money..money..money..money..MONEY!!!

We are a generation that loves to spend money. We tend to spend money without a care in the world. Whatever we want, we buy ALTHOUGH that may be the last amount we may have tangible on us. Being in our youth, we need to realize every action/decision that we make now–will affect us in the future. This applies highly for us being conscious about our money and the way we spend it. Investing, saving and budgeting our money now will have a last effect on our lives in the next 5 -1o years to come, so why not start now!

Here are just a few tips on how to value your money:

  • Make a list of current financial commitments, including basic health, car and renters’ insurance, and other expenses, which may range from school expenses to rent, food, clothing, car payments and insurance, medical expenses, etc.
  • Prioritize financial needs. Housing, loan payments, and health insurance are needs that should rank high on the list of priorities. Entertainment, electronic gadgets and eating out might fall into a ‘wants’ category that should be monitored carefully.
  • Keep receipts; verify receipts with debit, checking or other account status regularly. Reviewing receipts each week also can be helpful in tracking unnecessary spending.
  • Shop with a ‘needs’ list, and stick to the list to minimize the impulse purchases. Spending free time in stores and viewing shopping as entertainment can lead to unnecessary spur-of-the-moment purchases.
  • Choose credit sources with care. Avoid the temptation to apply for unneeded credit cards in exchange for an inexpensive give away such as a T-shirt or food. Carrying more credit than needed can impact current insurance rates and future borrowing power.
  • Put the credit cards away. Using a credit card to cover an emergency expense that cannot be covered by cash available or an emergency fund may add expense — interest and other fees can add up quickly. Carrying a balance on a credit card obligates future earnings and income.

It is really simple..the Keyword to all of this is BUDGET!

-know where your finances are going to avoid to be in a situation whereby you don’t know where all your money went to

-save ATLEAST 10% of your income whether it is allowance,salary..whatever it is..it may sound like a small percentage but it is worth it in the end. You have to avoid giving yourself a high percentage or amount that you say you will save because it may become difficult for you to keep it, so just begin with a reasonable figure and work your way up.

Every penny counts–believe that!

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