Young people sometimes have problems saving money when this activity is essential to building an emergency fund. However, in certain circumstances, young people find it difficult to save not because they are extravagant or like to spend money but because of other factors. Can online savings be the solution? Check out the explanation below!
Being Breadwinner for Others
Many young people have to bear two generations at once: themselves and their parents, known as the sandwich generation. It is sometimes difficult to meet their own needs; they have to bear the needs of their parents, pay for their younger siblings, and sometimes even meet the needs of other families. Due to this situation, the thought of saving is the least priority because it is difficult to meet needs until the end of the month.
Needs Increase, but Salary Stays
The prices continue to increase every time, but not with salaries. When the prices continue to rise, salaries never go up. This situation results in the depletion of their income, which is the only source of saving. Young people have to think hard to satisfy their needs with mediocre money. Unbalanced income and expenses make income run out faster before payday arrives.
Applying for an Online Loan
Many young people are stuck with online loans. This situation usually happens because, statistically, their financial needs are not yet stable. Therefore, they are forced to apply for an online loan to meet their daily needs or other emergencies. Sometimes, the calm begins to disappear after getting involved in this online loan trap. Young people often feel anxious about not being able to repay loans. If you are already involved in an online loan, it is not easy to get out of this situation.
Relying Only on A Single Income
Lastly, young people have problems saving money when they only have a single income from one job. It means that there is no additional income. Most young people probably just depend on this work. So, when they lose their job, they lose their only source of income.
Savings Tips for Young People
The difficulties experienced by young people in saving do not mean that it hinders the desire to save. Here are some tips that young people can take to start saving.
- Prioritize Spending
You can improve financial management and learn to save by making priorities before spending your money. Sort out your spending goals according to their importance. You can distinguish between needs and wants by classifying them. After that, open an online bank account that matches your financial priorities! - Avoid Debt when Unnecessary
It is very easy to access online loans, increasing the opportunity for debt. If you can't avoid this, the threat of having huge debts is imminent, especially if it's just to fulfill an unnecessary desire. You can't save if you have enormous debts. So, if you want to save money, avoid excessive debt. - Start Investing your Income
You can use this third tip if you have started saving and stable income. Try investing your money. Why is investment substantial? If you only rely on savings as an emergency fund, the value of your money will decrease over time.
Most banks will charge an administrative fee each month, automatically deducting your savings. There is also inflation that reduces the value of money. That’s why investment is essential since the value of your money may increase instead of decrease. Many banks provide easy and practical investment features and online account opening services.
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