The Best Ways to Save Money Young

One of the biggest things that I have learnt over the last couple years from travelling and moving schools is that saving young is something that is so important and so easy when you have the dedication to working and finding ways to save money any way possible.

For anyone out there who is looking for ways and motivation to start saving and get ahead financially here are some essential tips.

  1. Have a savings fund that you cannot touch and regularly add money into that account. This was one of the first things that I did when I started making money. Every fortnight when I would get paid I would put 10% of my pay into that account and leave it alone. As I get older I have increased the percentage as to which I add into that account but basically if you earn $300 a fortnight (an average wage at 15 years old) that’s $30 dollars every fortnight being added into that account and after a year of 26 pays thats $780 saved into that account ready to go towards something more important. Now, to the adults that are reading this, my example may not excite you too much, but what I would like everyone to do right now is think of their wage take 10% of what you earn and do that for a whole years worth of pay! At the time 10% of your wage won’t seem like a lot, that’s why it is so easy to save!
  2. Make sure that your savings account has a high interest rate on it: Basically, the bank pays you for having your money in the bank. Cool right? Well it’s even better if you have your money in a bank account that has a higher interest rate. The higher the interest rate the more that you are going to get paid for having your money in that account. So hunt around and find which account works the best for you.
  3. Have an eBay account: Believe me when I say this, but eBay is a saving grace when it comes to having a little bit of spare change in your pocket. Go through the stuff that you have accumulated and sell it on eBay. Things that you think people wouldn’t like and buy will surprise you, so you could be sitting on a lot of money just in your bedroom, the time is now to go through and find things that you won’t use and sell it on eBay. If you are finding it hard to get rid of things ask yourself: Will I definitely use this in the next 6 months? If the answer is no, then there is someone out there who will and you will get money from it.
  4. Get excited to save: Something that I do is I like to visualise the things that my savings can buy and basically I try and keep them to investments and dogs only. (Cars are NOT investments). So I like to look at and design houses with what I one day hope to build and live in using my savings money with my Huskies and a few overseas holidays as well. Find something in life that you really love or really want to have one day and aim to make that a reality and keep getting excited for it so you don’t forget about it.

I hope that these tips help you all out there to start saving especially the young people reading this! If you enjoyed this blog please give it a like and comment your money saving tips that you use!

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