How often do you feel you don’t have enough money to
spend?
How often do you buy items you can’t really afford?
How often do you buy something you don’t need just
because it’s on sale?
Does it seem that you never have quite enough money to spend?
If you could get your hands on more money, you could buy that car you want. If
your wages were higher, you could buy those shoes you "need".
Rather than fret about the money you don’t have, why not
learn to manage the money that does pass through your hands? You could wait
until you leave home to learn how to manage money. But think, would you walk
without learning how to crawl? True, a person might be able to figure it all
out while hurtling to the earth. How much better, though, if he learned how to
crawl before walking.
Similarly, the best time for you to learn to manage money
is while you are at home, before the harsh financial realities of life
confronts you. "Money is for protection". But money will protect you
only if you learn how to control your spending.
Doing so will boost your confidence and will increase
respect for you.
LEARN
FIRST.
Have you ever asked your parents explain what’s involved
in maintaining your household? For instance, do you know how much it cost to
provide light, heat, and water each month or how much it cost to run a car, buy
food, or pay the rent? Remember, you help incur those bills--and if you leave
home you will be the one who has to pay those bills. So you might as well know
how big your bills are likely to be. Ask your parents if you can see some of
the household bills, and listen closely as they explain how they budget for
them.
RECOGNIZE
THE CHALLENGES.
Admittedly, controlling your spending is easier in theory
than in practice, especially if you live at home and receive an allowance or
earn from a job. Why? Because your parents are likely paying most of the bills.
So a large percent of your money will be available for you to spend at will.
Wow spending money is such a fun.
A problem may arise, though, if your peers pressure you
into spending beyond reasonable limits.
It’s natural for you to want to fit in with your friends.
But ask yourself, 'Am I spending money with my friends because I can afford to
or because I feel I have to?' Many people spend money in an attempt to boost
their reputation with friends and associates. They try to impress other with
what they have and not who they are. This tendency can cause real financial
problems for you, especially if you own a credit card.
How can you prevent this?
TAKE
CONTROL.
Instead of maxing out your credit card or spending on
your whole paycheck on one night out, why not try to plan ahead and calculate a
limit of your spending. Take out only the amount which you need for the outing.
And always go to shopping with those friends who are careful with their money
and who always encourage you to shop around and not buy the first thing you
see.
Maybe you think you already have your money under control. But
Maybe you think you already have your money under control. But
ask yourself: 'How much money did i spend during the past
month? What did I spend it on?' Not sure?
Here's how to take control of your spending before your
spending takes control of you.
1.
Keep record:
For at least one month, record the amount of money you receive and the date you
receive it. Describe each item you buy at the amount it costs. At the end of
the month, add up the amount received and the amount spent.
3.
Adjust your habits: If you're spending more than you anticipated on some
items and are accumulating debt, adjust your spending habits. Stay in control
Try keeping a balanced attitude. Money must never be put
ahead of your studies, family, work and children, it can also be a useful
servant if it’s used well.
