40 Tips Poster

The 10 Most Important Tips

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Tip #1: Take charge of your life -- and your money

Making a plan for your money is the best way to eliminate unnecessary spending. Writing down financial goals, making plans, and following through will allow you to achieve those goals.

Tip #2: Get organized

Take the time to make files of financial paperwork, and important records, and keep receipts to make sure you are accounting for all purchases when you are organizing a check book, and more importantly, making a budget.

Tip #3: Set ground rules regarding money

If living with roommates, discuss financial matters regarding the apartment and food with them. Making sure everybody is on the same page can minimize the risk of a roommate not being able to pay for their share of the apartment and utilities. This will therefore minimize stress for you.

Tip #4: Separate needs from wants

Being able to separate items that are necessary for you to live comfortably and items that will only enhance the experience but are not necessary is a very important skill to have. Many people can not separate these two things, and spend too much money on things like expensive dinners, so they cannot afford things like television for a month.

Tip #5: Create a budget and stick to it

Creating a realistic budget, with estimated costs of various items you predict you will purchase monthly, can be very difficult for many people. Most people underestimate and end up leaving themselves not enough money. If you find two prices for something while researching how much it will cost you, always write down the larger of the two so you do not have to compromise things after you created your budget.

Tip #6: Pay yourself first

Every time you get a paycheck, the first thing you should do is take some money and put it in a savings account (one with interest will make you more money). This will reduce the risk of you forgetting to save money, or the risk of you spending the money before you can put it into a savings account.

Tip #7: Learn about options for saving and investing money

The biggest mistake you can make when trying to figure out where to put your money is being not knowing enough about it. Researching different types of investing and saving options is imperative to find what works best for you. You know yourself best!

Tip #8: Make school your first job

Focusing on school more than a part time job will help you in the long run. Doing well in school will increase the chances of you getting into a good college, which could help you get a steady, well-paying job to keep you in a good financial situation for the rest of your life. Yes, school is that important!

Tip #9: Build good credit

Building good credit will help to make it easier for you to take out a loan for something big; a house, car, or starting a business. Paying bills on time, and repaying loans before spending money on unnecessary items will help to build your credit.

Tip #10: Take time now to prepare for your career

Even if you are not sure what exactly you want to do when you are older, attending job fairs, applying for part time jobs during the school year, and getting a resume ready will help you to prepare for important job interviews in the future.