“You should have bought that parcel of land ten years ago.โ
โYou should have saved this much before 25.”
Perhaps these are only a few things our elders and financial professionals would tell their Gen Z counterparts today. It may be logical from their standpoint, but not all people โ Gen Z or otherwise – have the fundamental economic knowledge to invest or even save their hard-earned money.
Let’s have savings, for example. Is everyone, including the Gen Z youth, aware of its benefits or how to do it? If you are one of the many asking the same question, here are a few tips to help you save even in this age of increased prices.
๐. ๐๐ฅ๐จ๐ญ ๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐จ๐๐ฅ๐ฌ
Goals measure how much one has saved. These benchmarks can either be short-term financial goals like setting aside money for travel or emergency funds. It can also be used as a yardstick when a person has bought something that is out of their usual budget: expensive shoes, jewelry, a car perhaps or some unexpected expense fit in this picture.
Long-term goals on the other hand focus more on retirement plans and funding as millions would want to retire earlier than the legal retirement age. As such, they invest in maturing funds or businesses with anticipated longevity.
Between these stages are medium-term goals. These often include initial payments for properties, business capital, or extended travel.
๐.๐๐๐ฌ๐ข๐ ๐ง ๐ ๐๐ฎ๐๐ ๐๐ญ
Just because you have savings doesn’t necessarily mean that you can spend recklessly. Even with funds set for certain expenses, itโs best to allocate a certain budget for your needs and wants.
Needs are essential expenses like those apportioned for food, shelter and basic utilities. Wants, meanwhile, come in the form of spending money on self-care and hobbies.
With a realistic budget plain, we should be able to save more, enjoy more and protect such savings.
๐.๐๐ฒ๐๐ฌ ๐จ๐ง ๐ญ๐ก๐ ๐๐ข๐ ๐๐ซ๐ข๐ณ๐
It’s nice to be able to afford your favorite drink or snack any time of the day. But after spending too much, most people will fall into the trap of having nothing left for the “big ones” that they dream about.
These are the future financial goals we often see on social media feeds and other platforms: acquiring multiple properties, hopping on a plane for a month-long vacation to some lavish country or launching a profitable venture.
While casual dine-outs with friends or family are fine, we should not neglect those that will improve our lives in the long run. Only by then can we enjoy without compromising anything.
๐. ๐๐๐๐ค ๐ ๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐ข๐ญ๐๐ซ๐๐๐ฒ
Financial literacy is like knowing where to direct your energy. Although saving can spell completing one of the first steps, learning personal finance is another story and will enhance one’s stewardship of their resources.
The good news is online platforms now encourage young professionals and the Gen Z population to engage in meaningful finance-related conversations and discussions. These will allow them to have a deeper understanding of financial concepts and assess and which strategies best apply to them.
However, vigilance should remain high, as not all influencers are credible enough to advise and elaborate on these crucial matters.
Saving does more good than harm, especially for people who have control over their money and desires to spend. Not only does it equip one’s wallet, but it also develops a financial habit out of us.
It might be challenging at first, but the results will be sweeter and worth it once you begin achieving your goals. Following these steps will earn you financial freedom and a Gen Z status who can enjoy the fruits of today and tomorrow.
