First off, all twenty-something-year-olds never really had to worry about managing money until after college graduation. To be truthful, besides what we might have learned from our parents we were never really taught how to manage money. In college, it was never something we really had to learn how to do. Many people don't even take it seriously until we have to. It is not as hard as we think and with these five tips, you can manage money like a boss.
1. Sign up for an online money management tool.
There are plenty of money management tools out there that are FREE and are just waiting for you to take advantage of them. You can start with Mint, and create an account. It is an easy platform to use and they make it simple for you to link your other accounts so you have everything in one place. They can even help you budget, save, pay your bills on time, and more.
2. Calculate your monthly cost of living.
Calculate everything you know you will have to pay every month. It is important to calculate the exact amount of money you spend (or close to it) every month to get a better understand of you finances. You need to include everything like rent, cable, food, gym, haircuts, shopping, food, etc. Try to factor in everything you regularly spend money on every month. From there you can compare what you spend each month so you know how to adjust accordingly.
3. Keep track of all your monthly bills in one place.
This could be the hardest part about managing your own money. When you have tons of passwords and logins on different sites, it could be hard to keep track of them all. On Mint, you can utilize their tracking and payment tools to ensure you have everything in one place and available to you when you need it. You can also log your bank account, cable company, and other places through their site. It can be more efficient to take care of all of your bills in one place, rather than all over the place.
4. Put money away every month.
Once you have figured out your cost of living every month and are ahead on bills, it will be easy to start saving. Figure out how much you can afford to set aside every month and start doing it sooner than later. Make it a priority and always follow through with setting money aside. Mint can also help you do this!
5. Look into investing your money.
After you have tackled saving money for a while, it might be time to start letting your money grow. Many companies that you could work for offer stocks that you can buy into that might be a good move for you. I would suggest looking online to learn more about investing and how to get the most for you buck in the long run.
