SAVINGS AND INVESTMENTS 17th September 2020 – Posted in: Saving Money, Student Life
Money. It’s very easy to spend, not so easy to save. Sometimes when you think you have it, it just disappears right in front of you. So how can you save the money you have/earn?
- Prioritize: ‘’As soon as I get my paycheck/allowance, I lose it because so many needs pop-up just at that moment”. This probably happens to every one of us. How to avoid this? Make a table comparing your wants and needs, doing this will help you spend money on important stuff and save the rest.
- Have a fixed budget: Once you’ve realized your needs, write them down and beside each want write an estimated amount of money you think will be appropriate. You can save a whole lot of money by doing so.
- Make a list: Don’t think you know it all. Overconfidence can lead to spendthrifting. So before you walk into a supermart, retail store or even a thrift shop, make a list of the stuff you ACTUALLY need and then stick to it.
- Cut down: On what? Everything. Don’t spend so much time on the phone, turn off the lights you’re not using, don’t spend so much on snacks, don’t leave the tap to run and then walk out, sell the stuff you don’t use anymore ,etc. Cut down!
- Invest: Granted, investment may not look so attractive because of the fluctuations in the economy, but if no one took risks we would most likely still be living in the Stone Age! So if you are looking to add some value to the money you are saving, invest it.