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Saving Money at a Young Age…Why NOT!

Mr. Muhammad Habboosh

In the modern world, young generations do not have a clue about saving money. It is not their fault; it is the fault of parents and schools for not educating them on finance ideas. When kids become young adults and start their jobs, they spend years learning to manage their finances.  Instead of saving, they end up with loans or seeking help from their parents. Children should learn that money is an important means for satisfaction and happiness. However, money does not come easily and should not be spent on unnecessary things. The good news is that it is never too late to learn money-saving skills. The earlier you learn, the sooner you become successful.

Here are a few tips for good spending habits. First, write down the things you buy on a weekly basis and their prices. Calculate your expenses and evaluate whether you actually need these products or you just want them. If you think they are essential for you, it is fine. However, if you think that one product was just a luxury or unnecessary to buy, it is better to leave it until you have extra money. Keep track of your expenses; this will help you greatly in your financial planning. Secondly, cut down on extra things like takeaway orders from restaurants, which are added expenses. Even small expenses add up if you calculate them on annual basis. For example, if you eat a burger sandwich at 15 dirhams three times a week, this will cost you over 2000 Dirhams per year. This calculation method works for almost everything you do such as buying a new phone, buying more clothes, or just taking a taxi.

Finally, introduce yourself to the bank. Find a branch near your house and open a savings account. Put money in your account regularly on a weekly or monthly basis. Measure your progress every three months or six months so see how you improve financially. Saving 10% of your monthly income is a great accomplishment as a young person.  Saving money starts with practice and it becomes a habit that lasts forever, and training yourself now, will assist you to be successful in the future.


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