If you are new to managing your finances, then there are many things that you should probably learn. When I was in high school, there was no personal finance class so I had to learn everything the hard way. I think all schools should require a personal finance class, but if yours didn’t, I will try to help you out a little bit today.
Have a budget.
Whatever you do, please have a budget! So many people out there do not have a budget. If you are having money problems (whether that be debt, not saving enough or something else), then you need to create a budget immediately. A budget can help you see where you are spending too much money and where you can improve.
Save for retirement.
No matter how young or old you are, you should try to save for retirement as much as you realistically can. That doesn’t mean that you can’t have fun though.
You can still save for retirement and have a great life. You never know if something may come up in life where you may need that money sooner than you though.
Learn how to write a check.
It seems like many younger people these days do not know how to write a check. Whether you have plain checks or designer checks, you should at least have an idea of how to fill one out. Even though most people use cash, credit, or debt for most of their purchases these days, there are still times when a check might be needed and you don’t want to fill it out wrong.
Check your credit score and credit report.
Your credit score and credit report can determine a lot of different things in your life. A higher credit score can mean lower interest rates many times, which can mean a lot of money saved over the lifetime of a loan.
You also want to check your credit report regularly because you want to make sure that no one has stolen your identity and opened accounts in your name. That could cost you a lot of money if someone were to do that.
Pay off your debt.
If you have debt, pay it off! It’s really that simple 🙂
What other finance tips am I forgetting?
What do you wish you knew when you were younger?