‘Generational curse’: Three tips to learn how to budget wisely
From spending too much on food and parties every weekend, students just don’t know how to save money. Or can they?
It’s no secret that students struggle to save money, budget or spend it wisely and this is because of the bad habits they have acquired when they were still at school.
Could it be that our generation — from a very young age — were never really taught to manage our pocket money or truly understood the value of money? When our pocket money was finished, we just asked for more without ever considering where it came from.
The real cost of living
And as we grew older, some of us weren’t taught at school either about money matters, so the disregard for budgeting increased, as well as our desire for items other than food. And it seems most of us were never reprimanded for these actions and when they got to varsity, the real cost of living came as an unwelcome surprise.
Money-saving tips
So if you are a student and you’re reading this and thinking, “Yes, I have fallen into this trap, but I do not want to be a part of this generational curse”, here are a few tips to help you spend your money more sensibly:
- When buying groceries, compare prices from as many supermarkets as possible. I’m sure you have seen your parents do this many times and didn’t see why they had to leave that pack of peppers that cost R3 more, but this has a bigger impact than you think…
- Eat out only on special occasions and cook more. Not only is this the healthier option, but it also saves you tons of money and you get to work on your cooking skills.
- Set a budget on how much you want to spend on social events and entertainment and stick to it. You could even ask a friend or parent to help you stay strong.
As long as there is progress
It won’t always be easy to follow these tips, it may take weeks or even months, but if you’re determined to quit your habits, it won’t be about the process but the progress. Good luck!
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