I later learned that setting money aside to save or invest is essential when I am managing my finances. Before I even received or earned money I would allocate it all to one investment option, spending. But I found out that there was another option I should consider. It is important to allocate money to savings before receiving it to ensure that it is already spoken for and not viewed as disposable income. This new perspective on money management is the reason that I moved from saving 50% of my funds, from special occasions, to saving 100%. It dawned on me that I did not actually need the majority of the items I was buying, and that all of my money would be better utilized if it was saved instead. Although currently I may make the odd impulse purchase, nearly all of my money from events such as my birthday and Christmas is now saved and
I later learned that setting money aside to save or invest is essential when I am managing my finances. Before I even received or earned money I would allocate it all to one investment option, spending. But I found out that there was another option I should consider. It is important to allocate money to savings before receiving it to ensure that it is already spoken for and not viewed as disposable income. This new perspective on money management is the reason that I moved from saving 50% of my funds, from special occasions, to saving 100%. It dawned on me that I did not actually need the majority of the items I was buying, and that all of my money would be better utilized if it was saved instead. Although currently I may make the odd impulse purchase, nearly all of my money from events such as my birthday and Christmas is now saved and