I am THRILLED to have Sarah Nderi, one of my BEST blogging buddies, guest posting on “Simple Ways to Start Saving”! I mean, we all need a reminder on important basics once in a while (I know I do).
Please give her site – nderisarah a visit!
When it comes to your finances, it’s advisable to try and learn as much as you can about savings and investments, how to save, how to invest and the types of insurance/investment opportunities available for you. You may not earn much but it’s advisable to figure out how to save and whether to invest rather than take the head-in-the-sand approach.
Ignorance is not bliss.
Young people don’t have much of a saving culture than they have a spending culture. Instead of buying the latest clothes/gadgets that you may not necessarily need; think about retirement, emergency savings, life insurance, investments and start learning.
When you are 50, you won’t have the strength that you have now. Make the best out of today.
How To Create a Saving Habit
From experience, the first months after you start saving will be a bit hard as you try to limit your spending. This should not worry you as you will become quite accustomed to saving afterwards and watching your money grow will inspire you to work and save some more.
Talk with Your Bank to Debit your Account
Schedule a monthly debit after your salary hits the bank. This should be done around the 3rd or the 5th of every month. In this way, it’s still early in the month, you haven’t spent much and gives you a head start in planning your monthly expenditure.
Listen to Financial Podcasts
Now that you are already saving, start listening to financial podcasts on the various ways to save, invest, cut costs, have a side project before you can move on to bigger money moves. Opportunity meets preparation and doing this gives you knowledge that you can use in future.
Here are some podcasts to consider (Some of these are UK/US oriented but definitely have some great takeaways)
Schedule a Meeting With a Personal Finance Coach
Book two or three sessions and always have a go-to person who can advise you in case you need to make big money, career and investment decisions.
If you can’t afford this, there are books to be read on personal finance and a lot of YouTube videos for a start.
Overall, these are great places to start on the road to financial independence for millennials, build a saving culture and a safe future. Do you have a saving culture and are you teaching yourself on finances? Let me know in the comments below.
As we discover more ways to save, lets educate each other (share with me how you do it and I will feature your comment in my next finances post).
I definitely will be coming back with a detailed post on how to save and invest while young.
Featured Image credits; pexel