Get Money Savvy

According to money expert Antonia Magee, “As soon as you start getting money, you should learn how to save it.”

As teenagers, some of us may think that it is unnecessary to start saving at this age. Think of it this way: the more money you put away today, the more money you will have tomorrow to get that awesome prom dress, designer bag or heels! Having said that, let me lay down a few ways so that you will not shy away from all that money woes anymore.

Firstly, know your income. If you get a standard allowence, this is a breeze. But if you supplement your allowence with earnings from working part time or other means, you need to at leat estimate how much you are getting. If you do not know how much you have got, you would not know what you can do with it.

Next, track your spending. The next time you reach out for your wallet to pay for something, make a mental note and later jot it down, even if its just a couple of ringgit. This way, you can know how much you spend daily, and at the end of the month, you can roughly estimate if you have been overspending or otherwise.

Set aside savings. This is not an option! In fact, your spending should only involve what you have left after you have put away some savings. At the same time, be realistic. Make sure you have enough with you to spend on food and other neccesaties. As a guideline, experts say you should put away 10% of your income as savings.

Lastly, you have to pick your splurges. You have to know the difference between wants and needs. Then be wise about splurges, if you really want that hot handbag from Carlo Rino, you may have to give up a couple, or even more dinners at Nandos! As tough as it may seem, you cannot have everything. So weigh out your splurge options and make sure it is really worth it.

Just follow some, if not all, of the steps listed above, you would find your bank account growing in no time!