4 answers
Audrie
Student
Yuma, Arizona
1
Question
Asked
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Hey y’all?
How can I start saving money on stuff even though I spend money a lot
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3 answers
Rebecca Aidoo
Fashion specialists
22
Answers
Accra, Greater Accra Region, Ghana
Updated
Rebecca’s Answer
It’s good that you’re thinking about saving at this stage. I’m glad you’ve become more self-aware and conscious about your spending habits that’s honestly the first and most important step in financial planning and management.
To cut down on costs, start by listing your needs in order of importance. Separate your primary needs (things you truly need, like food, transport, school supplies) from your secondary needs (things you want but can live without). When you rank your expenses on a scale of preference, it becomes easier to see where your money should go first.
For example, if the items you want to save money for are very important to you, put them at the top of your list and treat them like a “must-pay” expense. Everything else comes after. You can also set a small savings goal, saving a little consistently is better than waiting to save a large amount later.
Another helpful habit is tracking your spending, even if it’s just noting what you spend each day. This helps you identify patterns and areas where you can cut back. Lastly, try to pause before buying something and ask yourself, “Do I really need this right now?” That simple question can help you spend more intentionally over time.
To cut down on costs, start by listing your needs in order of importance. Separate your primary needs (things you truly need, like food, transport, school supplies) from your secondary needs (things you want but can live without). When you rank your expenses on a scale of preference, it becomes easier to see where your money should go first.
For example, if the items you want to save money for are very important to you, put them at the top of your list and treat them like a “must-pay” expense. Everything else comes after. You can also set a small savings goal, saving a little consistently is better than waiting to save a large amount later.
Another helpful habit is tracking your spending, even if it’s just noting what you spend each day. This helps you identify patterns and areas where you can cut back. Lastly, try to pause before buying something and ask yourself, “Do I really need this right now?” That simple question can help you spend more intentionally over time.
Rebecca Tang
Banking
2398
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. It is a good time to learn financial planning.
Firstly, you need to understand 'What you need' and 'What you want'.
What you need - This is vital expenses, e.g. school fees, transport, meals, etc.
What you want - This is nice to have expenses, e.g. Trendy Sneakers, clothes, etc. Jewelry, etc.
You can divide your income into 3 parts:
1. Expenses on What you need
2. Savings
3. Expenses on What you want / Investment
Hope this helps! Good Luck!
May Almighty God bless you!
Firstly, you need to understand 'What you need' and 'What you want'.
What you need - This is vital expenses, e.g. school fees, transport, meals, etc.
What you want - This is nice to have expenses, e.g. Trendy Sneakers, clothes, etc. Jewelry, etc.
You can divide your income into 3 parts:
1. Expenses on What you need
2. Savings
3. Expenses on What you want / Investment
Hope this helps! Good Luck!
May Almighty God bless you!
Ashten Walker
Retail Leadership
2
Answers
Updated
Ashten’s Answer
Creating a budget is very important. Start with your net income and subtract the expenses you must pay, like your phone bill, car costs, insurance, rent, gas, and groceries. What is left over? Decide what you need and what you want. For instance, compare how much you spend on dining out versus cooking at home. Look for expenses you can cut down. After covering your needs, see how much you can spend on yourself or save. You can lower costs by finding a cheaper phone plan or shopping at a less expensive grocery store. Begin with these small changes.