How to Save Money While You're Still Young

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1 year ago

Hey folks! It's me again, thelostadult95!

Welcome back to my article and I hope the title for this one had catch your attention. If your new to my profile, please subscribe now! Who knows? You might be my 1st subscriber and I might as well consider you a lucky charm in this platform! How cool would that be?!

Anyway, as I was saying for this article, have you ever questioned yourself how to save money? Yesterday, I wrote an article about how lost I am in this thing called adulthood and there I said I am still lost but now I'm enjoying it. And today is another day of me being lost and it's also payday so I thought maybe it is timely that I write something so relatable to adults like me who face this problem every single payday and that is, "How to Save Money?".

Ever since I get my first paycheck, I always wonder where's my money going? It's as if I'm working for nothing, so I once searched google and asked about any tips on how to save money even if the salary's not too big while still helping my family and paying the bills, and here's what google said.

"USE THE 50 - 30 - 20 RULE"

Have you heard about this one? If yes, then congratulations! You're on your way of saving money for the future. But if no, don't worry, you still got time.

Now, for this rule, 50-30-20 means that divide your money or income into 50%, 30%, and 20%. Here's how I breakdown my money for you to have an idea.

  • 50% of your money should be for your expenses, such as for your rent, water and electricity bill, internet bills, transportation, foods and all the other things that is necessary for your daily living. Please take note that 50% of your money should be for your necessities.

  • 30% of your money should be for your savings. In this part, you can now have a money which is intended only for your savings or for your emergency needs. You can put in a bank or you can invest it.

  • 20% of your money is for your wants. This is a reward for your hard work. This is one way for you to enjoy life by buying the things you like, or eating the food you crave for. Now, if at one moment, you don't use this 20% for your wants then you have an additional 20% of your income to your savings and that's good news for you.

Now that you have the idea of this rule, I hope that you would be able to start saving money from your income even if it's not high enough knowing that you are just starting in this journey of adulthood!

Thank you for taking time to read and I hope to see you around.



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1 year ago