3 answers
Bay
Student
Maysville, Kentucky
1
Question
Asked
599 views
Money management tips ?
Hey there everyone ! How can I start saving for my future, and how much should I start saving? I make about 400 a week as 16 year old, so how much of that should I save a week?Please and thank you so much!!!!!!!
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3 answers
Rebecca Tang
Banking
1816
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. Many students have similar questions.
Firstly, you need to know how to distinguish what you need and what you want.
What you need it something essential to you, e.g. your tuition fee, food expenses, travel expenses, etc.
What you want is something nice to have, e.g. Jewelry, Designer Clothes, etc
You would need to calculate your expenses you what you need first.
Below are my suggestions :
1. You divide your income into 3 parts :
- What you need
- Savings / Investment
- Expenses on something you want
2. After you graduate, you can consider to identify any investments which is safe and stable
3. You can develop some financial plan on how much you are targeting to save or achieve. Review your financial plan on regular bais.
Hope this helps! Good Luck!
Firstly, you need to know how to distinguish what you need and what you want.
What you need it something essential to you, e.g. your tuition fee, food expenses, travel expenses, etc.
What you want is something nice to have, e.g. Jewelry, Designer Clothes, etc
You would need to calculate your expenses you what you need first.
Below are my suggestions :
1. You divide your income into 3 parts :
- What you need
- Savings / Investment
- Expenses on something you want
2. After you graduate, you can consider to identify any investments which is safe and stable
3. You can develop some financial plan on how much you are targeting to save or achieve. Review your financial plan on regular bais.
Hope this helps! Good Luck!
Daniel Maynes
Credit Manager
187
Answers
Dallas, Texas
Updated
Daniel’s Answer
Hi Bay!
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
Bree Williams
Sales manager
4
Answers
Dallas, Texas
Updated
Bree’s Answer
I completely get it, there was a time when my ability to manage money wasn't top-notch.
Use apps like mint, Albert etc to keep you on track within spending
Give yourself a set spending limit (food, needs, hobby)
Invest your money once you’ve gained some knowledge on crypto
Have a monthly savings goal
Open an account instead of having cash on hand
Bree recommends the following next steps: