Helping the School Leavers Plan

Life can be a bit daunting for school leavers who feel they need so much and generally have little funds to back up their dreams. As time goes on suddenly school leavers will be calling on their knowledge and hoping to be independent at some time in the future, say in five years time. It is understandable when one is "stoney broke" the last thought is to create a savings plan.  Really saving is a habit just like any other consistent thing that a person does.  Maybe start with putting a small amount in a "sock" expecting to have enough to make an overseas trip.  Never mind it is still a plan and plans can be amended. As a few months go by, maybe after the initial splurge of buying a few items off the "wish list", is to realise it is time to save for a "rainy day".  I hate working for nothing.  Ideas like:

• Put aside 10% of your wages in a special account.
• When you get a pay rise after a birthday or promotion, always put a percentage of that into your special account.

Revise how that plan is going every six months and amend your spending habits particularly if you lose faith in your plan working consistently.  When you are young you have time to alter your plan if things did not work in the first place.

I am forever grateful that I kept persevering as it takes time to build up collateral.  Oh! to reach that $50k mark.  It will gradually happen if you just keep plodding along with the plan consistently.