How To Stay Financially Responsible: by @kelvincole
STAYING FINANCIALLY RESPONSIBLE
One of the good things about being a teenager is that you have parents and relatives who will give you money usually at will or when you make demands. In addition, there are usually no serious responsibilities to undertake. However, as years goes by, you begin to gradually have certain responsibilities and suddenly, you realize that you have wasted so much money /resources, time and opportunities when you had freebies.
In Economics, we are told that human wants are insatiable, that there are always needs, wants and even desires endlessly craving for our attention. However, we do not also have to spend all the money we get, because in life, there are bound to be financial difficult times(raining days), hence, the need to save money or investing it, becomes a wise thing to do. Irrespective of where you save your money, whether in the bank or in a 'piggy' safe at home, you must be discipline not to open it until there is great need for it.
When growing up, you can decide to save up for education, business, investment and even some minor projects. but, you must exercise self discipline and make a conscious effort and decision within you before you can actually save.
For you to save, you must take the following into consideration:
Take Accountability Seriously: Here, you must be able to evaluate your income and expenses, as it will guide you in creating a financial budget that will greatly influence your savings.
Draw a Budget: There is need for you to draw a budget that will guide your expenses in line with your income. You must ensure the budget is realistic and achievable, hence the purpose will be defeated. You can draw a budget that is based on your preference and convenience. Sometimes you may be required to create an adjustment in your budget, especially when you are obligated to make expenses outside your budget that is life threatening. But the good thing is that such doesn't occur on a regular basis.
Make Thoughtful and Smart Decisions with Spending: it's advisable to be very thoughtful and smart in regards to spending. Always try to avoid impulse buying or being a spendthrift. Always place your spending on a scale of preference and make right decisions to get things that are more pressing and not things are more attractive. Have a priority and make sacrifices where necessary.
Take Note of What you Consume: It is said that what you consume, consumes you. Hence, take a break from that frequent and consistent weekly or monthly spending. eat more simply or more cheaply.
Avoid Spending To Impress: You don't need to spend to impress people, as you will find it easier to spend less money on things when you are less concerned with what others might be thinking about you. Spending more money than you make, will make you end up having more worries and undue stress and anxiety. Also, Spending money to impress will plug you into debt, and as such affect your relationship with people,your job, health and even your relationship with God.
Don't be Greedy: Don't let envy and materialism push you into an extravagant lifestyle that you cannot maintain. Always stay away from friends that makes you spend more than you budgeted for and avoid spending all your money on frivolities as most of those frivolities can be gone in the twinkle of an eye. invest your money wisely and most definitely, your future will be guaranteed.
Conclusively, in an attempt to save, avoid being stingy to yourself and others. Saving shouldn't stop you from having a good well being or giving out to others. Be more moderate and modest, consciously save to support your parents, projects, businesses or even the less privileged.
It is note worthy, that little becomes a lot when you consistently learn to save.
Thank you