Are you young? here are the top five money habits

Almost every youngster either has a student loan debt, job struggle, or lack investing and saving skills. Here are five habits especially for you, if you’re young and are struggling with your imbalanced spending and lack of money ‘discipline’, these habits will be an eye-opener for you,  giving insights right from investment, till savings, from your 20’s, till your retirement goals.

1  Learn that ‘Price is what you pay, Value is what you get’

Exclusive offers, deals, and discounts. As they call it, “It’s now or never deal”. Exactly they’re now or never. Discounts are super killers of your financial allotment. We never buy things, we buy value. Always wait, step aside, answer these two questions,  if it serves your “needs” and is it at justified “cost”  Develop a habit of knowing what are your desires and what are your needs.

Here’s a quote by Victor Sperandeo – ‘Never buy because the price is low, never sell because the price is high’

2  Learn that ‘Investment is empowerment’

Investing is employing money to work for you. If your money doesn’t flow, it doesn’t grow. Know the rules and you’re into the game. If your month starts with a “salary”, then it must end with an “investment”. Take risks!  Whether it be shares, or 401k, or even life insurance, just start putting a small ‘share’ of your money for ‘yourself’.

Here’s a quote by Idowu Koyenikan – ‘Money is always eager and ready to work for anyone who is ready to employ it’

3  Learn to ‘See bonus ‘money’ as bonus ‘savings’

Savings are always different than Investing. Investments empower you, savings stabilize you. The ’50/30/20 thumb rule’ is truly effective. Track your spending, try to cut out on unnecessary expenditure. While saving, never forget to set a goal. Once you reach it, upgrade it like you’re getting onto the next level.

Here’s a quote by Warren Buffett –  ‘Do not save after spending, but spend after what is left after saving’

4  Learn to ‘Prioritize your high-interest debts’

Interests are only better when on the side of getting it and not paying it.  Having a calculated mind and being always aware of our limits keeps you away from unnecessary debts. Simple tip, learn to say no to overspendings. Drive your car a year longer, love the house you live in, hustle, grow, invest, risk play for your ’empowerment’ but not against your debts. Pay your debts, then pay your dreams.

Here’s a quote of Bob Marley – ‘ Money is numbers, and numbers never end. If it takes money to be happy, your search will never end’

5  Learn to ‘Ask’

If you ask, you’ll know. Always seek an expert’s opinion, before risking high. ‘Asking’ serves as a bridge between unawareness to knowledge. Read at least one financial empowerment book in a year. And over the years, you’ll know many lots that you were thinking you knew.

Here’s a quote from Jason Elsom – ‘If you’re not willing to learn, no one can help you. But if you’re determined to learn, then no one can stop you’