When I started earning -- more than just stipends and short contracts -- I asked my mentor what to do. He said that I really hadn't started making money until I set aside funds for a rainy day, and later, to grow my capital from investment.
His point was that I needed a budget that included setting aside money every month on equal footing with social spending and buying clothes or entertainments. I was buying peace of mind in case things got difficult in the future. I hadn't gotten paid until part of that months pay made its way to savings.
The beginning was a challenge - £25 or £50 - but it gave me a place to put surplus when I did have surplus. When an unexpected bonus turned-up, I knew where to send 80% of it. That became the beginning of expanding my options - and never letting my job own me.
What is your biggest struggle with money?
Keeping that "rainy day fund" set aside
What is your tip to help others save?
Put funds away regularly - in a separate account. Make it hard work to dip into savings. In the short run, see those savings as buying peace of mind. In the longer run, it's the capital that can free you and enable you to pursue your best opportunities.
This money story was written by Anonymous.
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