Fresh from no job and having relatively few cares in the world to suddenly having a full-time money earning job no one should care for your money more than you.
The best way to care for your money is to teach yourself how to manage it especially now you are making more money than you ever had and are enjoying buying stuff and paying off your own, a siblings or a parent’s bills.
The 4 Things you should now start doing are
1. Start Saving
And the best the way to do it is to start saying NO to all the demands that are coming your way every pay day. Then start making short term saving goals. Make it super attainable — like a few thousands within three months for a new lap-top, a new phone or another suit. Put down a down payment (lay-by) or put the money in the bank. Not in your salary earning account. A savings account.
The best way to save more money is to remove the money on the very day you get your salary or payment for work done. If you do this each time you get paid, you’re less likely to spend it. And any money you want to save for the next year or two should be kept in this savings account.
2. Side Hustle
Just because you have a regular payment at the end of the month does not mean that you should not look for money opportunities elsewhere. Or neglect your side hustle. Don’t worry about not having the time or not being able to compete with the other people in your line of business. Just keep at it-it is always better than doing nothing at all.
3. Avoid Borrowing
The number one financial mistake made by many adults is to think that because they are now earning they have a passport to borrow-land! Stay away from borrowing and piling on debts.
BTW not all debt is bad as individual circumstances vary and it is sometimes a smart move to borrow and use someone else’s money to pay for something that will improve your financial circumstances.
4. Have Rules
A no-spend weekend-tell your friends and relatives you will join them if the activity is free.
Giving up meat-for 2 weeks of the month or more it is really very good for your health to cut down on red meat. Eat more beans and greens.
Not giving up on luxuries-just keep to your goal of saving and find a cheaper source for the same thing.
Keeping some cash-in a hidden place and for emergency only.
Even the small things you do (or don’t do) with your money can and will have a significant impact on your future.
Enjoy your new status and know that you are your number one priority. Yes you have little in the way of obligations and like to help but you will need to start thinking about you and your future now.