Managing savings & minimise spendings for young individuals.
As a young individual it can be difficult to manage and save money. There are countless expenses presented to individuals that when managed poorly – are not financially viable. However, there are ways to engage in these activities responsibly and minimise the damage to the bank account. It comes down to self-control, healthy habits, organisation and finding a sustainable balance.
Common examples can include:
For young individuals who want to save money fast, it is easy to fall into the trap of setting a goal to save excessively by living a very strict lifestyle, burn out – and give up. It’s also common for individuals to get comfortable with their savings and adopt the carefree attitude where they do not track any expenses or set goals. This is NOT economically viable. It is crucial to find a healthy and sustainable balance that allows individuals to enjoy events occasionally whilst still being able to save simultaneously.
Ways to minimise excessive spending.