How can young adults better manage there money?
whats going on guys,
I just have a real simple question, however I do get confusing answers. Im 23 y/o and Im just looking to live by a set a rules where I can better monitor and manage my money. A book or maybe a DVD or a website you guys know of that touch on the subject money management would be greatly appreciated. Thanks
luis
I have never seen a budget system on line. Try it in your search engine. I have always set them up on paper. A budget, to illuminate your mind of where your money goes is an important first part of managing money. It is an evolving thing, as you get more information, and as you start to to look for the ‘leaks’ it becomes better refined. Once you know where your money is truly going (or in many cases blown) you can start to fix it. Things like setting aside your money for fixed overhead and savings first… then allocation money to optional spending and other necessities can take place.
It is amazing how much money you just blow… and have no idea where it went! Once learned you can make the economizing decisions for the balance of your life.
Soccerref
it’s really too bad for you that your parents didn’t start this education way back with picking up your dirty clothes and taking out the trash. You’re kind of OLD to be uninformed about money management.
The golden rules: live on what you make: save all you can; never use credit; contribute into a retirement plan (don’t laugh); protect your assets by having disability insurance in case you get sick and can’t work; make a budget and stick to it no matter what.
A budget lays out every single expenditure you have every week or month. You can prepare for a budget by writing down everything you spend for a couple of weeks. Every cup of coffee; every parking meter, every little thing. You will see at once how much you waste without thinking about it.
Then make columns: Rent, utilities, transportation; groceries; student loan payments; (whatever your monthly bills are). See how much you MUST have going out each month, then you can make a little pot of money on the side for non-essential expenses, like coffee and movies. By sticking to your budget, you will quit wasting, not run out of money for your bills, and manage to save some.
and don’t whine when you can’t afford things your friends are doing. They are probably in debt and will never have anything to show for it.
References :
luis
I have never seen a budget system on line. Try it in your search engine. I have always set them up on paper. A budget, to illuminate your mind of where your money goes is an important first part of managing money. It is an evolving thing, as you get more information, and as you start to to look for the ‘leaks’ it becomes better refined. Once you know where your money is truly going (or in many cases blown) you can start to fix it. Things like setting aside your money for fixed overhead and savings first… then allocation money to optional spending and other necessities can take place.
It is amazing how much money you just blow… and have no idea where it went! Once learned you can make the economizing decisions for the balance of your life.
Soccerref
References :