Since you started working you've enjoyed having an income, but it always seems as if you never have enough to pay or buy what you really want. There's no point in working yourself tired if you can't spend some of the money to have a good time or get what you've always wanted (Trip to Peru, Playstation 4, you name it).
That's why I thought it would be a good idea to make a list for people who are starting out (or need some ideas on saving money) to help them get what they've always wanted.
Buying a car
Fuel is getting expensive by the minute and it has a great influence on your finances. When buying a car you have to think of all the costs involved. Things to look out for are:
• Are the parts for this car expensive when I want to service it and have to buy new ones?
• Is this car fuel efficient and will it save me money in the long run?
• Is this car in such a condition that it will affect my car insurance premium?
Buying instead of renting a home or flat
Currently you're most likely paying a monthly fee for your home. The problem is that money is going into someone else's pocket and not your own. You are losing on an investment potential and you'll most likely start late with it like everyone else. Instead of paying your rent why not get your own home and pay the mortgage, this way you're making an investment and your investment will most likely increase in value.
Pay off your debts
There comes a time in your life when you have to take out a loan to help you financially. Loans are effective, but a word of advice, pay it back as soon as possible. Not just the monthly debit order, but as much as possible, if you pay the settlement fee you'll even be able to pay less since you won't be paying interest on the loan. Squeeze those Dollars, Franks, Euros or Rands and pay it back as soon as possible, otherwise you'll be paying almost double these days of what you loaned.
Open a savings account
Even if you put a small amount of money it will build up to a large amount which might help you out in the long run if you ever need money again. The best kind of savings account is the one where you can't get to your money (32 day release), which will keep you from withdrawing it and help you save.
Something as simple as car insurance, buy energy efficient appliances and walking more often can make a big difference in your finances.
