in your 20s, funds can be an issue. We have to pay rents, pay for food, spend money to build a standard of living and throw parties and birthday gifts and outing and we get a little of pocket money. We panic as to how to manage our funds and stress. The solution to money problem is to develop a good financial habit. Here are tips for every 20 something who finds it hard to save money.
- Cook for your own
Going out and eating makes a big dent on our wallet. Once in a while, it is fine to step out but eating out every day takes a toll on your bank account. So it better to learn to cook for own. Limit yourself to one outing per week and see the savings.
- Put away 10% of your paycheck
As you get your paycheck, calculate your 10% and put it away in another account and do not touch that. This way you can have your savings and you will have money to spend without worrying about savings.
- Think before you buy
If you are an impulsive buyer, take 30 seconds before making a purchase and think do you really need this?, you will have your answer whether it is worth spending or not.
- Buy in bulk on sale
If you find something on sale and you need that thing in routine, buy it in bulk so that you can save your money in future. And this does not include junk food.
- Identify your goals
Write down your goals and keep them in a visible place, so that whenever you are about to splurge your money, you have the motivation to control.
- Make money out of your talent
If you have some talent and are really good at it, earn money from that. Go creative and monetize.
- Keep an eye on interest
Do your research and choose the bank that gives you maximum interest.
- Record your expenses
Track all your expenses weekly and see how much you are saving weekly which gives you motivation to save more.
- Save every day
Make it a routine to save at least Rs.10 daily in the piggy bank so that you can save at least Rs.300 in a month.
- Invest
Investing is a way you can make your money work harder for you. Just be sure you educate yourself first before entering into any transactions. Knowledge is power in this industry.
- Take advantage of free meals
Do not skip on free meals in office or concerts or wherever you can get.
- Create a budget
If you have a set income, budget your paycheck weekly according to your bills and stick to only that amount per week. Be sure to include entertainment and savings as “bills” too. If you have an income that fluctuates, such as a freelance job, start with calculating your bills. Then use that number to figure out how much you need to make per week to cover everything and still leave some money in the bank.
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