How To Save Money- A Young Adult And Teenager’s Guide
Money is a very important commodity today. Learning how to spend money and save money is an important attribute that must be thought to everyone from a young age. The younger generation of today definitely know how to spend but when it comes to saving, they find it difficult to accomplish.
But that need not be the case. You can teach the younger generation how to save using these simple steps. First set a goal. The goal might be a vacation, a car, higher education or even a rental bond(for when it’s time for the little ones to get a place of their own). Ensure that they follow the 50/30/20 rule. Where 50% of their earnings from their jobs must be set aside for the bills to be paid by them, 30% for fun and recreational activities and finally the 20% for savings.
They can get help planning their budget and expenditure by using online tools such as TrackMySPEND and MoneySmart’s Budget Planner.
Make it a point to make the teenagers and young adults remember that, even after achieving their goals there will be expenses and they need to be prepared for that as well. Getting a hang of money management at an early stage in life will make life easier as they grow older.