We often dream of making a big income in our future, that can be some of our motivation throughout academics and life in general. Sometimes this vision can get in the value of saving. Being a good saver is one of the biggest factor in becoming financially wealthy. Doing the smallest things can save you tons of money.
There are two types of investments in the world: a want and a need. In order save efficiently, we always have to keep in my mind on what we need and not what we want. Yes it is a very hard skill to acquire, it’s hard not to give in to our temptations . We want that nice branded $80 t-shirt or those $250 Adidas shoes, but do we really need thse expensive materialistic items? You can invest in more clothes and shoes for the same price of that single item. Spending and saving is sort of like a brain game, we just have to be careful and smart.
Collecting and keeping change is a huge way to make and save money. Often we throw away the change, but personally, I have made about $40 in 3 months just from keeping the change . . .that is a lot of money, because if you decided to save for a year the possible overall amount can be up to $160, more or less. When going out with friends, make a budget for yourself. Don’t go on deciding to spend carelessly just because your friends are there. Generally as well, setting a budget will help you organize your spendings and easily keep you in track of how much money you have left.
Plan out bigger investments and goals.There are short-term and long-term savings. List out things that you truly want to own such as a car or even saving money for a vacation.These are called short-term savings. Planning to save for retirement or money for children’s college tuition are called long-term savings. This will motivate you to want to save more money, because you are constantly thinking of these bigger investments and you will start to prioritize it.
In the next 5 years, Iwill ensure that Iam aware of my spendings and be alert if I seem to spend uncontrollably. Also I have listed some big investments that Ise myself investing in, in the future such as the car I would first buy and the car I would have permanently. Spending money on restaurants, fast-food, or outside places is restricted, I save a lot of money just from not buying food. Tuition has a big role in my retirement because it will be very costly, once I start working I have to manage a huge part of my money and put it into my tuition; not pulling out too much student loans as well.