Saving money

Whether you are a young child wanting for a new toy or an adult saving for retirement, money is a key element in our lives.

Throughout my childhood, my dad motivated me to save my money rather than spending it. Eventually, saving money became a big aspect of my life growing up. Whether I got $5 from helping my dad or $10 from helping my grandma clean her garden, I started to see the power of saving money. I had over $3,000 before I got my first job at the age of 14. However, it wasn't until I received my first paycheck when I became aware of the true satisfactory feeling of having money.

By the time I had my 16th Birthday, I had saved enough money to buy my brand new $20,000 car. I will admit, sticking to the budget I created wasn't easy but I reward myself with a small treat once I achieved my goal which would then motivate me to complete my next target. It was disappointing to see all my money which I worked so hard for gone, but I was rewarded with owning an asset. Since I've purchased my car, I had some difficulties keeping up to date with my budget. I found I wasn't saving enough money for my new expenses like fuel, registration and insurance. Therefore, I recalculated my budget with the expenses and cut back on my luxuries.

I would be lying if I said, I have saved the amount of money I originally wanted to achieve. Sadly because of a few emergencies which needed money, this wasn't possible. Although, I'm glad I experienced these emergencies because it has helped me prepare for them in the future by creating a safety zone in my budget. Nevertheless, if I wasn't living at home, I wouldn't have been able to save the amount of money I have as I don't pay any major household expenses like rent, rates or electricity. Despite this, since turning 20 my current goal is to save around $25,000 for a term deposit. Once I have achieved my goal, I will be able to make my dream a reality by purchasing my first home.