Importance of Savings & Time Management

"Time and tide wait for no man." - Geoffrey Chaucer. Source from Unsplash.

It was that time of the year when students have to look into which college path they want to take after their graduation in high school. While surfing through the website of colleges and universities there are many aspects which high school graduates will have to consider before enrolling into any college and the one major consideration was money. In order for high school graduates to enter college, money is the top priority as it is needed to pay for their education which that leads to the importance of saving is as well as time management. Before heading into college, some high school graduates worked right after they finished their SPM or IGCSE as a part-timer in any store which is hiring part-timers. Some worked for three months before going to college. While working, it teaches the importance of saving money and that earning money is not as easy as spending it. Another lesson learned while working as a part-timer before enrolling into college was how to many personal time-management. Learning and mastering the art of time-management can help students prepare themselves in allocating time to execute the task they want to do in a day of their life.

“There is only so much a person can do in 24 hours so I suggest it is also good to practise the habit of allocating time for other things you what to do in your day,” said Simon.

Source from Unsplash.

"Do not save what is left after spending, but spend what is left after saving." - Warren Buffett.

There is no specific age to as and when you should start learning to save your money as saving money is a habit that requires time to develop. Therefore, it has to be taught and practised from a young age. Having this habit is of utmost importance for college and university students as people around that age normally have autonomy when it comes to spending their money. Therefore, equipped with the habit of saving money, one is capable to refrain themselves from spending unnecessarily but instead, saving money. Another way to save money is to have the habit of buying or consuming things in moderation rather than spending excessively. For example, you can skip on desserts or that morning coffee fix as a means of saving money. In other words, you should spend on things that is in need rather than on things that you want and have the desire for. Treating yourself once in awhile would not hurt too much as well but always remember that is always better to save to survive the rainy days.

As mentioned above, it is advised that the younger generations need to understand the difference between their wants and needs. Yes, it is okay to buy a cup of coffee once in a while or when required but let's not make it a habit.

"The key is in not spending time, but investing in it." - Stephen R. Covey. Source from Unsplash.

Next, time management is a crucial life skill and is extremely appreciated by many. It is important as every individual on earth only has 24 hours a day and what differentiates one from another is their ability to be as productive as possible within that period that everyone equally shares. Therefore, one who is equipped with this skill would naturally make the most of their day. In life, time is money. good time management leads to higher productivity. For example, in real-life situations which occur on a daily basis is that every organisation wants their staff to be as productive as possible within the given time frame when on the job. This is said as saving time is also saving money for the company whilst increasing revenue. As for students, it is good to take in to account by practising the habit of good time management as it can prepare you not only during your academic period as well as train you for the future when entering the workforce. “I would urge you to map out your tasks for the day and allocate a time period for you to finish the tasks. This is done to ensure that you would not dwell on a single task for the whole day, thus, reducing productivity. In short, by conceptualising your “errands” for the day, you would have a rough idea of what to do at that moment, reducing the chances of you being idle,” says Simon.