To really get ahead of the game, you should start saving from your very first earning. If you live in your parents’ home for those early years of your working life, you should be able to save a substantial amount of cash. At this time, your expenses are relatively low and you should take full advantage of this opportunity to get ahead. This is one of the things every youth should know, and take heed of the information given on how to manage finances.
Steps to managing your little pocket money wisely:
Step 1: Avoid gambling
Gone are the days when gambling was against the law, because nowadays betting centers are all over the country and even online, and so many young adults and some adults are so addicted to the game up to the extent that one may decide to close down his account and even borrow money just to gamble. This should be avoided so as to keep your mind focused on how to make it in life legitimately. Though gambling is legalize, its effects are worst and may lead to emotional and psychological problems.
Step 2: Shop for things that are essential
Many youths nowadays just buy things without thinking whether they are in need of that particular stuff at that time. By doing this, they run out of their money which may lead to borrowing. So many youngsters think they know how to save money and when to start saving, but it is usually too late when they eventually find out that they were not using their brain but were dwelling on the present.
Step 3: Cut your coat according to your size:
People are different so are their financial status. By saying cut your coat according to your size, many people may begin to wonder what will be my next statement. Avoid associating with people that are not of your class. This might force you to overspend because of the fact that you may want to wear the type of clothe, shoes, cap or use the same phone your friend is using. this alone will make you loose guard yourself by spending all you have on accessories that you wouldn’t have had the want, but because of your company, you acquired it just to feel among the clique and forget the fact that you need to save money for other things.
Imagine having 4 friends that are using iPhones, and you are using a low-quality android phone, you may want to switch to Apple iPhone that won’t even serve the purpose you want in a smartphone so that you can fit in. This alone will limit the way you save and the way you use money because considering the status of the phone you’d be required to subscribe from your network, and buy applications and music. This gadget makes you not to learn how to save money as a youth.
Step 4: Limit your drinking habit:
Drinking is one of the major cause of being broke. From drinking one bottle, you may get addicted and one bottle no more gets you the intoxicating feeling you desire and you may decide to double up. As time goes on, you may even be drinking in crates and forget about how to save money for future use or in case something urgent arises.
Step 5: Avoid having too many girlfriends:
There is nothing wrong with having a girlfriend/boyfriend, but when a guy starts having more than one, his spending habit changes drastically as he will have to do things to impress all his girls leaving him penniless. The love for sexual gratification brings great men down, even in the Bible; it is advised not to be involved in immorality as it is a sin. This alone can make a man fall from the top to where he started.
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