People study hard and expect to graduate with flying colours. They work hard at getting a good job and work harder in the job to earn a well-deserved amount in monetary terms. But no matter how much you earn it won’t be enough if you don’t know how to save and invest for the future. You do live only once and you have to enjoy the life; however it is also important to do it in a foolhardy manner.
If you are sure to spend money if you possess it in hand, try to use credit or debit cards. Yet using a credit card also can be disastrous if you don’t know to stick to the limit. Your bank can help you with it; ask them to limit the spend amount of the card. Even when you are abroad you can pay by a bank card and the limit is especially important then, as the currency changes can make you pay more than you imagine. But sometimes it can work the other way when you pay in their currency instead of yours when the exchange rate is lower for you; try using this method to pay, for example, a luxury hostel Bangkok and you will realize you have paid much less than in your own country for “luxury”.
Savings and investments
A good way to ensure you do have some savings is to automate it. Most probably your salary is transferred to your bank account rather than given to you in a cheque. Therefore it is easier to “set” online bank transfers for your day-to-day payments such as electricity, telephone and so on. Similarly you can have a standing order for another account, where each month a certain amount will be transferred to. This way you don’t have to go physically to a bank or ponder on how much to transfer etc. The same can be done for investments. Talk to an agent in a financial agency to see how you can buy shares and receive dividends. It will be very low amounts when you start off, but can improve with time.
Save for separate goals
Another method to make sure you have enough funds to engage in diverse activities is, to save for them separately. It is seen quite commonly that people have a “car fund” or parents having a “college fund”. This can be used for many other objectives as well. For example you can have a “travel fund” bank account. You can use it to transfer money to an airline for a ticket or fee for accommodation for a hostel in bangkok city centre. Since you can calculate how much you have in that account it is easier to manage the spending and it allows you to see the specific progress you’re making. A similar notion should be applied for retirement plans.
You are far more likely to carry on saving funds in the future and also to increase your contributions over time if you save before the money is within your grasp in a bank account. Try any method as above to grow your savings and enjoy life.