Increase Font Size on Portal Decrease Font Size on Portal Reset Font sizes to Portal Defaults.
 
 

Skip Navigation LinksStudents

Dirhami - En > Young Professionals
 
             
 

 

 
 
 
 

Saving money to buy all the things you want is hard especially when your   weekly or monthly allowance from your parents is your only source of income. But   worry no more. With the right tools, you can do so much with the money you have.   The key is in knowing how to manage your allowance, so you can save enough to   buy new cloths or a fabulous cell phone.

Want to know more? Read on.

Saving

Do you want to buy a new mp3 player but think that it is too   expensive? Saving a little a day can go a long way. For example, you   can put aside a certain amount every week from your allowance and save up for   items you want.

Saving Boxes are also a great way to save cash. It may seem like loose change   is worthless, but if you keep collecting it, you will be surprised at how much   money you would have by the end of the month.

Saving is a very useful and effective skill, but it can also be very tricky.   Why? Because sometimes, it is hard to resist the temptation of spending money   once you have it. If you think that it will help, ask your parents or older   brothers or sisters to keep your money for you, so it will be easier not to   spend it. The best part is, you might even forget about it until you really,   really need it. With practice and patience, you can even make saving a regular   habit.

Banks help us in managing our finances. There are also a number of banks that   offer savings accounts for children and students. These are usually created as   joint accounts with parents. When you place your money in your savings account,   you are paid interest or a sum of money annually for keeping it there.

Budgeting

You need a plan for everything you want to do. When you write an essay, you need to develop an outline first. If you want to take a weekend trip with your family, you need to decide where you want to go beforehand and develop a schedule. The same concept applies to your allowance. To be able to buy new things, you need to learn how to plan or budget your money.

As soon as you get your allowance, make a list of all your expenses. You will have to divide your costs into two main categories: essentials and extras. Your essentials will be your lunch allowance for school, for instance. Extras will include video games, outings with your friends and new clothes.

Once you add up all the costs of the things you want to buy that month, look closely, and check whether your allowance is enough to cover all of them. If not, then try to decide what items you really need and what can wait till next month.

For more expensive items, budgeting can also help you decide how much you can set aside from your allowance, and how long it will take you to be able to afford your purchase.

Budgeting is a very important skill to learn from a young age, because it will help you manage your money better as you get older and start earning your own income. You will also learn that saving over the long run will allow you to buy better things than spending your money all at once.

Student - Expenses

Student - Budgeting

Making you own money

As adults, your parents have to work hard every day to make money so that   they can provide you with food and a home, buy your clothes and send you to   school. In the real world, you have to work to earn money.

You can earn some money through summer jobs or paid internships to help you   finance some of your expenses. There are a number of organizations that offer   salaries to students who decide to undertake specific majors of study. Make sure   you do your research and ask your university if such opportunities are available   for your field of study.

When you buy something with money you earned yourself, you will learn to   appreciate it so much more.

Spending

The most important thing about spending is being responsible. The biggest   mistake that many fall into when shopping is spending impulsively, after which   they realize that they spent all their money on things that they did not really   need.

After you budget your money for the month, make sure that you stick to your   plan.  Also, if you decided to set some money aside for a particular item or   cause, make sure you do not spend that amount.

When you want to buy new clothes or shoes for school, try to think about what   you really need, and prioritize your spending accordingly. You can also ask your   favorite shops about their sale dates; that way you can purchase items you want   for less. Learning how to manage your money will allow it to go a lot   further.

Credit Cards

Credit cards are a tool for borrowing money from your bank. If you need to   purchase an item that you cannot afford to pay for in cash, you can use a credit   card to buy it, and then repay the bank in addition to an extra fee known as   interest.

You have to make sure, however, that you make your payments on time. If you   pay off the outstanding balance on your credit card before the due date, you   will not be required to pay any interest.  The longer you take to pay the money   back, interest increases, and the greater the amount you owe becomes.

A credit card differs from a debit card in that it allows you to make   purchases by borrowing money from the credit card company. A credit card also   allows you to get cash advances but with a high interest rate.

Another category of credit cards are the Online Shopping cards. Due to the   high risk nature of the internet and its vulnerability to hackers, you can use   these specific cards for your online shopping.

Online shopping credit cards are used solely for one purpose, and thereby   allow you to keep personal information retaining to your main bank account safe.   Furthermore, many banks offer temporary credit online shopping cards. If a   scammer were trying to steal your account information, the probability is that   your account would have expired before they had a chance to do so.

 

Saving

 
Saving Calculator
 
How much do you want to save?
How much can you save per week?
How Long will it take you?
- Weeks
- Months