11 Tips To Save Money For Today's Youth

For all those who think money isn't a major source of happiness and peace of mind, well, think again. The world today has seen a drastic change in its functioning, in classifying people and differentiating between individuals. Money is immensely important as far as making a living and getting recognized in society is concerned. If there is one truth that transcends every boundary between individuals, it is the fact that every person wishes to get rich. Tips to save money, earn money and everything else related to making money are many indeed. Following these tips, however, is the most arduous thing.

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In this article, we adopt a different approach- an approach that guarantees results. "Money saved is money earned"- a popular quote that certainly cannot be disputed. In fact, while we look at tips to save money, we are indirectly looking at tips to become rich. By understanding the importance of each one of these ways to save money and incorporating them, your achievements will not be confined to saving money alone, you are sure to become rich as well- in the long run that is.

Let us now look at these top tips to save money for today's youth. Here are 11 ways to save money. Read on...

Your Monthly Budget

The first step towards saving money, perhaps the top tip to save money, is to plan your monthly budget even before you get your salary for the month. Importantly, you must make sure you adhere to your planned budget.

Try Saving On Your Budget

It is important that you do not give an exact account on how much you will be spending. While making your monthly budget, always make extra monetary allotments just in case situations demand. Once that's done, try saving on the planned expenditure.

Have At Least Two Bank Accounts

Make sure you do not use your salary account for everything. Deposit some money in a different bank account and make sure you do not spend that money. This is one of the foremost tips to save money.

The Purchasing Trick

A popular rule called the 30 day rule is a highly effective way to save money. Make sure you master this rule and abide by it with all your being. Basically, the 30-day rule works like this- if you wish to purchase something, wait 30 days. If you still want it, only then decide to go for it.

The First Couple Of Weeks Of The Month

Now here is something for a brilliant tip to save money- live the first couple of weeks of the month without overspending. You usually tend to overspend during the first couple of weeks. Make sure that does not happen.

House Parties

If you wish to save big, house parties are the most effective ways to save money. If you wish to have a bash, inviting friends over rather than going out works admirably well.

Stay Away From Credit Cards

Credit cards are useful no doubt. But do not rely on credit to finance your expenses. It will prove costly before you realize.

Giving Up Habits That Leave Your Wallet With A Gaping Hole

Alcohol, cigarettes and drugs, apart from being unhealthy, make a big hole in your wallet. Try giving up these habits. Although it sounds farfetched as far as executing this plan goes, you can at least reduce the incidence of consumption.

Your Electricity and Water Bills

Strong emphasis should be laid on saving power and electricity. If you make conscious effort in this regard, you are sure to save money.

Spending Money On Others

Keep a check as far as spending money on others goes. Don't overdo it.

Settle For The Second Hand Stuff

Initially, when you've just begun your professional life, do not look at the illusionary status symbol while going for stuff. Settle for second hand stuff. It will definitely serve the purpose of saving money in the long run.