There is a pivotal moment in our lives where the value of money sets in and developing a budget becomes a necessity. Whether you're saving for an apartment, your education, or creating a sense of financial stability, there are many silver linings to limiting your spending.
1.) Creating a reliable savings account
To begin your budget, figure out how much money you need as the bare minimum for living. Then start to allocate money monthly into a savings account. This will provide security for future expected and unexpected costs. Overtime, watching your account expand will be more satisfying than spending it on unnecessary purchases.
2.) Knowing when you are secure enough to splurge
Once you have created a functional budget, one that allows you to live comfortably, you can slowly allow yourself to spend on things that would've otherwise broke the bank. Waking up and deciding you want to treat yourself to a bagel and coffee, or going to your favorite store and buying a new shirt and not feeling plagued with guilt is a gratifying experience.
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3.) Learning how to be happy without spending money
In the midst of limiting your spending you will slowly learn how to create a happy life that doesn't require spending money. Simple things such as hanging out with friends, going for a run, or reading a book will add to your "limited spending" mantra. Soon you will have a reliable bank account, and new ideas for an enjoyable time.
4.) Gaining a sense of independency
Starting to learn the ropes of budgeting early on will relieve the stress of adulthood, when being financially stable becomes a necessity. You will start to find yourself paying for groceries, rent, textbooks, etc. Eventually you'll realize that you have become a self sufficient young adult and a sense of independency will set in. When relying on parents for financial aid ceases, pride creeps in and stability becomes habit.
5.) Maintaining peace of mind
All of the aforementioned optimisms will overall, lead to a grander peace of mind, and a more stress free lifestyle. When you feel financially secure, you can begin to think about the future with an open mind, lacking limitations. Being able to have fun without spending money, while simultaneously being able to splurge affordably from time to time will provide you with a sense of control over your life and money.
