HOW TO SAVE YOUR POCKET MONEY

 

We all have our weaknesses and strengths. For some, saving the little pocket money we get can be a hustle. How do you do it? Especially if your friends want to go out for lunch or a movie or just buying by the school tuck shop. This is a hard task if you may ask me.

First things first, you need to keep track of the things you need. The things you are buying it makes it so much easier for you to do the following steps. Helps you recognize when you are now just impulse buying. 

RULE NO1 HAVE A RECORD BOOK. 

Back in the day when I had just started this saving business I would actually keep my receipts from each store I bought anything from, you should try it some time.

BUDGET

This is one area that you get to learn from an early age. Budgeting is not easy especially if prices keep changing demands just evolve all the time. Let’s say you get $10 a week, write done what you wish to do with it and make sure that you will be able to stay with at least $5.There is a new movie and you want to go see it with your friends next weekend, now ask yourself if I go how much will I be left with, am I able to buy my necessities and still have half my money, is it really necessary for me to go. Certain things like this will help you come up with a good reason not to spend your money. This helps you to separate wants from needs. This goes to my next point.

PURPOSE

Have a purpose. Having a reason to save up money can make the processes a little bit easier. For one I do not like being broke. I need to have a little bit of money on me just in case of an emergency. What if it’s the summer holidays and my friends want us to go out for lunch, honestly you can’t ask your parents for that too, after 3 months of them giving you a lot of cash. There are so many factors on needing to save up money such ass buying someone else a gift.

 

STORAGE

Here comes the harder bit. You see your money all time in your wallet you are bound to be tempted. I recommend having a piggy bank. You can store your money in it and only open it when you really want to use it. Gives a sense of suspense on how much you have you feel as if you don’t have money at all.

What if the piggy bank does not work? Trust me I know that one too. I did struggle at one point with mine however I still kept half the cash I had and gave the rest to my father. I advise you to give someone you trust to keep half of your savings because they will only give it to you if they know that your reasons are valid.