When you are young, the world is your oyster. This is the time to experiment, make mistakes, and safeguard your future. Tune in as we discuss some lifesaving finance tips to get ahead in life. Last month, we discussed what common financial straits those in their sixties commonly face today. It was not with the intent to scare or terrify but to inform.
We continue that trend with more financial tips you can fully apply now in order to get ahead in the game of life.
Build a budget and STICK to it
You have probably heard the word budget being thrown around all of your lives. It is a topic that you will continue to hear as you go on throughout your life. This is simply because it is one of the more basic things that a lot of people end up neglecting. Having a clear budget makes all financial aspects easier to keep track of and easier to deal with.
It can be easy to go beyond budget because of the mentality of “it’s just a small thing”. That “small thing” can stack up over time if you are not careful. Beat the “treat yourself” mentality and remember that you are planning for the long haul and not just for the quickie round.
Track your spending
On the continuing vein, it would be important to track any and all spending that you do within and outside of your budget.
There are a variety of methods in which a budget could be created and maintained. There are a lot of mobile apps you can get in Google Play or in the App Store. Personally, some of us who use Android trust Money Lover to plan and track spending. It is a great way to keep abreast of where your money goes.
A lot of people neglect to get insurance for the important things in life: vehicle, home, and life. Often, young people do not realize how big of a help insurance can be in the event of an emergency or an accident. While you are young, getting insurance will be one of the better things that you can do for your finances.
While the monthly payments might seem unnecessary or too much, that can all be solved just be picking an insurance company that works well for your needs. The earlier you get started on your insurance, the better payout or better policies you get later on in your life.
Never neglect your payables
Your credit score is something that you must take care of. It will determine what you are able to procure in the future. The better your credit score, the easier things will go for you. Be mindful of all your payables and never miss a payment deadline. A great way to avoid this from happening is to stick to your budget and simplify your life.
Keep a sharp eye on your billing statements for anything out of the ordinary. Anomalies need to be straightened out right away in order to keep your credit score intact.