The sooner you create a habit of saving, the better off you will be. When you are in your twenties, you often have more disposable income because you have not yet purchased a home or started a family.
YEN.com.gh brings you some smart ways to establishing a prudent behavior now. Below are some habits to help you save.
Not competent with your friends
It is understandable to feel a bit pressured when you see your comrades or peers pick on the habit of flaunting their assets on social media platforms. Never let that be reason enough to follow suit. It is essential to stay in your lane.
Be in competition with yourself, and follow your goals. These mates of yours that lavishly spend in your face might possibly have a questionable source of money.
Cut down unnecessary cost
Beat yourself to stop spending money in a different category each month. You may even have go extreme and stop spending money completely for a month except for groceries and transportation to get to work. The good thing about this type of challenge is that they are relatively short, just a month. This means you can make the sacrifices for just a short amount of time. It allows you to recognize areas, where you can get by without spending at all or areas where it may be easy to cut back on the amount you spend each month.
Focus on profiting from boring niches
So many people today think that if they want to become a millionaire, then they need to do so by following boring, widely accepted niches. It will take ages for you to become a millionaire through traditional occupations like becoming a lawyer, doctor or banker (in fact, these occupations usually have earnings limits that are very difficult to break through). Push past these pre-conceived notions of what it takes in order to become a millionaire. You don’t need to spend years in school to be a millionaire.
Take advantage of hot sectors
When certain sectors are really hot, you need to get in early to make your money. Take advantage of these hot sectors to start making your millions. Right now one of these hot sectors is social media, specifically Instagram, Snapchat and Periscope. These hot sectors can lead you to the millions you want to make.
Establish a financial habit
Many a times, the youth have a phobia of making a financial commitment because of fear of withdrawal even before it matures. Don’t let that be the driving factor of why you don’t want to invest.