Money Management Tips

One of the things that I have found to be a real crucial part of adulting is to learn how to handle money. Whether you have a lot or are scrounging for it you should be in control of what you do with it. With student loans and other financial responsibilities someone is always coming for your pockets. It’s not just about being able to add and subtract anymore. Your money management skills are determinants for your future. Here are a few tips on how to keep your money in your account.

Maintain a broke college student mindset

Convince yourself that you are broke even if you have some money coming in. Mind over matter. If you’re the type to deposit a check then go on a spending spree as soon as that deposit clears, take this advice.

Get creative, because you are ‘broke’ you must find alternatives to things first before going out on that limb to make that withdrawal.

Look at your past statements and see what is your spending weakness

Takeout, late and overdraft fees, pampering? What is your financial weakness? Dare to correct them. Again, get creative and/or adjust priorities.

Pay with a designated debt cardblack-woman-holding-ipad-createherstock

Some people will tell you to pay for things with cash but unless you keep all your receipts it might not help with understanding your spending habits.

Debit cards are easier to track all your spending within a time frame from statements (or mobile app features foreal). However, don’t get fooled by the plastic, your hard earned money is still being spent.

Don’t go crazy applying for credit cards!

Only use less than 30% of your credit limit and pay it off.

Use it for something you have already calculated as small but recurring bill like gas, Netflix, a pedicure or subscription box.

Live at home if you are welcome

Most importantly if it’s the smarter option. Many recent graduates live at home. It’s not uncommon especially for millennials due to generational differences.  

Don’t waste your money on late fees or overdraft fees

hourglass-1703330_1920Late fees are legitimately avoidable, but some people are in the habit of making that mistake because of poor money management skills

Before making payment plans always find out if there is a financial penalty for not paying on time.

Schedule your payments right away, now with the use of bank apps you can schedule payments weeks in advance, just make sure you have that money available when it’s time to collect.

These are just a few tips for saving money that might help you conquer adulting a little better. A part two will be sure to include more tips.

What are your financial weakness and how can you get creative about combatting them?

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