People always have the wrong understanding about how to spend and how to save. According to my dad he would say, save every penny. Learn how to buy the things you need not the things you like. Because if you were to buy everything you like, you would have nothing left. So it boils down to self control.
If you do not have self control to quench that urge to get every beautiful thing in a shopping mall then you will end up being a pauper one day. “Savings is necessary for the rainy days”. He would say. While growing up my dad would get I and my four siblings together and tell us stories of how he got to be where he is.
He would say, “After serving my master for 7 years, he sent me off with nothing. I wonder where I would have been if I hadn’t been saving. I saved my feeding money throughout my serving years. I ate my master’s left over every day for 7 years. Of course I saw things that I liked, but I resisted the urge. Finally, when my settlement came, I had nothing to fall back on but my savings. It’s that money I invested in, and brought me to where I am today.” I was dazzled and impressed because I know of his many achievements.
At some point, I use to think that my Dad was very stingy. But with time, I got to understand him better. He never spends on impulse; he carefully states what he wants to spend on and how much he wants to spend. He has a daily, weekly, monthly, and annual budget. He keeps record of everything.
This boils down to most teenagers and young ones of nowadays. At every shopping mall, you see teenagers and youths spending and shopping. Most of them their parents money, some others their boy friend’s money and a few others their hard earned money.
At every little celebration, you see people running to celebrate and waste money that they could invest in other things. You don’t necessarily have to wait until you hit that big money before you save. Most have televisions in their houses but they would rather pay and watch films in the cinema.
Hey! No one is saying don’t have fun but there should be a limit to all the fun and spending. Some guys would keep numerous girlfriends and spend their earnings on girls instead of planning for the future. Parents too should curb the way they spend. You shouldn’t buy every toy your child points to, at the toy store.
You should rather start investing into the child’s education now. Your life may seem all rosy now, but then no one knows when the storm will blow or from what direction. Even as students, you can save. That’s the right time to develop saving habits. And as salary earners, do not wait until the huge salary comes. Save with the very little. It denotes accountability and responsibility.