How to Save Pocket Money - Do you know that you can't just instantly spend your daily pocket money? Instead, it would be best if you spared some to save it. However, you might wonder how to save pocket money in the right ways.
Saving your pocket money doesn't mean you can't eat in the cafeteria, buy school supplies, or buy toys. You, indeed, are still allowed to spend your money! It would help if you kept some and only paid some of your pocket money.
Are you curious about how to save pocket money? Let's see the explanation below and get right into it!
Also Read: 5 Benefits of Saving Tour Pocket Money: Don't Forget To Take Notes!
How to Save Pocket Money
1. Keep Track of The Money You Saved or Spent
Keeping track of your spending is quite essential. You can do it with an easy method as well. All you need is a pen or pencil, 12 tiny envelopes, and one large envelope. Firstly, write the names of the months of the year on each envelope, from January to December.
Then, put each proof of purchase or shopping receipt into the envelope according to the time or month you make the purchase. For example, you bought 2 books in March. Therefore, put the bills for the two books in the March envelope. And so on.
Later, put the 12 small envelopes into a large envelope to stay put. That way, you can record every entry and expense of your pocket money neatly.
2. Always Bring Just Enough Money
Do you carry all your money with you wherever you go? Well, if so, then you better avoid doing this often. Bring enough pocket money to avoid encountering unwanted things, such as pickpockets, forgetting where you put the money, etc. where you put the money, etc.
Not only that but carrying too much money can also make you tempted to spend more. You will feel that you always have lots of money and spend more on things you probably don't really need. Then before you notice, your savings are gone.
Therefore, bring only enough money. For example, you are given an allowance of Rp10.000. Bring only half or a third of your daily budget for buying snacks and things you need. Then you can save the rest as your savings!
3. Separate Needs from Wants
In addition to having money that is based on your age, you must also be able to know the difference between your needs and wants. But, how to do that, precisely?
First of all, make a list of the things you want to buy. Then, try to curate which wish list you urgent. Now, you can mark things not urgent as desires, and things that need to be fulfilled immediately can be kept as needs. Tada! You can already see what stuff your need and want.
4. Organize Your Money Monthly!
Frequently parents will give you pocket money daily. However, have you ever tried to have a monthly allowance instead?
There's nothing wrong with asking your parents to give you pocket money every month. By having a monthly allowance or pocket money, you can simultaneously learn to manage money. You need to be wise in spending your money, so it runs smoothly!
5. Set Simple Financial Goals!
Setting financial goals is also an important thing! Because if you have plans, you will be more excited to save and collect money.
Also, it doesn't have to be complex or complicated at all! You can create a saving table like this one. Even though the example is for weekly goals, you can create a saving table as you like and prefer!
6. Take Advantage of the Free Facilities
There's also nothing wrong with using free public facilities. For example, free Wi-Fi or a library to read books.
Usually, you can get those free facilities at school. Those facilities can also help you make doing your homework even easier. Afterward, you can save a few Rupiahs from your daily pocket money!
Also Read: How to Ask Parents for Money: Which way is better?
7. Don't Get Tempted to Buy Things
Sometimes, when we see a product or an item, we often get easily tempted to buy it. You have ever felt the same way, haven't you?
It's important to remember that you can't do things like that because we don't need everything. You might just be tempted by the funny shape, you know! Let's be wise in using our own money.
8. Try to Compare Prices
Indeed, we should not be tempted to buy everything we see in stores. But, there's nothing wrong with buying things that you need. Yet you might also wonder, does the intention to save pocket money become zero?
But don't get me wrong! You can buy your necessities by comparing prices before shopping. For example, try looking for information about which stores sell items cheaper. That way, you can still set aside some money for savings, right?
9. Know the Difference between Saving and Spending
Being young allows you to continue learning. One is about finance, especially distinguishing between saving and spending money.
Saving means that you set aside some money from your pocket money. But, if you're spending money, you buy things with your money. It's important to know and remember these two things!
10. Bring Your Own Meal!
Yup, this last method on how to save money pocket does work effectively! By bringing your own meal or food for lunch at school, you can save more money from your pocket money. The meal will also be more hygienic since it is homemade.
So, are you still hesitant to bring your own lunch?
Those are 10 simple ways how to save pocket money. It can be hard to do all of them at once, but you can still do it!
Moreover, with the development of technology, you can take advantage of money management apps, such as Whiz! With Whiz, you can manage your daily pocket money easily and even keep track of your other income and expenses.
Also, Whiz' full-fledged features will also make it easier for you to manage your savings!
Let's Manage Your Daily Pocket Money with Whiz, the Exceptional Money Management App!
