I still remember as a little girl when I got pocket money, I’d spend every waking moment thinking of how I would spend it. It was mostly spent on candies and eatables until my Grandma sat me down for some valuable advice that I adhere to, to date.
She told me to spend as much as I want, on whatever I want, as long as I have some amount hidden away. She wouldn’t tell me why. A few months later, she made me bring it all out and count it. I was delighted to see so much money in one place!
I went out to buy a new toy! That was my first lesson about saving money.
Kids must be educated early on about the importance of saving money and making intelligent financial decisions regarding money handling. Pocket money is a great way to start this fundamental concept.
It is more commonly used to cover small expenses and purchases in small kids or young adults. An expensive purchase is made once the saver has an ample amount at hand, like a new video game, bike, or a new device.
It has been observed that individuals who were given pocket money and taught about financial independence were less likely to land in debt situations.
How to Spend Your Money?
As a rule, you should spend 50% on absolute necessities, 30% on spoiling your self and saving away the remaining 20% as a college fund or unforeseen circumstances.
We have compiled a list of few options where you might want to spend your pocket money. Another way to make sure that you get the most value out of the amount you spend is by making purchases through DealMeCoupon. It is a safe and secure way to get the heftiest deals ranging from books and learning tools to skincare and outdoor gear and much more!
Make sure you make a wise choice and never forget to invest in self-care.
Books are a great source of learning and acquiring knowledge. Investing in good books of any genre help enhance your communication skills, build confidence, provide exposure, and make you a more informed person.
Investing in tools, applications, and gadgets that make your life easier and simpler is a great way to ensure that you are adding value to your daily life by eliminating or reducing problems.
Identifying a problem and then working to eradicate it by buying/implementing a good solution is a good investment.
We all need to go easier on ourselves and show more love than we do. Being humans, we all make mistakes and learn the hard way that does not mean we give each other and ourselves a hard time about it.
Splurge in some self-care activities like a spa day, body massage, haircut, new wardrobe, etc. to show love to yourself.
If you have already gone out and bought yourself some reliable and well-designed product. Rather, set aside a budgeted amount to ensure that it stays well-maintained. The longevity and performance of machines and gadgets can be increased by proper usage and maintenance.
You might want to start doing that if you have not been doing it already.
Luxury items here do not mean a lavish new ride or the latest mobile phone. It simply refers to a small cheat item that you may want to spend on each month. It could be anything that you have had your eyes on or consider fun.
From a new backpack to fancy accessories, movie theatres to party nights, or a luxury meal for yourself.
As long as you budget for fun rather than spend an unreasonable amount impulsively, you’re good to go!
As a young adult, you want control over your life. One way to achieve that is by gaining control over your expenditure. But budgeting allows you to make controlled decisions. Regarding your finances to allow you to make beneficial decisions by intelligently allocating your financial resources.
One must save their pocket money until a good amount of money is pooled. In order to expense it on buying a worthy product to get most benefit of it in their life. A good budgeting plan can get you to have better things in your life.
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Michael Caine is the Owner of this website and also the founder of ANO Digital (Most Powerful Online Content Creator Company),
from the USA, studied MBA in 2012, love to play games,
write content in different categories.