In a society that seemingly wants instant gratification, I’m afraid that many people have failed to grasp the concept of saving money. In particular, young students from elementary school to the halls of higher education must be taught and shown the value of saving money. Good, as well as bad spending habits will continue throughout their life depending upon what they have been taught. It would be wise to heed what Benjamin Franklin said, “A penny saved is a penny earned.” Saving money requires hard work, determination, restraint, and a realization that time is on your side.
A great way to start saving is to take that birthday, Christmas, and special occasion money and tuck it away. I know that’s the craziest thing you ever heard. Think of how much money has been given you over the years by family and friends for those special occasions. I would wager you have absolutely no idea. By the way, where is that whatever you bought last birthday or Christmas?
If you’re working full or part time, pay yourself first. Take 10 per cent from your earnings each pay period, put the money in an interest bearing account, and leave it there. Here’s where you’ll have to be disciplined and determined so as your money can grow. Some people have the mentality that if they don’t have a large sum of money to start with there is no use to save a small amount. They couldn’t be further from the truth; saving a small amount of money over a long period of time can make one wealthy.
What do you do with that change you have in your car? How about the change in your pocket or purse? Have you ever thought about saving the change? Believe it or not that change can accumulate into a large sum of money over time. Remember, time is your friend and time is on your side. Throw that loose change into some sort of container each and every night instead of spending it each and every day.
How much do you spend on fast food, video games, clothes, and social events each month? Take the time to set yourself down so as to determine how much money you spend unnecessarily. You must be honest with yourself when you do this for denial will profit you nothing. A man once told me that I shouldn’t spend my money on things I want and expect him to spend his money on things I need. I was being challenged to take responsibility for my own needs.
That’s only a few simple ways that students can save money. They are simple but most effective if applied with determination, hard work, restraint, and the realization that time is on your side. Take these few simple suggestions to heart so you can discover for yourself that over a period of time your money will grow right before your very eyes.