Saving Money Financial Control

Suba

Moderator
Staff member
Financial Control
Many young people want to be rich, but all their dreams are just plans, without action and controlling. Action is work that makes income, and changes the habit of wasting money. and financial control is very necessary whether our actions are in accordance with the plan. Here are two main elements that must be implemented if you want to be rich at a young age.
1. Save and Invest Simultaneously
Many professional investors say keeping large amounts of money in the bank is a loss. Don't be afraid to invest in many safe investment options, such as property and land. Make automatic transfers from your salary or monthly income, for example 10% for savings, 10% for investments, 2% for donations, 3% for others and 75% for your monthly needs. Don't save and invest at the end of the month waiting for the remaining money from your monthly needs, because there will never be any left over.

2. Avoid the Luxury Lifestyle
Prevent your expenses are greater than your income, no matter how big your salary will never be enough to meet the needs of your luxurious life. Live a simple life and live frugally. Improve your knowledge and skills so you can reach a higher career/job position.
 

Jonaville

Active member
You just hit the nail on the head. Saving is very important to more of investment that saving. Also, an extravagant lifestyle should be avoided if you intend to attain financial security. Never buy things you don't really need and learn how cut down on your expenditures. Little by little, you will be on the path to financial freedom.
 
M

Marcellino

Guest
"Cut your coat according to your size", this is a good adage one should also bring into his or her memory in terms if saving, investments and luxurious living.
Saving is a paramount step evry aspiring rich teenager should adopt. Saving more and spending less as a teenager will help you to he financially stable as you will be able to pile up wealth for the future.
 

Abigael

Valued Contributor
This is very true. Indeed no amount of money will satisfy you if you choose to live an extremely luxurious life. So you should budget well and spend only what you can afford. Remember to put some fun money aside though, it is great for you to have fun. Then, yes, start investing and saving simultaneously as soon as you start earning.
 

Mika

VIP Contributor
Financial literacy is very important. If you read the biography of Warren Buffet, you will understand how he managed to become so rich. Buffet was already earning more than his teachers when he was still in school. Buffet managed to build his fortune by working hard, saving money, and then investing money. You need to be financial literate, you also need financial management skills. Financial management skills mean, knowing how to best use the money, knowing when to spend when to save, and when to invest, i.e. managing income and expenses, You can grow rich only when you can handle money well.
 

Holicent

VIP Contributor
Financial planning is about having a plan for your financial future. It's about taking control of your money and making sure it works for you.

In order to do this, you need to make sure you're on track with your priorities, goals and objectives. You also need to know what's going on in the world around you so that you can make informed decisions about how to invest your savings.

One of the most important things you can do is take control of your finances by tracking them from month to month. This way you'll be able to see exactly where your money goes each month and what it could be doing better instead of just guessing at what might happen next.

There are many different methods for tracking your finances, but I personally like the ones that allow me to see everything at once in one place - this way I can see how everything affects me across all areas of my life (finances, health, relationships etc). There are also some apps out there that offer this functionality, but they often require more effort than just keeping a simple spreadsheet yourself.
 
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