From the text:
It is impossible to save cash. Therefore it is important to control my life - to control my money.
Virtually BUDGETING should be the first and important part of the process of making it happen.
Some aspects outlined in the text were
1. budget for fun
2. Be realistic
3. Be flexible
Budget is a flexible tool designed to make my life better.
SAVING:
I have 2 online savings accounts which allows me to keep and save funds that are transferred from overseas.
Because I am an overseas student most of my living costs are supported from my parents overseas.
Although this is not my own money that i have earned however placing funds from my parents into an online savings account
allows me to earn some interest from the savings account.
This has allowed me to develop saving habits and use the online savings account where its interest rate is higher
than the everyday transaction account. And also I am saving money from my funds from overseas.
Because I am a student, my bank account is a student account which does not have any monthly fees.
Chapter three from the text explains some basic and essential saving strategies which has given me directions and
other knowledge of saving which will definitely help me when I am working after my graduation.
SAVING INITIATIVE:
After reading the chapter on savings I have cancelled my gym membership at the local gym in kensington.
I have decided to use the gym at my apartment. This will allow me to save $70 per month.
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