How to Save Your Pocket Money – Being a teenager has advantages and disadvantages. One advantage is gaining parents' trust to manage their own finances through pocket money. With pocket money, you don't need to continuously ask your parents to buy your necessities.
However, no matter how much pocket money you get, you need to save money or manage it properly to run out quickly. After all, learning to manage your finances and trying not to be wasteful from a young age will help you build good habits that can be useful, you know. So, how do you save pocket money? Let's read some of the following tips!
Also Read: Let's Take Notes! 7 Safest Places to Keep Money at Home
10 Tips on How to Save Your Pocket Money
1. Create a Personal Budget
By making a personal budget, you can consider your daily pocket money needs. Using your budget can avoid unnecessary expenses, whether given a weekly or monthly allowance.
For example, if you are still in school or college, determine how much money you need for food and beverages, the means of transportation you use, and other school necessities such as books, stationery, internet service, and others.
Then, compare your daily needs with the pocket money you receive. Is it able to cover your needs? It's even better if there is still money left to save. That way, you can learn to save!
2. Saving
As previously mentioned, saving money can also help you organize and save the pocket money you have. In addition to staying financially healthy, saving from a young age can also teach you to be wiser in managing your finances.
It doesn't have to be a lot, lest you can't fulfill your daily needs because of saving. The most important thing is to save consistently, regardless of the amount.
Also Read: The Benefits of Saving for Children, What Are They?
3. Avoid Unnecessary Expenses
What is an avoidable expense, anyway? For example, your parents prepare breakfast every day before leaving for school. Instead of buying breakfast outside, which can increase your expenses and make you come late to school, it's better to have breakfast at home. In addition to saving money, you can also spend time with your family before doing all-day activities at school or campus.
In addition to having breakfast at home, you can also bring lunch to school or campus. In addition to saving your pocket money, the food you bring from home will certainly be more hygienic and can be made exactly to your taste.
4. Always Choose Cheap and Quality Goods
FYI, quality goods do not have to be expensive because you must be careful shopping for your needs! Not everything you own has to be trendy, cool, or cute. You should spend money to buy items that function properly and are of good quality.
Then, look for discounts. Usually, near the start of the new semester, both physical and online stores will hold a Back to School sale, which will generally provide a fairly large discount. In addition, you can use discounts during national holidays or celebrations such as Eid, Christmas, and New Year to shop for your needs.
5. Compare Prices of Goods before Buying
When shopping for essential or pleasure goods, you should compare the prices of the goods or recreation you want. If you find two items that are the same or similar, according to your needs or that you like, and one has a lower price, you should choose that item.
Don't be too fascinated by well-known brands or current trends. Often, these brands or trends are not worth it. It will also teach you to be wiser in spending money.
6. Take Advantage of the Free Facilities
Schools and colleges will generally have free facilities that students and teachers can use. Free Wi-Fi and libraries are the most common free facilities provided by most learning institutions in Indonesia. So, instead of spending money to buy a book or a more expensive quota package, you should use these facilities well.
7. Have a Part Time Work
Working part-time can also help you have an amount of pocket money that suits your needs and lifestyle, especially for students who can manage their studies and work.
If you manage your study time, you can find time to work part-time. Currently, many workplaces, such as restaurants, cafes, or shops, are looking for prospective employees to work part-time. In addition, doing freelance work or freelancing can also be an option. But remember to prioritize your education, OK! freelance can also be an option. But, don't forget to prioritize your education, OK!
8. Record All Income and Expenses
Do you know about it or not, Whizmates? f you are used to keeping track of your income and expenses in detail, it can help you manage your pocket money spending!
That's right because by recording all income and expenses, where the money comes in and goes out will be tracked.
Even though you may sometimes feel lazy to take notes of your expenses, now you can use a money management app called Whiz! It can help you in recording and managing your finances easier and better.
9. Try to Go Cashless
In this all-electronic age, now we can all make non-cash transactions or cashless. You can take advantage of the QRIS feature in the digital wallet to pay for food, beverages, shopping, and more.
By implementing this method of going cashless , this will allow you to save more and not spend money continuously!
You can get this convenience in most money management apps or special digital wallets that provide access using only one app, such as Whiz!
10. Avoid Debt and Credit Cards
Debt and credit cards can be two sides of a coin, where one side is very profitable if you use it right, but the other side can be fatal if you don't use it wisely.
So, that's why you should avoid having debts and credit cards, OK, Whizmates?
Also Read: Come on, and Take Notes! 7 Ways to Save 200K in a Month
After reading some of these tips, we hope you can manage your finances better! So, if you have trouble in managing your finances, the Whiz Financial App. can be of help to you! With interesting features, managing finances and saving will become easier and more fun!
LET'S GET TO KNOW THE WHIZ MONEY MANAGEMENT APP!
Article Update on Jan 14, 2023 by Farrosa Aini
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