Anyone can save a bit of Money, you’ve just got to start small. Think of this as the beginning of something much greater if you commit to it.
When I was 13 years old I got my first part time job at my School serving food to students. I was paid in the form of a cheque of $50 each week. I worked for 1 hour every day during the lunch break. Every Friday after school I walked from school to my bank and deposited my cheque. Just $50 a week in my account every week which I did for the next 3 years adds up pretty quickly.
By the age of 16 I had enough money to buy my own car so I could learn how to drive. Here’s what I got:
Photo: Cash I saved to pay for my first car.
Photo: Mitsubishi Mirage, my first baby.
I saved $6000 in 3 years. Not bad for a 16 year old hey?
Here’s some simple calculations: $50 a week x 10 weeks a school term = $500.
$500 x 4 school terms a year = $2000 every year.
If you apply this method every week of the year you can save more than what I made! Imagine, there are 52 weeks in a year x $50 you deposit in your bank – you can save $2600 every year! It’s that simple.
Like I said, start small. This is only the beginning and it’s only one example. There are several ways you save money, I’m just sharing what worked for me. I saved a substantial amount of money using this method (just increasing the amount each time) and was able to buy a property within 3 years, at the age of 21. It’s a bit of story which I’ll share another time.
Remember these four important tips:
1. Save your money in a term deposit or savings account. Try not to access the account and try to pretend it’s not there.
2. As soon as you get paid, deposit a small amount to start with. Every dollar counts.
3. Gradually deposit a few dollars more when you can and I’m telling you, you will be able to save money and you’ll start making a habit out of it.
4. Look for discounts where possible i.e. Boxing Day sales, shop a docket deals, go to the op shop, buy package deals etc.
Please share your stories, or comment below. Let’s help each other learn how to save the right way.
Cheers,
Wila
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