It is essential that everyone has a budget to prevent overspending and to help yourself save. Without a budget, it will be hard for you to be aware of your financial status. So what will you be able to save? If you aren’t aware of your finances, you could possibly make mistakes more often. But I am here to help prevent that.
People save differently depending on their lifestyle and their goals. Below are a few different ways to save, ones that my family, friends, and I use when saving money.
Here are some ways to save money in college that can also be used later on in life!
For this rule, 50% should go towards needs, 30% towards wants, and 20% towards savings. But because the goal is to save, why not switch the two and say 30% savings and 20% needs.
Every week, every other week, or every month, roll two dice. The total number will determine how much money you will save that week, with each number representing $5. Here's an example: if I were to roll and my total number was a 2, that would mean I would save $10. The numbers continue to add $5 dollars so that if you get a total of 12, that would mean you would save $60 dollars. It doesn’t have to go up by five, of course. You can pick any amount that you are able to save at the time.
It is important to still make a percentage list like the 50/30/20 rule. But for this, you gather 5 of your most important things like a gas, phone bill and such. Then, write down 3 things you want to have. By identifying your needs and your wants, you can avoid spending as much money to help save. After you are done identifying your needs and wants, write down how much you are willing to spend on each and avoid things not on that list.
“You should save at least 10% of the money you have available. As soon as possible, you should invest in stocks and funds. Even if it is $25 or $50 dollars. Educate yourself about money. And when you think you know it all, continue to educate yourself about money”. Last but not least, beliefs about money are also important. “It is important to believe money is your friend and that you can attract it. Believe that you can do good with money and that it is not the route to evil. Doing bad things with money is the route to evil.”
It is important to start a habit of saving, and don’t forget that everything is flexible. Cater your budget around your goals and your lifestyle so that you are able to save money and have fun at the same time.
