5 Expert Money Management Tips For Young People You May Not Have Heard Before
Adulting is no easy business. We’re lucky that our families have supported us throughout our education. But once we graduate, it’s time for us to take control of our own spending!
Yes, we’re aware it sounds intimidating… That’s why we did a little research and put together some expert tips from Kathy Longo, a financial professional and author of Flourish Financially – Values, Transitions and Big Conversations. Just make some tweaks here and there, practice each tip and take it a day at time! You’ll be all set.
Ready to be independent? It’ll be a total boost in your confidence, we know that’s for sure!
Need or want?
Think hard before you answer.
According to Kathy, there are two types of spending – critical or “nice-to-have” spending.
As you probably guessed, critical/necessary spending refers to things that you need to live. Nice-to-haves aren’t absolute daily necessities.
Kathy claims that being able to differentiate between the two can help you decide on whether to spend on something. Next time you’re on the online shopping apps, ask yourself, “Critical? Or nice to have?”
If you have the willpower to refrain from nice-to-haves more of the time, you’ll be able to keep to your budget. Trust us, it’ll save a lot of problems in the future.