are you a teen who’s desperately wanting to know the answer to ‘how to save money for the future’? well, you’re at the right place. you know, the hardest part about savings is actually starting it. you think that you aren’t gonna splurge this year but as soon as your favourite collection comes on sale, your money is not yours anymore.
as much as we should enjoy the prime of our lives, it’s also important that we throw some spotlight on our future. (who doesn’t wanna retire at 35, right?) so without any further ado, let’s hop in the rollercoaster and take a sneak peek at the crazy ride of savings.
7 best money-saving tips for the future
- start tracking your expenses
- root for savings from your budget
- set your priorities
- look for ways to cut down on your spending
- opt for automatic savings
- set savings goals
- get a side gig
1. start tracking your expenses
you can only work on your weaknesses if you’re aware of what they actually are. similarly, in case you wanna start saving, you have to know where are you spending em’ bucks. for starters, you can create a note on your phone and write down all your monthly expenses. you can also choose a free expense tracker online. this is a pro tip on how to save money for the future, start it as soon as possible.
2. root for savings from your budget
now that you know what does your monthly spending look like, you can finally start rooting for savings. make sure to draw a line between your wants and needs (easier said than done, we know pal. We know) try not splurging on things you can easily survive without. and at the end of every month, take some money out and put it in the savings fund.
3. set your priorities
once you set your priorities, you know what to spend on and what you can easily skip. setting priorities is a quick answer to how to save money for the future. if paying tuition bills to top your list of monthly spending, you’re most likely going to escape buying a new PSP or lipstick.
now just imagine. you haven’t set a priority list and splurged on shopping while you had to pay for college bills. see, money mismanaged. so fellas, talking about your crush or expense, you always need to set the priority to get things done.
4. look for ways to cut down on your spending
whether we talk about ordering food more often or maybe just buying clothes you’re never gonna wear (that’s a thing, right?) it’s important to have a reality check. we’re teens and we’re okay being young dumb and broke but we’d certainly not wanna sing this song in our 40’s. one of the greatest hacks on how to save money for the future is to cut down on your spending.
try filling your cart with budget-friendly products instead of a huge a*s expensive list. try having products in bulk rather than getting them every time. cancel out any subscription and memberships that you don’t use (your gym one, for instance. )
5. opt for automatic savings
accept it or not when it’s up to you, you’re never gonna save the money. and that’s exactly why auto deposits were created. now whenever you wanna save the bucks, you can do it right after the money gets deposited in your bank account.
you can set a limit that has to stay in your account. if the limit exceeds it, the money would be sent to the fixed deposit automatically. some say this is practically the smartest way if you’re asking how to save money for the future.
6. set savings goals
When you set a savings goal, you try to achieve it. start a simple goal, let’s say you wanna save money for your future. now, why do you wanna save it? do a smart distribution of the money accordingly. if you wanna retire at 30, you’ll have to try a bit hard while if you wanna retire a bit late, you can still save but in a laid back manner.
there are two sorts of savings- 1. Short term savings and 2. Long term savings. while short term savings can be for the near future, long term savings will ensure a chill vacation in the Bahamas when you’re 40.
7. get a side gig
if you have tried everything and feel savings just isn’t gonna happen with the money you make, it’s time to get a side gig. whether you’re a student or an adult fighting through 9 to 5, you can get a freelancing gig easily- online. all you gotta do is find a project that you can accomplish, create some samples and send it out.
now that you’ll have a freelancing gig, you can use a small amount to treat yourself and create an auto-deposit for the rest of the amount that you are getting. oh and with that being said, we’re constantly lookin’ out for freelancers. think you have talent? let’s have a chat.
summing it up,
these are some of the tips on how to save money for the future. it’s very hard to resist a nice dress or ordering your comfy food from outside. but saving and investing will always help you prepare for your future.
if you’re a teen, you gotta take the charge. get yourself an akudo card. not only would you be able to handle your own expenses, but you would also be getting some of the most mind-blowing offers and of course rewards. so bros, what are y’all waiting for? Go take a step towards financial independence today and savings would follow.