Should College Student Personal Finance And Credit Card Be Limited Saving Money Tips – Manage Your Money the Good Old Fashioned Way

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Saving Money Tips – Manage Your Money the Good Old Fashioned Way

Think back to the good old days, (now I’m thinking back to the 50’s and 60’s) when you hear stories about these housewives and how they managed and managed the family finances. It was using money jars/envelopes. In these years, there was no such thing as buying it now and paying it later. There was no shopping with a credit card and getting finance was especially difficult.

Men and women of this time were forced to save their money, they had no choice. If they wanted something they usually had to pay cash for it and that meant they learned the discipline of saving and they learned to manage their money well. Much can be gleaned from looking back into the past and passing down methods used by men and women, as we can still use them today.

One of those important lessons is learning to allocate your money for different purposes. This can be done in several ways, such as using separate bank accounts/money jars/envelopes.

Clues

First of all you need to think about what kind of expenses you have in your life. Each of us is different because some of us are renting, some of us are paying off a mortgage and/or multiple debts and some of us are living at home with our parents and have lower costs than others. No matter what your situation is, you’ll have commitments you need to meet, bills you need to pay, and money you want to save so you can achieve whatever goals you’re trying to achieve in the future.

So think about your money and work out how you can divide your money. One suggestion is to have money for the following purposes:

1. Money to spend on yourself each week

2. Set aside money for your bills and regular commitments

3. Money for lifestyle

4. Save money for your goals and future

Let’s look at each of these objectives individually:

1. Money to spend on yourself each week

This includes setting aside money for items such as:

  • Groceries
  • entertainment
  • Eating out / Takeaway / Beverages
  • Petrol / Travel Fare
  • Children’s pocket money
  • Sports activities

Generally, any time you have to dig into your pocket and take out money to pay something on a regular basis, such as weekly, should be included in this section. If you have an account/money jar/envelopes for this purpose you will be able to budget better and limit your spending in this area.

An area like this, which has a lot of items where you have a lot of discretion about how much you spend, can cost a lot if you’re not careful.

2. Set aside money for your bills and regular commitments

This includes setting aside money for items such as:

  • Rent / Board
  • House Cost – Rates / Body Corporate / Maintenance / Maintenance
  • Car Cost – Registration / Service / Maintenance
  • Loan / credit card payments
  • Insurance – Personal / Home / Car
  • Cost of Children – Education / Uniform
  • Health
  • Pets
  • Charity / Donation

The idea here is to set aside money for these bills and regular commitments so that when they are due, you already have money to pay for them. You provide money for these expenses from every payment you receive by putting money in the account / money jar / envelope. Even if you don’t have any bills that particular week/fortnight/month you still put money aside, because we all know there are certain months of the year when all our bills are due and that can put a real strain on finances, especially if you have these heavy bills. If you haven’t saved some money for months.

3. Money to set aside for lifestyle

This includes setting aside money for items such as:

  • clothes
  • vacations
  • Special Outings / Activities – Balls / Concerts / Plays / Theatre
  • Sports events
  • presents
  • Personal Treatment – Massage / Beauty Treatment

Just like your weekly spending money that we mentioned above, there are a lot of things in this area if you’re not careful and if you don’t budget well you can end up spending a lot of money. By keeping money in an account / money jar / envelope for these purposes when you go and want to spend money on any of these items, you can calculate what you have already saved and then decide what you will or will not do. Plan it or postpone it until you save some more money.

4. Money set aside to save for your goals and future

This includes setting aside money for items such as:

  • Personal goals
  • Emergency situations
  • Future plans/programs
  • Retirement

Everyone should have some goals for the future and these may include buying a house, traveling abroad, getting married, having children, retiring, buying a new car, etc. Most goals have some monetary constraints attached and often sooner than later we start our savings. , the faster we can reach our goal. If we look back at the men and women of the 50’s and 60’s they too had goals and dreams and in all reality their goals were probably no different than the goals and dreams each of us have. However, they knew they could not have their future unless they saved for it.

Today with the development of technology and free cash society we can often see our dreams before we can afford them and often as a result of our actions we end up stuck in debt for years and never paying off the debt. Cash for what we want.

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