When it comes to managing money on a savings account most people in our generation do not comprehend. Our generation tends to want the best of the best even if it means giving our last few dollars to get it. We need to learn that Social Security and retirement funds are not looking too great for us in the future. So why not start saving now?
First, you can start by setting up a goal to budget your money and decide how much and how often you are willing to save. Come up with a certain amount you want to reach either weekly, monthly or possibly for the entire year.
Now it is time to cut a few luxuries out of your new budget. We sometimes buy things we do not need and that is what people call “buying under the impulse.” That shirt or those shoes might look good, but ask yourself before making the purchase if you really need them.
Then there is credit card debt that is easy to rack up.
According to business majors ask.com, many college students give in to the “buy now, pay later” method. It is tempting and easy to spend a lot of money when all you are doing is swiping a card. If this is something you do often, try hiding or canceling your card until you can get your spending habit under control.
There are plenty of ways you can save and budget your money. Give up bad habits, carpool and bring a lunch instead of eating out every day. Life is not all about the expensive clothes and shoes, so try buying generic brands and spice up your look with accessories. You can also stay inside and find something to do that does not involve money, such as a movie or game night with friends.
Saving and budgeting your money takes you out of your element and it may seem like it is boring, but ask yourself, “Will it be worth it in the future?”