4 financial tips for young people - پلتفرم مشاورمون
4 financial tips for young people - پلتفرم مشاورمون

4 financial tips for young people

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 A course titled “Teenage Finance” is often not part of the high school curriculum – an unfortunate oversight that leaves many young people unaware of how to manage their money, apply for credit and how to stay out of debt. While some progress has been made (23 US states require a personal finance course and 25 require an economics course for high school graduation by 2022), there are still  gaps in knowledge. There is considerable knowledge in this area among the age group.

 Basic economic and financial education in secondary schools should help at least a section of the next generation, but young people in important years It is also important to master the basic lessons  of economics after high school. ‘ Let’s go over the 8 most important rules to get your finances on track as possible. Never forget that the younger you are, the more time you have to save and invest, so the sooner the better.

4 essential financial rules for young people first. Practice autonomy: pay with cash, not credit  If you’re lucky, your parents taught you self-control when you were young. If not, remember that the sooner you learn the essential  skill to delay gratification, the sooner you’ll get your personal finances in order.

  1. One of the most important ways to exercise your financial independence is also very simple. If you’re waiting until you’ve saved up money for everything you need, you can put all of your daily purchases on a debit card instead of a credit card. Debit cards deduct money from your checking account instantly (no extra fees), but  credit cards – unless you can afford to pay off the balance each month – are actually an interest rate loan. high. If you get into the dangerous habit of paying for all your purchases with a credit card, not only will you pay interest on a pair of jeans or a box of cereal, but you could also pay for those items in 10 years. From now on.
  2. Watch out for bad advice: Educate yourself

 If you don’t learn to manage your money, someone else will find a way to manage it for you. Some of these people may have bad intentions, like unscrupulous financial planners. Others may be well-intentioned but not fully informed about your situation, such as relatives making general recommendations about the importance of owning your own home, even though the only way you can buy  now is risk-adjusted. mortgage rate.

 Instead of relying on random advice from non-experts, take charge of your  financial future and read some basic  personal finance books. Once you’re armed, don’t let anyone fool you, whether it’s a relative taking over your bank account or a friend who wants you to hang out and spend tons of money with them every day. weekend.

  1. Learn to budget: know where your money goes

 After reading some personal finance books, you will understand the importance of two rules that every personal finance advisor repeats over and over again. Don’t let your expenses exceed your income, and  keep an eye on where your money goes. The best way to do this is to create a budget and  a personal spending plan to track the money  coming in and  out.

 Once you  start tracking how you spend your money, understanding how the cost of buying coffee from a barista every morning is added over the course of a month is a valuable awakening call. Unlike  salary increases, which are largely in the hands of your boss, minor changes in daily expenses, such as brewing coffee at home, are entirely under your control and are as big a financial situation as getting a salary increase. May affect. You can save  even more money over time by keeping major monthly expenses such as

 rent as low as possible. Even if you can swing an  apartment full of amenities, choosing an easier location and investing your savings will allow you  to own a condo or home much faster than your friends who are paying high rents. It will be like.

  1. Pay yourself first: Build emergency funds

 One of the most recurring mantras in the world of personal finance is to “pay yourself first”. This means saving money for emergencies and the future. This simple exercise can not only save you from financial problems, but  also help you sleep better at night. No matter how much your student loan or credit card is in debt,  how low your salary is, or if you have the tightest budget, there is a way to put at least some of your money into the emergency fund each month.

 An additional benefit is that if you get into the habit of automatically depositing money into your savings account, you will no longer consider savings an option and will treat it as a necessary monthly expense. Soon you will save more than urgent money — you will have severance pay, holiday money, or even  a down payment for your home.

 Put your cash in your regular savings account and it’s safe and always available when you need it. However, this type of account earns very little interest. In other words, inflation undermines the value of  savings over time. Alternatively, you can invest money in a high-yielding savings account, money market certificate  (CD), or money market account. Make sure  your savings car rules allow you to get  your money right away in an emergency.

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