How much to save

How much to save

This post was supposed to be published a couple of months ago. I apologize for the delay

I am sure all of you must have been asked to save money: at least at some point in life. You must have listened to lectures or have heard from your parents or teachers or something.

How many of you have some savings? Be honest to yourself and answer it to yourself. You cannot lie because the biggest festival season where you can earn money, Dashain, Tihar and Chhath, just concluded and I am sure you have saved a at least a little bit.

Do you have plans for what you want to do with them? Have you spent everything already? That is something that you might be thinking right now.

Students, especially college students, should have a clear motive and idea about money. For some of you things might have come easy and for some it might have been a struggle. But that is not the point. The point is what to do with them (or what not to do with them) and I am obviously the last one you would want to listen in a subject matter like this.

But what I am writing today will obviously make you think a little bit. Are you one of them who spends everything you make or are you one of them who save all? I have been in both spectrum and both did not help me.As a college student you got to find the right level.

I just started thinking about this. Few years ago, I had a part time job. I used to make a little bit of money. In the beginning I saved all of them because I did not need them. I had enough allowances to live on and hang out with friends. I did not have any addictive habits. So there I was, saving all I had made.

Few days later, I did not have any money left. How? Because you would think you have a lot of money today but as a student you can never have a lot. You have your needs, your desires and your life. What I did with those monies is not important, the important part is that the abundance I had felt was not the same when I had to pay to buy that widget.

As a student, you should think of what you should invest on. During my A level, I had  a friend who knew how to stretch his money. He was from outside the valley so his dad had given him the school fee for the whole year at once. What he did was he put that money in a fixed account for 11% APR. The school did not have any late fees policy. So at the end of the year, he settled the bill with 11%  additional pocket money of what his dad paid for his first year. I have not asked if he did the same thing for the second year. So, as a student, you should not hesitate to invest on this that will give you additional benefit.

If you see a notebook that will encourage you to write poetry or story, go for it. If you like a new brand of laptop which will hone your programming skills, that might be the best decision you made in your life. If you see a pair of new jeans that will make you feel good, why hesitate to invest. But that does not mean that you should not see your means. As Gaurav initiates " +View Your Choice- तपाईको सोचाई हाम्रो रोजाई - "

Here is my choice. I am beginning to love traveling. Also I am finding ways in making it affordable. If I can, I will not hesitate to take the chance to empty my bank balance on it now. Cause I am confident that tomorrow when I get a full time job, I will not have the time. I will not get to do what I want. Life will happen. I may get rich or I might have to live hand to mouth. But today, I have options to fall back.

The Dean of my college had told us "Don't do nickle and dime". Meaning don't hesitate to spend a little bit of money to pamper yourself because you do not know what you might end up with tomorrow.

Remember, I am not telling you to spend everything or save everything. Just do not hesitate to make decision. I am no expert but I have had this much of an experience.

I would definitely like to ask you to provide feedback on the comment section below though. Happy New Year!! 

+Parash Upreti is a student of Economics at +University of Northern Iowa and loves writing on wide topics while he shares most of his experiences on the blog. 


Subhasini Shrestha said...

I couldn't stop myself of commenting! I must say that its true, its true that you need to spend, pamper yourself if/when possible, but at the same time I do think that one needs to look for the future, SPENDING for me doesnt mean emptying your bank account cause you never know the uncertainties or the trouble that future invites. But that also doesnt mean that not spend a dime. Why i believe is, in spending some amount with some left in your account. So That in times of need, youll know where to get it without asking for help!

Ah but it would be much better if I could follow that myself. I try, but shopping is a weakness to girls like me:) you know that you have some, but u still want more. Looking at it in another perspective, you tend to think, what do u earn for when you do not spend a little?? hehe Prolly that could be my new year resolution "Spend more, Save morer!!"

All in all, a nice piece of writing :) thoroughly enjoyed it..

Unknown said...

Well said +Subhasini Shrestha: If you do not die unless you have to have a bulky balance then you should spend wholeheartedly. But I do not mean that you should spend on same thing again, and again, and again just because you like how it looks behind the showcase.


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