Being frugal for me comes naturally because of the way my parents and grandparents raised me! I really do pinch my pennies so that they scream like the audience watching a “Nightmare on Elm Street” movie.
But not spending money when you are young is also a great waste (but of life instead of money)! When you are a teenager, it’s good to go out on fun dates and spend money to hang with your buddies! After you get a job and start a family, those opportunities become very rare (with dating no long a healthy option). So make the best of it now, you might not get another chance.
So what am I recommending? I would do the following:
- Contribute a certain amount to your 401(k) and savings/brokerage accounts.
- Cap the amount that you will spend on entertainment per month.
- Make sure you at least have $1,000 in savings in a bank.
For me personally, I think in the past, I saved too much money. I’m sure I missed opportunites that I would have take while I was a bit younger (teens and 20s…). Now, I’m playing catch up!
I think at every age, people should spend a little bit to enjoy life!
For more information, please follow the folling links: