Managing Money

Document created by karla15 on May 19, 2016Last modified by amara.mastronardi@socialedgeconsulting.com on Dec 5, 2016
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One of the hardest things about becoming an adult is learning to manage money. Thankfully my parents started having us manage our money while we were in middle school-they would give us money for clothes and we were in charge of what we bought. If we wanted an expensive dress then that is all we got, but if we shopped carefully and spent the money on sale items then we were able to purchase more clothing. Learning how to spend money wisely made the transition easier from college to being a full-time adult with bills.

 

The biggest piece of advice I can give is to create a budget! I do not use one of the formats that you may get from a financial planner-I use a notebook, but you may also use a spreadsheet. All of my bills are listed out per month, how much they are, when they are due (for me they are due all at once-since I get paid once a month that works best-if you get paid twice a month see if you can space out your bills), and finally the date paid. While this may sound dangerous-I also use my credit cards to gain points from purchases which will get you cash. This is risky-you need to be aware of what you can afford and budget. If you struggle with making smart money decisions-don't do this.

 

Lastly-don't forget to budget for FOOD!!! Several people I know forget to budget for food and then they are left eating ramon noodles for days or PBJ-while there is nothing wrong with this, budgeting for food will solve this problem!

 

Best wishes!

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