It is quite possible to save a lot of money while you are still young. A Reddit asked the question ”People under 30 who have already managed to save $100,000. how did they do it.” And he received a number of responses. Several people admitted that they were born with a golden spoon, few had a lot of file financial backup while others manage to save completely on their own.
- Live with your Parents
More and more people prefer to live with their parents even after the age of 30 and it’s a tendency across the globe. You must have realized it’s a lot of money to be spent on renting apartments sometimes it may be one third or one half the salary. Of course, not everybody else wants to live with their parents so in that case, you can split the rent with your friends your partner or other people.
- Make automatic transfers to a savings account the same day you get your money or a paycheck.
There was a research and a survey conducted on a group of people: about 29% of people don’t add up their expenses and about 40% off of people don’t have any savings left at all. As it seems it may be hard but it’s not to save money and the success mantra is: to put aside 5-10% of your salary every month and the results will amaze you.
- Don’t rush to buy a vehicle, especially an expensive one
The majority of the people don’t need a personal vehicle they can live with public transportation or a bicycle. A car or a vehicle is just a symbol of success or a luxury where he or she may not even use it every day. As the world is changing and evolving vehicles may not be very important for example in the Netherlands 36% of people prefer riding bicycles and the number of these people is growing.
- Don’t buy branded things
In today’s world, it’s funny to buy brand name things. According to statistics, the number of people who borrow money from banks is constantly rising. Many of them buy trendy gadgets or new mobiles and cars and then they have nothing at all to eat. They can’t save enough money if they continuously keep spending crazy amounts on things they don’t truly need.
- “I can afford this” phrase
Excessive consumption as one of the biggest problems of modern society. Even if a person earns enough money, the habit of buying anything and everything, on things which are not necessary but unique can lead to a catastrophic financial crisis. And trust me there is a term for this phenomena and it’s called snob effect.
- Buying a property
Never buy a property on the mortgage. Any property that you buy unless it’s a mortgage will quickly pay itself and it won’t matter if you live in it or rent it. The cost of property usually grows together with inflation much faster inflation in developing cities.
- Change your career or work place
Why you are young don’t be afraid to try something new. There is a chance that you will discover a talent for something that will bring you more money and pleasure. Also don’t stick to a workplace if your career is not progressing or developing. There are hundreds and hundreds of others in the market that will appreciate your knowledge, your experience and pay you more.
- Learn to cook
Eating out is not only bad for your budget but also terrible for your health. So the cheapest way to eat is by cooking at home. Regularly eating outside will only add unnecessary expenses. until and unless you are making terribly insane money you can ignore these expenses.
- There is nothing called easy money
Risky things like gambling are great ways to lose all your hard-earned money. Even the stock market requires a lot of effort and thorough research, there is no place for luck there either.
Finally, I leave you with all the thoughts, decide what you want from your youth. You want to live with your parents or using public transportation are being careful about each and every expense you make? A happy use of your investments in the future should be everyone’s personal choice.
Money is a tool and if that tool can be used for pleasure without disturbing or harming your future self too much, then that seems fine too.
Do you Save Money? Comment below for more suggestions or recommendations.