I've always tried my best to make sure that I'm not out of money. I like to make sure that I have enough funds for the present and most importantly the future. In order to achieve this, I like to live by a simple ratio - 60:40... where I save 60% and spend 40% of what I earn on a monthly basis. This way I can start saving towards the big things which include buying my dream home and spend on the things I like to indulge in the mean time such as buying a new pair of trainers! A lot of people my age (22) like to spend, spend and spend which is great and all if money is not a problem but for the average, working person - such as myself.. I would always urge people to save where they can because you never know when you'll need those funds for a rainy day.
What is your biggest struggle with money?
I would say my biggest struggle with money was during my university days. Relying on student loans and grants whilst living out by myself for the first time, with no knowledge on how to budget, was a relatively tough learning experience. But eventually, I was able to learn as I went along - putting money aside every week for food shopping, budgeting every month around my rent. Some things are meant to be done alone and I would say this is one of those things, it really did help me in budgeting my money to this day and I'm very grateful for it.
What is your tip to help others save?
If you are a big clothes shopper (like me) then I can't recommend enough for you to wait until sale season - it's very hard holding off the temptation of buying something you want to wear right away but trust me it will be more worth it when you buy that pair of trainers or that jacket for 30-70% off! Be sure to subscribe to your favourite retailers to stay up to date on the latest sales/discount codes. Furthermore, don't be afraid to look for what you want on second hand websites such as Depop or Ebay where chances are someone is selling the item you want for a much cheaper price, sometimes brand new as well. This rule of thumb can be used for purchasing any other goods really, the best course of action is always patience - the good things come to those who wait.
This money story was written by Anonymous.
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