Can you

Can you?

So, you think you’re not the one who can manage finances?

By 25th Nov, 2014 | 12:25 pm

So, you think you’re not the one who can manage finances? Or this isn’t the age and you’re too young to handle finances? Saving isn’t a big deal if you have the patience. You need to be patient enough in order to save.

As a student, it’s very important to be able to manage your finances. Yes! We know that there’s hardly any finance to manage! However, the art of managing finances and saving money can teach you many important things in life. As mentioned above, patience is one of them. You realise the value of money when you start saving from your pocket money. However, before you start to save your money, you should know why saving is so important in life.

Why is Saving Important?

The most important benefit of saving is that it makes you self-reliant. If you save well, then you can deal with many problems in life by yourself. The mere practice of saving money instils confidence in you. The best part is that if you save enough money, you can also easily buy your favourite things.

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Things to Keep in Mind while Saving

Don’t Deny yourself Happiness: While it’s good to save money, you should keep in mind that you don’t deny yourself happiness. Begin to save with small amounts. There’s no point saving your entire pocket money because it changes the whole idea of smooth saving.

Know where to Spend: Just because you’re saving doesn’t mean you won’t spend money at all. It’s up to you to decide on things you want to spend on and things you want to avoid spending on. Certain things in life are important, so never compromise on the important things for the sake of saving.

Motivation: When it comes to saving money, temptations are the biggest enemy. After a point, kids are tempted to spend their saved money, and they do spend all of it. One big temptation and all the efforts are wasted! Thus, while you’re saving money, you need to keep yourself motivated. Fix a goal which keeps you going. If you have a concrete goal for which you’re saving money, then there are lesser chances of you spending your money aimlessly. If you can’t stay motivated for long, then let your parents know that you’re saving money. They’ll definitely motivate you enough to save for your goal.

Rewards: We all know that rewards really work with the human psyche. After you reach the point where you’ve saved enough money or met your goal, you can reward yourself with treats. Splurge a bit on things you’ve refrained from for long!

-Pratibha Yadav