Learn about saving

Today’s youth appear to be relatively savvy about money while some still consider that money management is not important. The money sources of most youngsters are from pocket money, gifts from parents and family or allowances.

No matter the age, one should have some type of savings plan. Savings allow to buy things like smartphone, go on a vacation or even retire when needed. The earlier someone stars, the better their future will be.

Save first, then spend

When you receive money, always think about your savings before you start spending.

Next steps about saving money

Practice the money saving habits

Even if you start with saving just Rs 5 over a week, it is important to establish a savings habit while you are still young. Start saving small, effortless amounts and watch your savings balance grow. You will be building your discipline to save money and thus motivating yourself to find ways to stop wasting money.

Live below your means to save money

Ensure that you have more money coming in than going out. Overspending is the biggest financial issue, but you can control your spending by creating a budget, living a lifestyle which is realistic for your income and working toward healthy spending habits.

Saving money is key to having the life that you want

As youngsters, you probably have many plans, dreams and goals, from travelling and earning a degree to buying a home and getting married. Whatever you envisage for your life, you will need money to make it happen. Turn your dreams into realities by setting concrete savings goals. The money you need to cover those expenses does not just materialise, you have to save it up!

Having an emergency fund is a must

Saving an emergency fund will help you to keep your finances on track. When you are faced with unexpected or big expenses, an emergency fund will act as a financial buffer. So instead of spending the money you saved for other goals, e.g. like paying for university, you can use your emergency fund to cover the unexpected expense.

Consider having a bank account

The earlier you consider having a bank account to save your money, the more it will grow as you will receive interest rate. Having a bank account is also more secure than having money saved at home, e.g. in your piggy bank, as there is more risks of loss or theft. Keeping your savings within reach will create temptation to spend it. Managing your bank account sensibly also adds to your sense of responsibility.

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Personal Finance General Quiz

Basics of investing

Investing involves committing money in order to earn a financial return. This essentially means that you invest money to make money and achieve your financial goals.

Keep track on Expenditures

Good financial planning begins with a good household budget. Creating a budget helps you to keep track of where your money is going each month and also allows you to develop a plan for saving.

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Financial Services Commission
Ministry of Financial Services and Good Governance
Bank of Mauritius
Economic Development Board Mauritius
Financial Intelligence Unit
Corporate and Business Registration Department
Financial Services Institute
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