I commute on the daily basis, especially my commute to and from my morning workout and even to work. For the most part, I like to listen to…Read More
As a daughter of a CFE Certified Financial Educator®, I hear the words, “save before your spend!” a lot. I have learned some tips throughout the year and I’m definitely not an expert, but I think I may have some tips that I can share to help you start managing your money better!
1. Pay yourself before you spend.
This is a super important tip, besides creating a budget. Paying yourself means to put money aside for savings before you spend it all. When you’re younger and you don’t have bills to pay, it’s the best time to save your money. I like to put at least 50% of my income into savings.
2. Create a budget (and follow it).
I took a financial literacy class and the number one tip was to create a budget. I had never created a budget but I had always kept track of my spending so this was something new for me.
I make my budget on the app, Pennies. I know it’s $4 but definitely worth it! Since I’m only a junior in high school and I do have a job my budget looks something like this:
10% goes into essentials
which for me is tithe
60% goes into savings
this goes into my savings account
10% goes into my business
anything from YouTube to running my blog
20% goes into lifestyle
spending money for when I’m out with friends
3. Get a job.
I know if you’re younger you might not be able to get a job, but there are other ways you can earn money. You can tutor (I use to do this when I was in 5th grade and got $15/hr a week), babysit, walk your neighbor’s dog, or ask your parents to do extra chores or jobs around the house to earn a little bit of cash.
4. Think before you spend.
Just because you want it, doesn’t mean you need it. I have to tell myself this all the time! I’ve only made two big purchases that I can think of, both of which I had thought about at least three months before purchasing.
the only two things:
5. Create a financial goal for yourself.
It’s easier to save money for the future, if you know what you’re saving for. Many of us know that we should be saving for the future, however we never know what we are saving for. Having goals makes it much easier to save. Here are some of my goals. I know I want to have some spending money when I’m in college and won’t be able to work as much. I want to purchase a house within two years of graduating college. I want to be self-employed which means I need a safety net.
Whatever your goal might be, make sure to write them out that way you can always look to it. I hope this blog post helps you out and encourages you to budget!
your wallet will thank me later,
All images borrowed from Pinterest.