We know school keeps you busy and sometimes you have bigger things on your mind than balancing the checkbook, so we’ve outlined five quick rules of finance wisdom from TG Online.
What a girl wants and what a girl needs. Girl or boy, now is the time to trim the luxuries. Let’s be honest: a coffee shop latte in the morning sounds enticing, but is the world really going to end if you brew you own coffee instead? Is the free shipping on your online impulse purchases really worth putting more mileage on the credit card? Go vintage and try thrift stores or at least give that purchase decision 24 hours to simmer.
Balancing the budget is not just for Congress anymore. Making a spending plan is the foundation of managing your money. Outline your monthly income and expenses, sort your expenses into categories (car, books, pizza), and cap the amount you spend in each category. Track your spending from month to month. If you keep going into the red, maybe it’s time to rethink some of your spending.
Curb your enthusiasm when it comes to debt. To borrow smart, limit your debt wherever you can: don’t borrow the full loan amount if you don’t have to. Curb your credit card addiction and use only one card. Always try to pay the balance off in full.
Leave a paper trail. Shed light on your finances by keeping copies of your receipts so you can plan for future expenses. This habit also comes in handy if you need to show that something’s been paid for and when.
Make your inner accountant happy. One of the smartest moves you can make is to open a savings account. Not only will it be there for you on a rainy day, it will start a habit of smart money managing and help keep your spending in check. It’s great if you can contribute to your savings account every month. Some banks also offer automatic transfers that move a certain amount from your checking to your savings monthly.