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I sometimes forget I’m an accountant and smart ass woman on these apps 
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So thought I’d do a thread on tips Of how to save money as a young person.
( dollars will be used for reference )
A THREAD
So thought I’d do a thread on tips Of how to save money as a young person.
( dollars will be used for reference )
A THREAD
1.BUDGET
You cannot earn and spend money without budgeting. It doesn’t make sense.
You can have $10 or $10000, budget it !
It allows you to track, plan and account for your funds.This can be done in many ways. From spreadsheets, to a simple note on your phone or in a note book.
You cannot earn and spend money without budgeting. It doesn’t make sense.
You can have $10 or $10000, budget it !
It allows you to track, plan and account for your funds.This can be done in many ways. From spreadsheets, to a simple note on your phone or in a note book.
You need to ensure that you are recording all the income you expect to receive,any bills you owe,expected payments and/or disposable spending.
Even the money you want to spend on clothes, going out , drinking ? Put it on your budget !
Even the money you want to spend on clothes, going out , drinking ? Put it on your budget !
Below I have attached a copy of my own spreadsheet(removed figures for viewing sake)but put an example of a simple one on your phone or in a notebook.
I check this at the beginning of the month, & at the end, go through my ACTUAL spending & see if there are any variances & amend
I check this at the beginning of the month, & at the end, go through my ACTUAL spending & see if there are any variances & amend
http://2.SAVE"> http://2.SAVE
If there’s one thing I wish I had done earlier, was start to save. It doesn’t matter how little you are putting into your savings, just do it ! Life is so unpredictable, you never know what can happen.
If there’s one thing I wish I had done earlier, was start to save. It doesn’t matter how little you are putting into your savings, just do it ! Life is so unpredictable, you never know what can happen.
Having an amount of money stored away even if you are not saving up for anything, is extremely important. Put it into an ISA to earn interest like mine below, or even a piggy bank. Anything !! Just save
3.SEPARATE YOUR FUNDS
This may not work for everyone, but personally I have to separate my money. I have 3 accounts, and one has several pots where I store funds for different things.
This may not work for everyone, but personally I have to separate my money. I have 3 accounts, and one has several pots where I store funds for different things.
This allows you to discipline yourself & know that the money in a specific pot/ account can not be touched because it is already spoken for.
4.MULTIPLE STREAMS
Believe me guys, having one source of income is extremely risky. In this economy, you can’t rely on one job. At any point you can lose it & will have nothing to bounce back on . I am very aware of how hard this is. And it is easier said than done.
Believe me guys, having one source of income is extremely risky. In this economy, you can’t rely on one job. At any point you can lose it & will have nothing to bounce back on . I am very aware of how hard this is. And it is easier said than done.
But you have to try and do ANYTHING. Wash cars, braid hair, babysit, sell food, do make up.
I have personally Cleaned people’s houses to earn extra money.
That’s a story for another day lol but I’m trying to put across that it doesn’t matter what it is, just tryhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🙂" title="Leicht lächelndes Gesicht" aria-label="Emoji: Leicht lächelndes Gesicht">
I have personally Cleaned people’s houses to earn extra money.
That’s a story for another day lol but I’m trying to put across that it doesn’t matter what it is, just try
6.WEED/ALCOHOL
You may think this is funny. But spending on these two things is one of the biggest downfalls to your funds. This is a habit that will DRAIN your account but still make you think it’s okay. Lol
If I saved all the money I have spent...
You may think this is funny. But spending on these two things is one of the biggest downfalls to your funds. This is a habit that will DRAIN your account but still make you think it’s okay. Lol
If I saved all the money I have spent...
on alcohol during this lockdown,I could have probably put a deposit down for a plot in Kabwe https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">
On a serious note though,these are expensive habits that can throw u off completely. If you need them, you have to set aside an amount every month and ensure u spend only that!!
On a serious note though,these are expensive habits that can throw u off completely. If you need them, you have to set aside an amount every month and ensure u spend only that!!
5. IF YOU CANT AFFORD IT, LET GO!
Why do you want to buy a car if you can’t afford the tax, insurance & petrol ?
Why do you have a Netflix, Gym subscription? New phone ? New shoes, hair ? ..If you can’t pay it & not feel like cryinghttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen"> why are you spending on it ??
Why do you want to buy a car if you can’t afford the tax, insurance & petrol ?
Why do you have a Netflix, Gym subscription? New phone ? New shoes, hair ? ..If you can’t pay it & not feel like crying
6. SACRIFICE
This is something that is important but very difficult to do.
It can be anything from not eating out, to saying no to motives where you’ll most likely have to spend money, to not buying clothes in a certain month.
This is something that is important but very difficult to do.
It can be anything from not eating out, to saying no to motives where you’ll most likely have to spend money, to not buying clothes in a certain month.
Or even going to birthday dinners. It’s okay to say no guys !! It’s ok to look broke in front of people.
Limit your outings in months when you have less money coming in.
Unless you have someone spending on you, ( lucky if you do) just stay home please dear.
Limit your outings in months when you have less money coming in.
Unless you have someone spending on you, ( lucky if you do) just stay home please dear.
“ Can I please have 2 pinaccolades & a strawberry daiquiri”
MADAMMMM !!! Do you even have milk in your fridge !!!!?????
MADAMMMM !!! Do you even have milk in your fridge !!!!?????
Anyway I can go on . But yeah that’s the end https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">https://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen">
Hope you learnt one or two things .
Hope you learnt one or two things .
