Craig Feigin | Being 20 and know what to do with your money.
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Being 20 and know what to do with your money.

What would you do if you won the lottery? Portrait of a very happy young man in a rain of money; Shutterstock ID 148789697; PO: lottery-winner-money-stock-today-tease-160108; Client: TODAY Digital

15 Aug Being 20 and know what to do with your money.

Many of you young people, especially college student seems to be tight on your wallet for many reasons. Some of you might be in debt for loan to pay your collage tuition while worrying how to pay those debts(no offense here). Below are some tips that you need to know when you hit that age, especially if you live alone. Some of this tips might seems a little too obvius for you to notice, and yet many of us don’t. Even i didn’t think about some of these tips before.

 

  •  Live within your means.

Seems obvius right? But what i meant here is that you need to spend your money according to your needs. Things like soap, shampoo, food, are some of the things that you should really spend on. I also recommend that you invest on you looks, but be wise about it. One indicator of your failure to live within your means is when you starting to go into debt. What i mean is when you start using credit cards to buy something.

  • Keep track on your spending

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Never, EVER, spend on something cheap and forget about that the next day. Be strict on yourself and always track your spending. If you have trouble of tracking it in your head, use some tools to help you track your spending. A simple journal should suffice, of if your handwritings are not that good, here are some reference for your smarthphone(s): http://www.forbes.com/sites/samanthasharf/2016/03/02/12-free-apps-to-track-your-spending-and-how-to-pick-the-best-one-for-you/#277812d52b69

  • Budgeting

Budgeting helps to keep track on your spending. An example of a simple budgeting is to set a limit on how much you can spend on a type of things. Start by doing these kind of budgeting and modify your budgeting according to your needs. What you need to remember though, always plan on saving your money first before you plans on your spending. After you have enough, put it in some bank as a deposit, or maybe you can put it into some mutual funds.

  • Get a part-time job

This one is ridiculously obvious. But what many people don’t have is the time to really work on a job, at least thats the problem in my country. Consider work from home jobs like copywriter, translator, online customer service, or you can do micro jobs on sites like Clickworkers, mturks, rapidworkers, or other micro jobs site on the internet to increase your Allowance. Micro jobs websites supposedly pays off well especially if you are in US/UK region.

 

Those are some tips that i actually learned throughout my 20s. I do hope sincerely it will help you throughout your adolescence. Always remember your spending and savings :)

 

 

 

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