Money tips I wish I learned sooner
When I was younger my money didn’t have any sort of destinations. My money would just sit in my bank account and I would spend it, because I wasn’t aware of my money options. Now that I’m older I’ve learned the different places that I should be putting my money and also how to set financial goals and budgets. Figuring out your wants vs. your needs sounds easy, but millions of people struggle with it each day. Today I’ll share a few money tips I wish I learned sooner.
Live within your means.
There is nothing wrong with being frugal! You don’t have to impress anyone. Do you really need the brand new 2014 BMW X5? Probably not! Don’t let your family, friends or even significant others pressure you into financial obligations that you aren’t ready for; this could be a huge setback. Why in the world did I own a two-finger ring in high school engraved with “Candy?!” I honestly didn’t need this ring, or any of the other jewelry I bought with my hard-earned money. Now that I think about it, I don’t even know where any of my jewelry went!
Credit cards can be deadly, be careful.
According to Nerdwallet.com U.S. households Average credit card debt is: $15,611.
If you are able to pay the full balance each month, have the opportunity to accumulate reward points and don’t have to pay interest, credit cards can be beneficial. But if you start to fall behind on payments, the interest will start to pile up. What started off as $1,000 shopping spree could turn into much more, especially if you are only paying the minimum balance each month. If you are in high school, please don’t even think about a credit card, and in college, only if it’s absolutely necessary. I know you may have friends who are living these extravagant lifestyles, always traveling the world and eating at nice restaurants, but they may be swimming in debt and U.O.E.N.O! Be smart; if you don’t have the money to buy something, save for it.
Get an online high-interest savings account and create sub saving accounts
Online bank accounts are great because they have higher interest rates than companies such as Bank of America or Citizens Bank. If you don’t already have one, Ally Bank or Capital One 360 would be a great place to start. You can find out more information on http://www.bankrate.com. I also love saving my money in sub saving accounts.
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Invest in stocks as soon as you can. The earlier you start, the better.
I used to spend so much money on shoes. Since I can’t go back in time, I am able to pass along the advice to you: purchase stocks instead. Its future value will increase over time and you will receive dividends every quarter. (Not every stock offers dividends. A dividend is a payment that you receive for investing in a company.) Once you buy those precious shoes off the shelf, that’s it! Shelf value vs. Future value. It’s ultimately your choice; I encourage you to think about the long run.
Retirement can’t wait.
Whoever told you to wait until your 30s or 40s to start thinking about retirement has misguided you. Again, the sooner you start the better. If you’re working for a company that offers you a match, take it. If you don’t, it’s like saying no to free money! If you switch jobs, don’t cash out your retirement. Rather, have it switched to your next job. Roth IRA is great to have as well.
Pay yourself first.
After you’ve paid your student loans, rent, car payments, and bought groceries, you probably won’t have much money left to save. The first bill you pay each month should be to yourself. Set aside a portion of your money to save. You can put this money into your retirement accounts, stocks, savings, or dream account (future business ventures, vacations, etc.). You can start with a small amount and increase your savings over time. The easiest way to do this is to have it automatically taken out of your check each pay period.
Sources:
http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/
