10 of the best money managing tips

Taylor Radke

1...get organized

Getting financially organized will help you pay bills on time and meet important deadlines. Separate files by bill payments, checking account, savings and investments, college, financial aid, insurance, load and credit records, receipts and warranties, and taxes.

2... make school your first job

Schedule study time like you schedule work. Education should be most important while in college because a degree will give you the biggest payoff down the road.

3... pay your rent on time

Paying the rent on time is important because it will build you good credit. Communicate with your landlord if you are having trouble paying your rent; Establishing this relationship can help improve your situation.

4... set ground rules regaurding money

If you have a roommate, establish the way you will split costs between you both (or however many people there are) to be prepared to set an amount of money aside that you know you will need.

5... separate wants from needs

When spending your money, think about what’s really important to you and what has lasting value. Considering needs and wants should help you identify ways to save money and meet your goals. Sorting out what you want and what you need will make your money last longer and be more a use to you.

6... plug everyday spending leaks

Although it doesn't seem like it, small purchases add up over time. Cut out spending money on things you don't necessarily need and work on only spending on things that are worthwhile.

7... create a budget, and stick to it!

Making a spending plan or creating a budget will help you organize and keep track of your money. This will guide you to know exactly where your income is going. Sticking to your budget will ensure you save those extra dollars where they don't need to be spent.

8... build good credit

A good credit record will allow you to take out a loan for big purchases like a house, a car, or perhaps to begin a business. Get good credit by paying your bills and loans on time, and staying away from debt.

9... get into the savings habit

When you save and invest, you put your money to work for you. If you think you will have trouble saving money, try saving it in small increments. You may realize you don't even miss the money you put away, and the small amounts can add up over time.

10... pay yourself first

put money in your savings account before you spend it on other things. This will act as protection for you incase you need a larger amount of money quickly. Setting money aside for yourself can help you stay away from debt. You'll also be more motivated to save if you have a plan or goal for the money.