How can I educate myself and learn to manage my finances (Bills, taxes, insurance, etc.) ?
I was recently employed and was wondering how can I start to learn about my finances. I am do not know much about organizing and paying bills, taxes and things of that nature. #finance
3 answers
Bo’s Answer
I've personally relied on a great book called Money Management Skills by prof. Michael Finke to gain some insight into money managements. I highly recommend checking it out or finding some other such resources that gives you solid basis of understanding on money matters from managing your savings account, credit cards, to investing, retirement accounts and inheritance.
George’s Answer
that is a fair / good question. I would recommend you try and pay yourself first. By that, I mean, set something aside every paycheck..something like $75 or 5% or even 10%. Once you start it you will notice it but soon, you get used to not having it and it will grow for you. Your young so you get the advantage of time so it grows more.
You may have a job with a 401K or similar program and I'd recommend getting involved in that as well.
You kind of want 2 saving's vehicles, one is long term (like retirement from 401k) and another for mid term like getting a vehicle or house etc.
A budget is a good way to see where your spending your hard earned money. Really try to track where it all goes.
If you have some bills that are owed over time, ie a credit card..do your very best to get it paid off ASAP. If you don't you just end up paying twice as much for things , by the time your done paying for it.
If possible don't buy on impulse, wait it out, consider used or doing without.
Another thing if you have debt, try to pay off the smallest one first, then use that bill amount to pay off the next larger bill. It works well to get out of debt.
Dave Ramsey has a great finance program, and you may want to listen to his radio broadcast. He has great ideas.
Paul’s Answer
Great resources that I personally use include subscriptions to Money Magazine and Kiplinger's Magazine. There are many others but I would recommend those two. In addition, there are many books on the subject.