What are the top 10 finance tips for the young:
It is unfortunate that personal finance is not included as a subject in the academic curriculum in high schools or colleges. Hence, many remain clueless about how to manage their money when they set foot into the real world. if you believe that personal finance is a thing that is too hard a subject for you, then you are wrong. All it takes to start on the right path is to do some research on it. To get you a head start read the following 10 tips to understand about money.
1.Self control is a must for any personal: It is very important to manage your finances and you should know about it right from your childhood. Though you are rich and you can buy something with your credit card, whenever you want, it is better to wait until you have saved the money for that item as it is not to wise to pay interest even for little things that you buy.
2. You have to learn to control your finances: Instead of depending on others for the job because you never know they might have cruel intentions. Instead of looking for help from the outside, depend on yourself. Start reading books on personal finance. When you have some knowledge on the subject nobody can catch you off guard.
3. After you read some personal finance books you will realize: That it is necessary to not make expenses more than your income. Hence, it is important that you start budgeting. When you make small changes in your expenses you have your financial situation in control.
4. Start your emergency fund immediately: No matter how much you have loans, debts, you must save some from your salary to add to your emergency fund. This will come in handy when you have medical emergencies or when you lose a job or something.
5. Apart from the emergency fund another necessary fund is the retirement fund: You might laugh out that you are still in your early twenties and already thinking about retirement. But, it is necessary to be prepared for your retirement in advance so that you can save enough by the time you are old.
6. Learn about taxes and understand how they are work: When you are being paid by your company, you have to calculate if you are receiving enough after taxes to meet your needs. You can avail the tax calculators with the help of the free software’s that are available online.
7.Health is important: You need a health insurance, if not what will you do, when you have to visit the doctor for a minor injury. You will end up paying thousands of dollars for a simple check up. If you have a health insurance you can brace yourself from the huge medical bills.
8. Protect your money: If you mean to save the money you earn so hard, you have to protect it well. Get insurance to protect the contents of your home from burglary or fire. Get disability insurance, in case you might not be able to earn an income because of an injury. You will get a steady income if you are unable to work.
9.Hire a financial planner: To provide you advice on managing your money.
10. You do not need any finance degree or be an expert manage your finances: Just do some research and take opinions and act accordingly.