You may think that you are still too young to learn about financial literacy, after all, your parents pay for everything and your little allowance is all for spending. But the truth is that you will not be with your parents forever, you will go away to the university, and grow into an adult with responsibilities that you should manage.
Hence, the things you learn and practice now will be with you when you are grown, and it will be easier for you to manage your affairs than if you hadn’t learnt.
This being the case, let us consider 4 ways in which you can force yourself to save.
1. Have a Budget
The first step is to monitor your budget (the next article on financial literacy will tell you how to draw one) closely so you know exactly where every penny is going. Examining your budget on a regular basis will force you to come to terms with what amount is spent on what, and help you identify where you need to reduce or cut expenses.
2. Approach Saving With Fun!
Approach saving money as an adventure instead of a chore. Look at it like a challenge you are choosing to undertake rather than a burden you have been forced to bear. Mindset is everything, and thinking of frugality – the quality of being economical with money or food – as a fun exercise in creativity can leave you feeling excited instead of unhappy about each choice you make.
Keep your eyes on the ultimate goal, instead of focusing on immediate desires such as the latest fashion, spending time and money at the mall when you can have yourself a nice time at home.
To make it fun, you could draw a thermometer, but instead of grading in °Celsius, you grade it in Naira! This will represent the savings you are building for that pair of shoes you saw on Konga, that computer game, smartphone or computer you desire, making a donation to someone in need, or getting a gift for loved ones.
3. Don’t Compare Yourself To Others
Because your circumstances are not the same, and you really do not know how they were able to afford them. You don’t need to keep up with the Joneses, or Kardashians (if you like!) you only need to keep up with your own ideals.
When jealousy tries to overpower you, take a good look at your successes and know that those around you are probably spending thoughtlessly while you are making smart, thoughtful choices with your money. Try your best to delay gratification, and fix your gaze on the finish line instead.
4. Always Compare the End Value of Items
Think about the lasting value of each purchase before you make them. Is that ripped jeans still going to be in style in another six months? Even if the item in question costs far less than the one in your goal, don’t be tempted to buy. Instead ask yourself: ripped jeans or tablet, which will give me better value?
This does not mean that you should be like Silas Marner and not spend at all! Going to the movies once a while, having fun with your friends with treats – some homemade, some bought – isn’t bad. Fill your time with so many free pleasures that you won’t have time to miss the ones that cost you money.
You will thank me and ehow.com later!
See Also: What Must You Do To Open a Bank Account?
