As time goes by, a young man who grew up will certainly have more needs than in his previous years. As an illustration is if there was a baby, officially he does not need to have a computer, right? He just needs milk, diapers, or toys. Whereas this is cheaper than adult's needs. An adult, of course he needs to buy a book, uniform, take a music course, or etc. So, the older a person, he or she must have many things to support their life. Sonuga-Barke and Webley (1993) in Adrian Funham (2014) stated children recognize that saving is an effective form of money management. Children realize that putting money in the bank can form both defensive and productive functions. The children valued saving because it seemed to be socially approved and rewarded. Saving was seen in their studies and understood as a legitimate and valuable behavior, not an economic function (Funham, 2014, page 679). The key is we should manage our money from young age because it has many benefits to us. The following are several reasons we should saving our money from the young age.
The first reason that the future is unpredictable and we don’t know what will happen to us in future. An intelligent person is he or she thinks about their future. We do not know that maybe someday we cannot go to our office as usual, or we do not know that our house that we have stayed for a long time will stay forever. So, think big. There are many possibilities that will happen in future. For example illness, disaster, and many more. So if you do not manage your money from now, what can you do if someday you lose all your own like your work, home and the health. The point is no one can guarantee you are still working and still earn money in the future. Therefore, because the future is unpredictable, we should do financial management in the earlier age.
The next reason is to get your own dream. The existence of parents is not always able to support every want and need of yours. Like you want to buy the latest version of I-Phone, hang out with your buddies, or shopping trendy fashion, just like the other teenagers. Probably, there is a time when your parents are not able to fulfill your wishes. At the same time, you have not been able to earn money. So, the only way is by saving money to get what you want.
The last is if we have a regular habit of saving money, then we can do charity. A person who uses money just for very important things must have thought that life is precious. They have not wasted their money because they know some people out there are not as lucky as they are. They know that not all people in this world are born with the luck. In other words, not all people in this world are rich and powerful. We should share with those people. Hakim ibn Hizam narrated that the Prophet (Rasulullah S.A.W) said: “The upper hand is better than the lower hand, (i.e., he who gives charity is better than him who takes it)… And whoever abstains from asking others for some financial help, Allah will give him and save him from asking others, Allah will make him self-sufficient” (Bukhari, Vol. 2, Hadith 508). Sharing is a beautiful thing because it is one of Falah, happiness in the world and in the Hereafter. According to Al Qur’an Surah Hud verse 15 it says that, “As for those who care for (no more than) the life of this world and its bounties – We shall repay them in full for all that they did in this (life), and they shall not be deprived of their just due therein” (Hud 11:15). Sharing each other would rise your investment in the Hereafter. So, by saving money, we realise that life is not always about money and power, but sharing each other and be a meaningful person.
Therefore, saving money have many benefits to ourselves. By saving money, we can manage our plan and so we could face any possibility that will happen in future. And by saving money, we can help our parents to reduce the cost. You may follow the tips I offer. In addition, you can check your statements regularly (it will also help you to detect errors or possible fraudulent activity on your account), make a budget plan (draw up a spreadsheet of all your outgoings and any income you have, then set yourself a spending limit), and pay rent and bills on time every month (if you set up direct debits for bills you do not have to worry about forgetting them, and you often get a discount for paying that way too). So, from all the benefits and because the simplicities of saving money, I think there is no reason for not saving our money from now.
References:
Bukhari, Vol. 2, Hadith 508.
Funham, Adrian (3 October 2014). The Saving and Spending Habits of Young People. Journal of Economic Psychology 20 (1999) 677-697.
QS. Hud 11:15
