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30 September 2015
Managing Your Money 101
It is not easy to manage money, but this is a very important part of becoming an adult. When you start your first job (which will probably be a part-time job), you will be expected to take on some of the financial responsibilities for your own care that were previously met by your parents or guardians. Perhaps you will have to buy your own clothes. You will certainly have to pay for your own lunches and for your transportation to and from work. ”You will have to learn to live within your means, which means spending less than you earn and not buying things for which you cannot pay” (Molina and Satsukawa 154).
If you are to be successful in living within your means, you must have a plan for spending. People who do not plan often end up in trouble with credit accounts. College students are particularly at risk of overdoing it with credit if they use the many unsolicited credit cards that come to them in the mail almost as soon as they check into the dormitory. Jefferson tells parents to be sure that their college-age students leave for college with a sensible spending plan and lessons on how to use a credit card.
In order to have a realistic spending plan, you need to think about your plans-both long-range and short-range. If you want to purchase a house, for example, you will need to begin saving money for a down payment.
One of the most important things you can do is to think of saving as you think of paying bills- something that you do every month without fail. Think of savings as a bill you pay yourself. Add savings to your budget, and pay yourself first. Certainly, saving requires discipline (Yusko 114)
Single Adults and families with young children should consider saving money for the future or providing for emergencies by investing in insurance (Toliver 145). Income-protection insurance will provide income for the single person or young family in case the breadwinner is unable to work. There is homeowner’s insurance to cover unexpected losses of property. Car insurance is alsp a must. For many people, the purchase of insurance is a good way to save money for the future expenses. There are many different kinds od insurance to be considered when putting together a spending plan.
There is help available for people who find themselves in need of help with money matters. General information can be obtained free of charge from the government publications. Also, banks employ people who can provide you with information on savings and investments (Galyean et al. 194-201). It would be worth your while to invest your time and money in a class to learn how to manage your money. Remember, no matter how much your learn, how you manage your money will determine the type of lifestyle you will be able to achieve.
Galyean, Rachel, et al. Financial Guidelines That Work for Working Couples. New York: David Wynan Brothers, 2005.
Jefferson, Randi. “Teaching Little Ones to Spend Wisely”. Quintessence May 2006: 29-30.
Molina, Kendra, and Hui Satsukawa. Stabilizing Your Finances. Bloomington: Golden Publishing, 2004.
Toliver, Daniel. “Financial Freedom.” Money Mangers Dec. 2005: 142-146.
Yusko, Victroia Tapp. Frugal Family Finances. San Diego: Plimsoll Publishers, 2006