I like you to understand that in thinking about how to effectively manage money, the first thing to consider is saving and this means every time you get some money, either as a gift or an allowance from your parents or relatives, it is important that you set aside some of that money for yourself. It helps you many times to achieve your future goals.
If you don’t get so much from your parents or guardians, the idea of saving money might seem laughable. When you only have #500 left at the end of the month, why even bother trying to save? Because everyone has to start somewhere, and if you work at it, your financial situation is likely to improve over time. Saving money is worth the effort. It gives you peace of mind, it gives you options, and the more you save, the easier it becomes to accumulate additional savings.
You Have More Options
The more money you have saved, the more you control your own destiny. If you seem unable to afford to purchase a textbook, a notepad or to pay for a special coaching or an examination fee and you on the verge of a nervous breakdown, with more money in the bank to deal with issues like these, you give yourself better odds of coming out on top.
You can Avoid Worry
The truth remains that by saving money you save yourself worrying! It’s simple! The fact that you can conclude your studies and you know that you have some money accumulated in the bank for use and you know that you will be comfortable is such an amazing feeling.
You Can Get More Better Things
You really want to have the latest gadgets in school? You want to own an iPad, iPhone, a Laptop, all alone? You cannot eat your cake and have it. It is unfortunate that we have still have scholarly minded that think this way. Why blow your savings on something short-lived? There will always be something newer and better.
You Can be Free of Debt
Some students get into debt and they are on the look out of the easy way out. If you ever want to get out of debt, you have to save some money. Sounds ironic, doesn’t it? Do yourself the pleasure of saving some money so that when unexpected things come up, you can get enough fund to pay up instead of borrowing.
You can Have a Good Life
There are huge emotional, psychological and physical consequences to always living stressfully, from hand to mouth. People who don’t plan for their future seem to run from “crisis” to “crisis.”
There is a little known truth that happiness can come from being organized. Being organized isn’t going to make you happy all by itself, but it can sure help. There’s so much in your future that you don’t have control over, so putting aside some money to spend when you need it is actually organizing and taking control of your future and financial affairs. You have nothing to lose by saving – and only a happier future to gain.
It’s my candid advice for you to make effort to open a bank account and set aside money from your allowance and gifts to be saved in your account because having a savings account will help to give you peace of mind since it enables a person to plan for whatever he/she desires to accomplish.