IT IS very important that
children learn how money works in the world.
Global Money Week recently ended but the lessons it promoted are still important.
Mellony Ramalho, group executive of sales at African Bank, said the week is aimed at inspiring youth to learn about money, saving and employment.
Check your spending
Keep track of your spending for two weeks. What do you find?
- You don’t spend money often but when do, it’s for expensive items.
- You spend little amounts of money every day but don’t realise how much you have wasted until most of it is suddenly gone.
- You only spend a little but you must fight with yourself to buy anything.
Fix your bad spending habits
Track your spending
Keeping a record of what you buy acts as a psychological brake on your bad spending habits.
Be disciplined
Limit the cash in your wallet and only spend that. This forces you to decide what’s necessary and what’s not.
Track your airtime
Keeping tabs on your browsing, talking and texts help keep your phone bill in line each month.
Make your own lunch
Making your own lunch at home is more affordable than buying it at a shop.
Teach yourself
If you really want to be financially successful in life, it’s up to you to teach yourself about these important topics and practise them in the real world.
Earn your money
When you earn money, spending it becomes different.
When you earn it, you’re working lots of hours and then getting paid once a month. At this stage, you understand the cost it took to get that money and suddenly spending it comes with a bigger appreciation of what it is costing you.
What else can you do?
If you have access to the internet, take time off social media and search for articles about finance, strategies to save money and economics.
