Managing your finances might seem overwhelming. Money
management is not exactly a required course in schools. Yet as soon as you’re
out of high school, you’re expected to manage student loans and take on large
financial commitments such as rent. All of this can seem daunting, but by
building good habits now, you can create huge returns in the future and come
out miles ahead of your peers.
- Start Saving Now. A retirement fund is important, even at this stage in your life. Compounding interest means the investments you make now could give you a big payout further down the road. The sooner you start, the less you will have to worry when retirement is around the corner. Saving a bit of your income for an emergency fund isn’t a bad idea either. You never know when you might need it.
- Practice Self-Control. Start the good habits now. Spending money on fast food and expensive coffee is okay occasionally, but if you’re not indulging with care, bad habits will start to form. When you’re 30, 40, 50 years old, you’ll find it harder to break those habits and harder to make up what you’ve lost. Stay mindful and vigilant when you spend.
- Understand Taxes. Taxes can be complicated and daunting. Yet they are another fundamental part of life that schools neglect to teach. Learning how to calculate your taxes based on your income will help to determine your budget and will save you trouble in the long run.
- Start Building Credit. Avoiding overwhelming debt is a no-brainer, but that doesn’t mean young people should shy away from credit completely: now is the time to begin building the credit reputation that will help you make big purchases down the road.
Have debt and bad
financial choices taken over your life? Madison
Monroe and Associates can help by negotiating away as much as half
of your debts. Visit us online today to learn more! www.madisonandmonroe.com or give us
a call at 877-346-2797 and speak with one of our counselors.
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