As a young adult, it can be very difficult to keep young finances in check. Especially when the world is barking at you every minute to buy this and that. Trust me, I have been there and continue to be. But with these 3 most important tips, you are sure to be more grounded and have a stronger hold on your money.
The most we were taught about money by our parents was not to waste. But we weren’t really taught to control our spending. So here is a situation most of us find ourselves:
You are walking passed a boutique after receiving your salary. You have already apportioned your salary and have forecast that it will last you the whole month. But then, you look through the window and see a pair of shoes you have been dying for for the past year. How much is it? It is half your salary. This might be the last time you see it. What do you do?
I guarantee you, you will be calling yourself stupid as soon as that money leaves your possession. And instead of walking out with a huge smile plastered across your face, there’ll be tears running down your face either metaphorically or literally.
Be in control of your money’s future
I mean this in every sense of the word: be in control. Don’t take advice from every Tom, Dick and Harry out there. If it is Suzie Orman, then ok. Read books on how to handle your finances and put the tips and advice to practise. You will eventually find what works for you and what doesn’t.
Be honest with yourself and DO NOT attempt to live outside your means; cut your coat according to your size.
Keep track of your cash
Ever been in that place where you say: Where did all my money go? Yea, that is not a fun place to be in ’cause chances are, you have blown through most of your cash that the only thing left is barely enough to buy you breakfast.
So step one after getting paid, budget. In that budget, factor in miscellaneous spending for that random item you might like later on but do your best to stick to the budget. You’ll thank yourself for it later on.
For ladies, learn styling and taking care of your own hair that way, you cut down on spending. That’s what I do.
The bottom line is to make sure that you develop strong will.