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Translated from Spanish .
Cual seria mi mejor plan para ahorrar?
What would be my best plan to save?
I am a very passive person although sometimes it can be something intense I like to work under pressure because I think that there I can get the best of me, I like it when I am sad sometimes because I really want to write and even more when I see an intriguing series it is as if my head really brainstorm. #engineering
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8 answers
Updated
Gilberto’s Answer
Hello. It's good that you love writing, that means you enjoy what you do, but it is important to take some time off. Working under pressure is a two-edged sword, it brings out the best in you, but it can also be exhausting and at some point you can feel a bit overwhelmed. This does not mean that you should not do your activities, only that you should do them with all the attitude, but also take things easy. Now, in reference to your question. What would be the best plan for me to save? I think you are referring to the financial question, and in that case I would advise you to allocate 10% of your salary to a savings account and the rest you divide between all your financial commitments, income, food, etc. Well, I've been doing that for a long time. The truth has worked for me.
Updated
Jun’s Answer
Hi Shantal!
Do you mean you like to write creatively? If so, then you should set aside some time to write everyday and try finish your stories! You mention you like when you are sad because it helps you write...actually what best helps you write is to set time for it and sit down and write! You can do it without being sad, angry etc - it just takes a lot of time and practice, like every other skill.
If you think you might be too passive, set yourself small challenges of doing new, fun and exciting things! Life experience will help with your writing.
You say you can work under pressure - that is an amazing skill to have already. Sell that to people when applying for jobs/internships and you will always do well.
Regarding saving money - it's important to have a budget. Plan out how much you will spend on groceries, rent, entertainment etc. a week and make sure there is enough going into your savings after all is said and done. Then the hardest part - stick to your budget!
Good luck Shantal :)
Do you mean you like to write creatively? If so, then you should set aside some time to write everyday and try finish your stories! You mention you like when you are sad because it helps you write...actually what best helps you write is to set time for it and sit down and write! You can do it without being sad, angry etc - it just takes a lot of time and practice, like every other skill.
If you think you might be too passive, set yourself small challenges of doing new, fun and exciting things! Life experience will help with your writing.
You say you can work under pressure - that is an amazing skill to have already. Sell that to people when applying for jobs/internships and you will always do well.
Regarding saving money - it's important to have a budget. Plan out how much you will spend on groceries, rent, entertainment etc. a week and make sure there is enough going into your savings after all is said and done. Then the hardest part - stick to your budget!
Good luck Shantal :)
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Peregrin’s Answer
I would add to the advice above in the following way. Allocating funds is critical, but the way to make it easy to adapt a lifestyle that allows you to live within your means. So when you allocate your 10% (or whatever percent that might be), your lifestyle is about the 90% less. Learn to use a debit card instead of a credit card, don't get caught in the credit trap. It is not necessarily easy, as you may have friends who can afford more or live on credit and don't seem to care, but they will care later when they spend more and more of their money just on credit.
I personally didn't like having roommates when I was in grad school, so I ended up conforming to a lifestyle that allowed me to live that way. It would have been much smarter, financially, for me to have chosen to live with roommates, as that is a much more affordable (and social) option. It cost me a great deal of time and money to make up for those years.
Best of luck, and think of your positive view to work under pressure as a great bonus, because there will be many times in your life where you will be under pressure, not of your own choosing, and it will be great to have... It would be a shame to burn it out if you don't need to!
I personally didn't like having roommates when I was in grad school, so I ended up conforming to a lifestyle that allowed me to live that way. It would have been much smarter, financially, for me to have chosen to live with roommates, as that is a much more affordable (and social) option. It cost me a great deal of time and money to make up for those years.
Best of luck, and think of your positive view to work under pressure as a great bonus, because there will be many times in your life where you will be under pressure, not of your own choosing, and it will be great to have... It would be a shame to burn it out if you don't need to!
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Melisa’s Answer
Hi Shantal,
All really great advice you received so far. I especially like Gilberto's suggestion of the 10 percent savings. If and when you begin working, opt for an auto save from your account for your 401K and take as much advantage as you can of any company match. In addition, many banks using e-Banking have an auto save too where you can say for instance, "Transfer $25 of any deposit over $100 to my savings account" as an example. In time, you'll almost forget that it's there until you really need it for something, like your education, an emergency, etc. if and when you do spend it, begin replenishing your savings again immediately so you'll always have something set aside.
And it's great you like to write. I keep several journals on hand and when I am inspired to write, when I'm traveling, when I'm thankful, sad, happy or any emotion I want to capture, I always find it helpful to write down my thoughts. Keep at it, especially if you find it enjoyable or helpful. You can keep one specifically for work inspiration and ideas. Or one, just for quotes you like and more.
Also, check out some additional helpful resources for saving below.
Best wishes to you in your personal and educational career goals!
Check out expert resources from sources like Fidelity. https://fidelity.com/college
Here's also a site with some information on student loans https://www.consumersadvocate.org/Student-Loans
Check out this article on saving tips for under 30, https://www.moneyunder30.com/banking-basics
All really great advice you received so far. I especially like Gilberto's suggestion of the 10 percent savings. If and when you begin working, opt for an auto save from your account for your 401K and take as much advantage as you can of any company match. In addition, many banks using e-Banking have an auto save too where you can say for instance, "Transfer $25 of any deposit over $100 to my savings account" as an example. In time, you'll almost forget that it's there until you really need it for something, like your education, an emergency, etc. if and when you do spend it, begin replenishing your savings again immediately so you'll always have something set aside.
And it's great you like to write. I keep several journals on hand and when I am inspired to write, when I'm traveling, when I'm thankful, sad, happy or any emotion I want to capture, I always find it helpful to write down my thoughts. Keep at it, especially if you find it enjoyable or helpful. You can keep one specifically for work inspiration and ideas. Or one, just for quotes you like and more.
Also, check out some additional helpful resources for saving below.
Best wishes to you in your personal and educational career goals!
Melisa recommends the following next steps:
Rudy Bauer
Cyber Security, Hardware Engineering, Systems Engineering
27
Answers
Updated
Rudy’s Answer
Hi Shantal Gilberto's recommendations are very good.
I would like to add the following:
1. If you can, save as early (younger) and often as possible. In other words, saving should be a habit throughout your life, start with a small amount and then increase as you can.
2. Working under pressure helps to focus and filter what is not necessary. So it gives you like a very large productive energy. The problem is that it is not sustainable in the long term and can cause you a lot of stress. My suggestion would be that you read a bit about the "scrum" or "agile" method that can help you organize your activities into smaller pieces. The interesting thing about this is that you can plan the intensity of these activities and still have productive energy but without so much stress.
I would like to add the following:
1. If you can, save as early (younger) and often as possible. In other words, saving should be a habit throughout your life, start with a small amount and then increase as you can.
2. Working under pressure helps to focus and filter what is not necessary. So it gives you like a very large productive energy. The problem is that it is not sustainable in the long term and can cause you a lot of stress. My suggestion would be that you read a bit about the "scrum" or "agile" method that can help you organize your activities into smaller pieces. The interesting thing about this is that you can plan the intensity of these activities and still have productive energy but without so much stress.
Updated
Carolina’s Answer
Hi Shantal! I see that you used the hashtag "engineering" and I'm curious if your question regarding how to save is because you want to attend an engineering program? If not, there you have the recommendations of Gilberto and Rudy that are very good, the important thing is to reach a point where saving is a habit either something small or something bigger (but that is part of your routine life) and not just for one specific thing - life is always full of surprises and being prepared is always going to be better. If your question is because you want to know how to save to attend an engineering program, this is a little more specific and may require a little more effort, but here are several recommendations that can help you depending on your condition or preference:
1 - Even if you have a college / university in mind, it is good to understand how it compares to others (not only the programs / curricula but also cost, scholarships, and financial aid)
1st - There is the option of attending a community college first (which can usually be cheaper) and then transferring these credits to the university to finish the program at the university 2 - If you can work, either for a few hours a week, not only can it benefit you by earning a little money but it will also help you to give yourself a little experience (responsibilities, schedules, communication, among others). The colleges / universities always have positions available and this may be even better since you would be in the same place which would be convenient. Regarding what you like to do, it seems excellent, it means that you know yourself which will help you decide what kind of person you want to be in your profession, in your life, and these characteristics that you have apply to many things! I hope this gives you a little more information and helps you!
1 - Even if you have a college / university in mind, it is good to understand how it compares to others (not only the programs / curricula but also cost, scholarships, and financial aid)
1st - There is the option of attending a community college first (which can usually be cheaper) and then transferring these credits to the university to finish the program at the university 2 - If you can work, either for a few hours a week, not only can it benefit you by earning a little money but it will also help you to give yourself a little experience (responsibilities, schedules, communication, among others). The colleges / universities always have positions available and this may be even better since you would be in the same place which would be convenient. Regarding what you like to do, it seems excellent, it means that you know yourself which will help you decide what kind of person you want to be in your profession, in your life, and these characteristics that you have apply to many things! I hope this gives you a little more information and helps you!
Updated
Tiffany’s Answer
Good Afternoon Shantal.
Writing is always a great way to keep skills sharp. In reference to your question about saving, I would suggest starting at an early age. It’s always a good idea to have a some money set aside for a rainy day (cliche), but in life you never know what will happen,.
Also, having the ability to work under pressure is an art, but may cause you to burnout quicker. Use your interest in writing things down and may be try to prioritize your projects.
I hope this helps!!!
Writing is always a great way to keep skills sharp. In reference to your question about saving, I would suggest starting at an early age. It’s always a good idea to have a some money set aside for a rainy day (cliche), but in life you never know what will happen,.
Also, having the ability to work under pressure is an art, but may cause you to burnout quicker. Use your interest in writing things down and may be try to prioritize your projects.
I hope this helps!!!
Updated
Jai’s Answer
Responding to your Q headline on saving - I assume its financial saving you are after, if so, best I suggest is - don't save what is left after spending; spend what is left after saving.” If you want to become wealthy, you must allocate some of your current earnings towards the future. By saving first, you eliminate the problem of not having enough money to save, at the end of the month.
Hope this helps!
Hope this helps!