Last week I shared some of my vision for raising entrepreneurs. In fact, I’ve had the opportunity to speak at Career Day twice at a local middle school. I encouraged the kids to save their money so they can set goals and take steps to achieve them. A key aspect to doing this is to save your money – a topic that we all could learn more about! If you save, you can put your hard earned cash toward things like traveling. By traveling, you can experience what life has to offer.
Don’t waste your savings on the coolest shoes that you just have to have or that phone case you’re going to switch out in 2 weeks anyway. And really, you don’t have to save all of your money all of the time. Try putting half of what you make away and using the other half to buy those “must haves.” The point is to be aware!
I’ve found that the envelope system does the trick for me. Get a few envelopes, label them with various goals like dentist, vacation, new clothes, new car, etc. Then, divide your paychecks up among your envelopes. You’d be surprised with how quickly things fill up and how you forget about these goals. I prefer to manage my money in a way that I can see where it’s going. This way, I think twice about withdrawing my hard-earned cash.
The message is simple. Teach kids and yourself to be smart with your money. Even when you work a “[9:00]-[5:00]” and receive a regular paycheck you should still save. Save for that big moment. Save for the day when you can quit your job and create your own business. Or, better yet, save to travel the world without having to worry about anything! You see, when you save, you have more options. You get to decide. Believe me, there will be those times when you splurge and you buy something expensive or unnecessary. And that’s ok. Just be aware of it and don’t make it a habit. Even I do this! It’s human nature.