Every young adult these days seem to have financial problems. It is not our fault, we never had a “this is how to properly manage your daily finances” class or lecture in our lives. Hopefully many of you had great advice from your parents and relatives but the one’s that didn’t have been struggling since teenage years. I will list main ways to save some money if you want to improve your financial management.
One of the biggest tools when you are managing your finances is Math. I know it is not a favorite for most people, but you only need simple math’s. The most basic idea is you calculate how much you earn and how much you spend. Simple subtraction and addition. This is the most important concept. If you spend less than you earn – you save. If you spend almost all of your money in a month, then you have little to no money saved.
I would suggest strictly counting money in this way for a couple of months to understand your spending. It is also beneficial to then decide how much you want to save and stick to it!
My biggest advice would be to set aside money for the “unnecessary” money spending like clothes shopping and other items that are not a necessity. I wouldn’t advise dedicating a certain amount of money for groceries as you don’t want to starve yourself. But definitely reduce the takeout orders and going out to restaurants if you want to save. Shop weekly in big supermarkets and that should help immensely.
My final advice is to do anything you can to stay away from online shopping. It is everywhere and it is aimed to take your money. All the internet ads are based n your interests and you are not strong enough to resist it! Nobody can resist it! It is genius marketing in a consumer society. Stay busy and DO NOT CLICK ON THE SHOPPING ADS.
I hope you find this useful and I wish you best of luck!