4 key tips to fix your Money situation NOW

As an adolescent, you are never not broke! Doesn’t matter if you are in high school, college, living with or away from your family, money is always scarce once you start getting older. We’ve all observed our wallets stealthily transitioning from crisp pocket money notes to scrappy, empty pouches as we grow up. The gradual evolution means that there is a need for better planning and techniques to manage our finances. This article will help you savour the pretty little things you’ve always wanted since you were sixteen, while having enough in your pocket to go out for a drink with your friends. Read on!

Design a Budget: Do you have a job/income source? If not, do you get a weekly or monthly allowance from your parents? Whatever is your go-to source for money, it is important for you to keep a record of the incoming and outgoing currency. Some people have a hard time managing their expenses because they do not have an exact idea of their transactions. If you don’t want to be ‘that’ person, start making a record of your allowance and daily expenditure to get a clear picture of what you have.

Differentiate between the ‘Wants and Needs’: Once you make a list of what you owe or need to pay for versus what your income is, you will be able to identify places where you can cut down expenditure and thus, plan your finances meticulously! It is important to differentiate between what is a ‘necessity’ and what is a ‘privilege’. Prioritising your expenditure will help you trim down your spendings, and at the same time, will save money for future use.

Save and Invest: If you have an income that can be invested for better returns, go for it! An investment enables you to be independent, and expect better returns if done intelligently. It also ensures an intricate infrastructure created by you in case of any financial hardships. If you have the idea of how Stock or Crypto markets work, there is no one stopping you from trying your hand at it! There are so many people making money out of stock trading. With the internet always at your disposal, it is always possible to do your research and add another skill to your resume.

Build a stable side hustle: For those living off their parents’/guardians’ allowance, it is never too late to start earning your own money and developing a business of your own. It is 2021 and there is nothing that’s keeping you from earning independently and achieving that distant dream of financial freedom. Try developing a skill, read and understand how the markets work and create a business that gives you returns. Of course you don’t need it to be bringing massive sums of revenue for you, but it can surely help you stay afloat and buy you those extra pairs of shoes you always wanted!

Conclusion: As much as it is difficult to keep up with life as young adults, it is advisable to be well aware of your personal finances, so that one aspect of living has a solid anchor that you can fall back upon.

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