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How can I become better at saving money and not spending it right away?

I'm a senior in high school and about to graduate and I have to learn to save money because college is around the corner. I spend my money in nonsense and I want to save money for college and necessities.

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VINOTHRAJA’s Answer

You are in Right time to Save your Money!!!.

1. Have you note down your daily expanses where your expanses .
If no please start recording all your daily spend, this will give clear picture where your money goes.(Use mobile apps/ Diary )

2. Based on your average past expanses set your daily budget limit (Planned & Unplanned some buffer)

3. As long as your expanses within budget all your remaining will be Great Savings!!! (Invest for returns)

4. Every expanse ask yourself if this necessary else ignore/delay it
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Vamshee’s Answer

That's a great question! Saving is like earning, and it's essential in achieving your financial goals. Let me share with you a positive and encouraging approach to manage your finances:

First, set monthly earning and spending goals. When you're making money, consider allocating 40% to your college savings, 35% for necessities, and 25% for your wants and other incidentals. Feel free to adjust the percentages based on your unique circumstances, but always keep your main priorities in mind - taking care of your needs and saving for college.

To make saving easier, set up a savings account and regularly transfer a designated amount from your paychecks or gifts. This way, you'll create a consistent saving habit.

Remember, it's essential to find joy in the small things. Try preparing most of your meals and only go out to eat for special occasions, like a Friday night treat. This can not only save money but also create memorable experiences.

Be a savvy shopper by searching for deals and using coupons when making purchases. It's a fun and rewarding way to save money! And always ask yourself whether a purchase is a need or a want – focusing on your needs leads to smarter financial decisions.

Research the cost of your dream university to give yourself a target to aim for. This will motivate and inspire you to save!

Consider lowering your car expenses and implementing a 7-day rule to delay purchases. This can help you avoid unnecessary spending and may even reveal better deals or show you that you can live without certain items.

Lastly, prepare a shopping list and stick to it as a fun challenge. You'll be amazed at how much you can save by avoiding impulsive purchases.

You're on the right track! Keep these tips in mind, and you'll be well on your way to achieving your financial goals and attending your dream university. Stay focused and keep believing in yourself – you've got this!
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Daniel’s Answer

Hi Maryuri!

The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.

After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.

The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.

Hope some of the above provides insight.
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Rafeh’s Answer

Focus on your goal and manage your money wisely. People with a clear direction in life, such as religious leaders, tend not to waste money. Practice moderation in eating, sleeping, and talking to develop a responsible mindset towards finances. Invest in quality items rather than buying cheap things repeatedly.
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Quinn’s Answer

Replace expensive hobbies with cheap ones. For example, why go shopping for brand-name clothing every other week when you can play pickleball instead? Great exercise, dynamic social life, saves plenty of money (just $30-50 can get you a full pickleball starter kit to last for a couple years). Thanks to pickleball, I as a mechanical engineer met other engineers as well as people who work in top-name engineering companies. ;)
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Deborah’s Answer

Learning to save money has 2 parts to it: emotional and doing a basic task. The basic task part is, once you get your paycheck, you set aside at least 10% into savings. It's a task like brushing your teeth. The other people who responded gave really good advice about how much to save etc.
I want to add that learning to save is an emotional journey too. If you spend on "nonsense" as you say, you might be an emotional spender. That means you spend when you have the urge or impulse. Sometimes that is just fine. When you have goals like saving for college, you have to choose, every time you want to spend your money, whether to go for the immediate gratification or delay gratification for the bigger goal.
I really think all young people should have the chance to learn these things in school and at home, but that is not what happens for most of us. I really applaud you for graduating high school, for noticing you need to change with your changing needs/goals, and for reaching out to get answers.
I also recommend you read some books. Reading not only gives you information, but helps to change in the ways you want. Rich Dad/Poor Dad for Teens by Robert Kiyosaki is a great one. Another great one is Money: How to Save, Spend, and Manage your Moola! by Dr Jacob Field and created by Basher. Both of these will help you grow in this area. I wish you the best!!
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Kenneth’s Answer

Hi, Maryuri!
You are wise to realize that you should not spend all of your money right away. Here are a few tips that I recommend:
1. Be sure to know how much money you receive (like from a job or from a gift) and how much you spend. You want to be sure that the amount you receive is more than the amount you spend, and you want things to continue like this for as long as possible. Look at your habits every month. If you spend more than you receive during one month, do your best to get back on track the following month. If you spend more than you receive frequently, you need to ask yourself: "What I am doing with my money? Do I really need to spend this money?" You can't improve your situation until you spend less than you receive.
2. It's a good idea to have a savings goal, whether you save to have a certain amount of money or save to have enough money for a future purchase. Keep track of the amount you save each month so that you can watch your savings grow closer and closer to your goal. When you see the money accumulate, you will begin to see the importance of being disciplined.
3. Deposit your savings into a safe, insured account, like a bank account or money market mutual fund. Don't take a risk with your savings.
4. Once you accumulate enough money for emergencies (usually 6 to 12 months of your expenses), consider investing your money in a mutual fund or exchange-traded fund. Savings is best for short-term goals (money you need in a few months or a few years). Investing is best for long-term goals like a house or retirement.
I hope you find these ideas helpful. Good luck, and happy savings!

Kenneth recommends the following next steps:

1. Review the difference between your money coming in and money going out (spent). Make sure the money coming in is always larger than the money going out.
2. Set a goal or a few goals and strive to have your savings grow until the goal or goals are reached.
3. Keep your savings in a safe account.
4. Don't be discouraged if you have a setback. Turn things around the following month and stay on track.
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Fernando’s Answer

When it comes to spending and saving focus on prioritizing what's necessary. Food, clothes and utilities for such as laptops, pens, pencils and notebooks are take priority. It can be tempting to want to spend money on your hobbies, I know I've been there many times, but you must keep focus on what's necessary in the moment. Always have some extra cash saved up in case of emergencies or if you need to replace a utility you use regularly. Now, this doesn't mean you should abandon your hobbies. If things are going well and you got some room for personal spending, go for it. Just remember to always keep an eye on sales and avoid overspending.
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