Money can make or break you and as such you need to be very careful on how you use it especially in your youthful days. The manner in which one utilizes their money while young will chart a way for their future and it may leave them prosperous or broke. Knowing how to manage one's finances goes a long way into helping you gain financial independence. Why not take the advice and look into the future by using some ideas on financial management. Have a steady income You need to have a relatively stable flow of income is you wish to have some sense of economic freedom. That helps you in financial planning since you already know how much you are likely to earn and as such you can plan effectively for it. The income also means that one is in a mode of constant production in their active years, and that may help you generate more ideas on how to use the income Start a savings plan …show more content…
Saving ensures that the money is not just lying idle, but it can be put to use and earn interest. The concept "let your money work for you" applies since you can gain without much of a hassle. Saving also makes sure you have a plan for the future and a plan to fall back on if things do not work out in the long run. Cut back on spending when possible Spending is good since one has some needs to be fulfilled but that does not mean that all your needs have to be met immediately. You can manage finances by prioritizing on what needs to be done first, and that will help you cut back on irresponsible spending. As a youth, you will tend to, but items that may not be beneficial in the long run and that can have a toll on your finances. The issue of impulse buying also comes into play, and you may need to check on your purchasing behaviors. That will ensure you do not buy items at the spur of the moment and end up wasting money. Have Financial
What do you understand by the phrase “stakeholder analysis”? Attempt a stakeholder analysis of an organisation that you are closely associated with.
In the eyes of most of my peers, saving is not even on their radar for something they should be concerned about, and spend outrageous amounts of money going out to eat everyday and acquiring new clothing and technology weekly. In the same way they are obsessed with keeping up with trends, I am with seeing the number in my savings account increase, rarely spending the money earned from babysitting and yard work, and looking for investments where I can place my money to help it grow. As early as I can recall I have had a savings account, where my mother urged me to place and least a half monetary gift received, and this habit of saving guides my spending today. My mother sometimes gives me money to spend on a night out, of which I don't think I have ever spent half, and always save the excess to use in future events. Even as a child my mom would apply a certain budget to what we could spend on back to school clothing and supplies, and I would and still do scour through newspapers and the internet looking for coupons, to get as under budget as possible, then enabling to save the
A lot of lessons have been learned this past decade. The biggest lessons Americans have learned about is how to save money, to be more money savvy and not to keep our heads buried in the sand. In truth, we are saving more than ever before, or at least trying to. We, however, have many hurdles and ills i...
...you set goals to work towards and stuff. Relationships can suffer because if you’re always working you can never actually see and spend time with your lover. Family because negative because if you cannot support them and positive because it makes you want to stay working and active to make sure you can always know they are happy. Those are the points they covered now how are you going to let money effect your life? I would just like to end on this quote which I thought would make a lot of since to everyone. “Too many people spend money they earned..to buy things they don't want..to impress people that they don't like.” ― Will Rogers (Rogers 1)
Although there are many things that teenagers want to buy, many things are unnecessary for their needs. In order to balance buying items between wants and needs, it is critical for teens to use the money efficiently. Moreover, it is important for the parents to help them keep a good shopping habit from the young age. Learning to buy items in the right amount and use everything until they are no longer usable or fixable helps teenagers to be a smart consumer in a long term while .
Figuring out where you will be financially years from now is hard to imagine. There are always what you plan, and then there’s things that just happen that you would usually rather not have of. You can always make goals and things and hope that things go alright and end up close to what you expected.
Many students in grade school don’t obtain money very often because they do not have a steady income, so they are prone to spend the money they get. For example, if a student gets money for a holiday, the first thing that comes to mind is to spend it on something they want because they are not used to having money. They don’t know the next time they will get more money so they don’t see the importance of saving. Since there would be a constant income a student will see the effect of saving because their amount of money would constantly be increasing which will motivate them to keep saving. If students learn how to save while they are younger they will be more successful in life, and they will also have that money to use when they graduate.
There is a point in everyone’s life where they will have to become financially independent. For some people this can be a difficult process, and for others it’s easy. Being financially independent usually takes time, and it will take longer for some people. The best thing to do is start young and develop a plan. Becoming financially independent mainly depends on how much you want to work for it. Becoming financially independent is important to me because I have depended on people almost my whole life for things, and it is time I need to be able to depend on myself. I will start my planning by graduating high school, going to college to earn a degree, also during this time I will continue to work a part time job. If I do all as planned I should live the life I want to live.
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
To manage your salary well and start saving, it is necessary to plan a budget and stick to it. It will act as a guidance to spend accordingly else you are likely to spend lavishly on unnecessary things. Setting up a small percentage of your income for saving every month will also help inculcate the habit of saving early on. Making Big Purchases: No matter how well your first job pays, it is not advisable to make big purchases right away such as a new car, laptop, smartphone, etc. These purchases are essentially liabilities that can upset your monthly budget even if you might be able to afford these things at first.
Have you ever wanted to buy something you really liked, but your parents did not let you have it? If so, then you should start saving before that precious item goes out of stock! There are many advantages to earning your own money to buy something special, such as having the item all to yourself, gaining more responsibility, and having something to treasure. If you buy the item with your own money, no one else will be able to use it except you. Buying items with your own money helps you gain responsibility and in time you will be given many new responsibilities.
Foreclosure is an extremely serious topic for so many people. For some, it simply means that there are cheap houses on the marker, for others, it is the end of their lives as they know it. Ultimately, there really isn’t a solution to foreclosure, but there I have formulated a plan to help slow down the process.
Create a budget One of the most efficient ways to start managing your money is to create a budget. Write down the income you have coming in and all the bills and living expenses you have going out – and when. Work out how much spare money you have each month after all your usual expenses have
Saving money will help someone in the future b providing the feeling of security. Usually someone will save money for a certain goal in life. Therefore the first step is test goal for the certain amount on money you need to save. Setting goals can be short-term goals can be usefully can analysis the amount you have to pay at the moment. Saving money doesn’t mean refraining from buying what you love. Are you wanted to buy new clothes or even a house doesn’t hesitate to make that purchase. However take in to account the down payment and compare costs. Being able to plans and set goals on certain can help save a small amount thus accumulating over time. Long –term saving can be a little harder and takes dedication and time. Saving an up a certain a...
In my conclusion, it is very important to save for the beneficiary of the upcoming future. Simply setting aside a percentage of the income received each paycheck will be the backbone to an unexpected situation. Emergency reasons, retirement, and luxury spending can all be obtained if one is mindful of their spending. Money is the biggest cause of stress in America today and mindful everyday spending can lead one to experience real financial freedom. The earlier an individual begins to save in life, the more financially stable they will be in their