Last month, the AICPA issued a listing of five financial tips, released specifically with newly-employed young people in mind.
Listed below are some of those financial savvy tips for young consumers.
Save, Save, Save!
Consider putting 10 percent of your income into a savings account. You can also utilize an auto-pay service through your bank provider, so that you won’t miss the money that you never saw in your checking account in the first place.
Learn to Budget
Make a point to assess how much you make each month, and use that information to create a personal budget, so that you know how much money you have coming in – and going out – each month.
Prepare for large purchases and expenses in the future by making small changes to your routine spending habits. For example, consider nixing cable television service or try bringing your lunch from home most days. You can also find opportunities for a second form of income, such as a second job or any freelance opportunities.
Sometimes, by waiting to make purchases, you realize that the item isn’t that important or necessary. Avoid unnecessary debt by learning the differences between your wants and needs – and tailor these expenses to fit your budget.
Ask for Help
Financial responsibility takes time and guidance. Learning fiscal responsibility early in your life will set the tone for a lifetime of financial stability and good decision making when it comes to your expenses.
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