Saving for that so called rainy day… Naomi Gathirua
We all want to do it, but where to start is the main question we are faced with. A major reason for financial trouble is caused by unsound habits of money management, starting early may save you a plethora of money troubles. Here are some few basic steps to help you to save:
– Pick a great young adult’s account; this ensures you get the best deals. Most bank accounts have freebies, factor in the freebies but always read the small print. Do have a savings account, as well as a current account, ensuring every month a substantial amount of money goes in your savings account. In addition to that, do not carry around the savings ATM card, this enables you not to be tempted to indulge while out there. Do seek professional advice at a bank or financial institution. Financial advisers are built to understand that all people come from all walks of life and have different incomes and spending patterns. Thus helping you to map out a sound savings plan, be it for an emergency fund or money you could use to invest, either in shares or bonds.
– Post-pone self indulgence; Manage your money by eliminating all unnecessary things, which you can actually live comfortably without, say cable subscriptions oh yes, it is possible to live without a weekly dose of Keeping up with the Kardashians or the series that you dash home like a cheetah to watch. Try downsizing your subscription package, that way you still have some choice over your entertainment.
– Partying; it is part of a lifestyle. But one thing I have learnt is you better budget for this one before you actually leave the house, that way you don’t get an eerie feeling the morning-after, as you peep into your wallet or handbag, hoping you didn’t use as much as you thought you did..I know it has all happened to us.
– Contemplate before you spend; This means really thinking about if you need it and if it is within your means, even better try get it elsewhere for cheaper. There is always a cheaper option, just look for it.
Unsound habits of money management are the root cause in not being able to save, follow these simple steps and before you know it your savings account will be looking rather pretty.