"Hemat Pangkal Kaya" is a famous Indonesian phrase that maybe you already familiar hearing it. In English, it means you can be rich if you have a habit of saving your money rather than splurging it. The phrase indeed has a good point. You can start these good habits early on. The benefits of saving snack money are many and can certainly help and teach you in various ways.
By growing a habit of saving money, you can get used to not wasting money on things that are not important or urgent. This good habit should start when you are still in school. Because snack money is generally limited, a student must be able to meet all of their need using snack money that parents have given.
Benefits of Saving Snack Money From Early Stage of Age
The benefits of a good habit sometimes can't be immediately seen or felt. You must diligently do a good and positive routine or activity to feel it after some time in the future. The following explanations are some of the benefits of saving snack money that you will get!
1. Understanding the Priority Scale
Everyone has a priority scale, which will be different for each individual. In life, you will be required to do various things, and you must be able to determine which ones are more important and which can be postponed or may not need to accomplish.
By learning to save money for buying snacks, you will get used to making a priority scale in your spending. So, when you face several choices for expenditures in the future, you can make decisions that are good and profitable for you quickly.
For example, your parents give you a monthly allowance of 400 thousand Rupiah. Will it be wiser to buy snacks daily and spend money or bring lunch from home? Of course, you should bring a homemade lunchbox. You can use the funds to purchase school equipment, transportation, and other essential expenses.
However, you can still buy snacks or have fun once in a while! All you have to do is balance the money you'll use for necessities and the one you want to fulfill your wishes.
2. Create A Monthly Budget
As mentioned before, being frugal means you can also spend your money to have fun. How can you do it?
The trick is to create a personal monthly budget! A budget is a list or record containing the needs you need each month, then a list of costs, priority scale, and the amount required for each spending.
Following the last example, every month your parents give 400 thousand Rupiah. You can divide the money for 4 weeks, which mean you will have 100 thousand Rupiah for spending fund each week. Then, you have to divide 100 thousand Rupiah for the daily needs throughout the week. For example, you will need 10 thousand Rupiah per day for transportation, thus making it 50 thousand you'll spend on the day you go to school. The remaining 50 thousand you have to divide it into spending. Like, For saving to your bank account 20 thousand per week, 15 thousand for school necessities, and the last 15 thousand to buy something you want.
Read also: How to Ask Parents for Money: Which way is better?
3. Create A Saving
Saving is the most important thing a person can do when managing their finances. It would be best to set how much savings you would set aside and save that amount consistently.
You can also add the excess money from your necessities funds if there are no activities left that will require you to spend money.
When a critical event happens in the future that demands you to spend large expenditures, you already have enough money or maybe more to handle it.
4. Practice Responsibility
One of the benefits of saving snack money is that you can train yourself to be more responsible for your needs, obligations, and desires. When you learn to be more frugal, you are encouraged to make the best decisions for yourself and others.
In the future, you will get used to maintaining the trust and being responsible for whatever you do.
5. Saving Will Make Your Life Calmer
Frugality does not mean that your life will be more difficult. It will make you feel calmer thanks to your frugal habits. You will avoid debt, you can always fulfill your necessities, and there is always leftover money that you can use to buy what you want and save for unexpected expenditures.
So, what are you waiting for? Let's start saving early and achieve a safe and secure financial position!
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