Money is one of the necessities of modern life and the sooner you learn how to handle it properly, the richer your life will be.
Financial tips for the youth
Self control- Self control is very essential to curb over spending and saving money. It is very easy to buy a thing u want or feel like buying on credit but it is more prudent to save it up and buy it on cash later.
2. Create a budget- Creating a budget and following it will always help you to spend according to your needs and your identity.
3. Open a savings account- Save some of your pocket money or earning and keep a certain portion of that money to open a savings account. This will come handy against a rainy day or in some urgent need.
4. Look for ways to save- Always spend in an alert way so that you can save money. Always keep your eyes open for discounts sales and student concessions in case if travelling etc to save even the smallest amount.
5. Use cash or debit card instead of the credit card- A credit card will always cause more expense to you as they have interest rates, so its better to use debit cards. But even so if you’re carrying a card, your tendency to spend will always increase so its clever to carry limited but enough cash that will reduce the amount of money spent.
6. Keep your cash safely- To ensure the safety of your money store it in different places like some in your locker some in the bag you carry or under your pillow, pencil case etc to find them in case of utter emergency when there is an SOS situation.
7. Keep account of your money- Always keep a track of what you have how much you have earned and how much you have spent. Preferably pen it down or memorize it so in case you lose some money or you are spending more or how much money you need to save will all be clarified and will help you to organize you finance.
8. Avoid impulsive behavior- Try to stay away from impulsive activities such as drugs, alcohol, gambling and too much internet shopping.
These are a few free financial tips for the benefit of the youth. These free financial tips will help them to spend in a planned way and also save some for the future for a systematic and economic usage of the finances.
Points to remember:
1. Have a control on how you spend.
2. Keep a track of your savings and your expenditures.
3. Don’t spend money on things you don’t need.