As an adult, it’s so important that you balance the fun side of having money with the responsible side. You can do both. This article describes 4 ways in which all adults can be more responsible with their money.
Open a savings account
If you have one, but haven’t quite started saving yet, now is the time. It’s always a safe measure to have 6 months’ worth of living expenses saved up just in case. And aside from that, even if you don’t have anything specific in mind that you’re saving for, one day you will and it would be nicer not to have to start saving from that day and wait impatiently. It does not matter if you can only save twenty dollars a month. It adds up over the years. When you start earning more, you can also start saving more.
Give yourself a spending limit
When you first start making your own money and money decisions it’s great to be able to spend money whenever and however you want. This can quickly get out of control though and you might find yourself pulling out the credit card more and more. Instead, give yourself an “allowance.” Figure out how much you can afford to play with from each paycheck after all the bills are paid and something has been saved. You might be left with just $30 per paycheck as fun money or you might have $100. To keep yourself from overspending your fun money, use cash.
Track all money in and out
Are you shocked when your credit card bill comes in each month? Do you wonder how you managed to spend all that money without realizing it? Many people are just that way. Instead of forgetting about what you spent and then having a heart attack when the bill arrives, write down everything you spend. This is a good way to stay out of debt because you know how much you make each month, so you know that you have to spend less than that. Once you hit that amount, it’s time to stop.
Do you shop with a list? Do you use coupons? Or do you simply stroll through the store picking up whatever looks good? Shopping smart is something most people need to do. Start by planning your shopping before you even leave home. Decide what meals you are going to make and the ingredients you will need. Check what sales your store has going on and plan a few meals around those items. And if you have coupons you can use, use them! But be smart and only use coupons for items you actually use. If you buy things just because they’re on sale or have coupons, but you never use the products, you’re actually wasting money because they will probably end up sitting in your pantry.
Making smart money choices is important for your future. What you do with your money today can greatly affect your tomorrow.