This week, I had been assigned to a book called The Richest Man In Babylon. This book mainly states for you to save ten percent of all income for later uses. I was then asked what I might have to give up in order to do this. Currently, I have no source of income, but that does not mean I can’t plan for when I do. This might not be five hundred words worth of planning, but I shall do my best. Much of what I will write will be for my future since my parents pay for everything right now, so bare with me.
First, what do people do a lot, be it alone or with family? They eat out at fast food joints or restaurants. Some of these places can be expensive, and that is what I hope to avoid. Eating out is nice on occasion, but it should not be an every day thing. I can buy food for home, and not spend extra money on dinning out. I would, however, have to watch what I buy as well as how much, depending on how much my income is. This is just one way I could save.
If I were to move out of my parent’s house, I would have to get my own internet for wherever I would be living. Internet access is very big part of life now at days, be it for work or social reasons. But, the more you use it, the more it costs. Many people use it a lot during their day, and I sometimes do to. If I want to be able to save that ten percent, I would have to place limits on internet time. This would probably take some getting used to, but I think I could manage.
I would also have to give up excessive uses of utilities if I were to have my own house. Every one loves having a nice, long, warm shower and watch television after a hard day’s work. But all of this is costing you as well. I would have to hold off of taking ten minutes to shower, which would reduce the cost of water and heating it. I would however need this heating in the winter. For electricity, I would make sure I only leave lights I need left on. I would also watch less TV to help contribute to reducing costs.
These are ways I could be able to save away ten percent of my future income for later uses. Most of these costs are of things we all use in our every day lives, but with all of these things comes a price. Even though I am not paying for them now, I can still create a budget for when I will be. It is this kind of planning that will help to improve my future way of spending. All I have left to do is put it into action.