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how can i be able to manage my finances?

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Emmanuel’s Answer

The first step is defining what you mean by "managing." So often people take this to mean you will have a path with no bumps, and you can protect yourself from financial challenges and insecurities.

My suggestion is the think about the role money plays in your values and view of yourself. What are you willing to give up for money? These are important questions to answer.

You can always have more, and if you think all you need is X dollars, you are going to be happy for about 3 to 6 months after you have it.

Once you figure out the other elements everything else gets easier. Think about three things:

1. What do people dislike doing, or find difficult to do?

2. What can you do, that requires effort, and makes you scared you might not be successful?

3. What do you like to do?

If you have all three you are lucky, but if you get two of the 3. You won't have to worry about making a good living relative to the costs of living. You will either be too happy to concentrate on what you don't have, or you will have marketable skills.

Most people worry about expenses and chasing returns. Just make more money at your day job then most, and delegate tax and investment decisions to an expert.
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Kamal’s Answer

Start saving, diversify your money in different baskets
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Kimberly’s Answer

Think small to start with. If you’re working, divide your paycheck into thirds. This will help budget. Use a third for bills and spending, a third for “cushion” to build your savings account, and another third to invest. These little steps will help build your foundation and see where your money goes. Map out what you would like to do for each year and where you’d like to be career wise. This will help you make better judgements on how you spend your money for long term goals as opposed to short term gratification. Balance is key, so take baby steps to succeed.
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Kenneth’s Answer

Hi, Ruby!
I agree with the other people who have responded to your question. We need more information to provide specific advice.
I would like to mention a few basic concepts that may help:

1. Be sure that you earn more than you spend. If you spend more than you earn, you are on the way to financial ruin over time.
2. Educate yourself about finances and avoid high-pitch sales tactics.
3. Payoff your credit card balances right away and do not allow a balance to remain each month.
4. Save and invest whether the markets are good or bad, and keep the costs of investing low.
5. If you are working and your employer offers a program like a 401k or 403b in the United States, take advantage of the opportunity. You want to do this especially if your employer contributes funds to your plan as well.
I hope that this information helps.
Sincerely,
Ken Romanowski
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Agata’s Answer

As a rule of thumb. You first want to ensure that you are spending less than you are making. Its useful to track your spending and evaluate your spending habits and the value you are deriving from where you choose to spend your money. Then Save and Save and Save
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Dennis’s Answer

Start with a good personal banker - set up weekly savings program. Then you can adjust as you go. Once you have grown your wealth, look into getting a financial advisor.
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Lou A’s Answer

For starters, try to educate yourself in personal finance by taking a course in personal financial management. Many of these courses address topics that include budgeting, mortgages, credit cards, saving, spending and how to think about managing your money once you begin working. Sometimes these courses are offered in high school or college. Some community colleges offer this throughout the year and students may opt to take a course at their local community college in the summer if they are going to school elsewhere.

Also, try to match your spending to your income so that you minimize your debt and not over extend on credit cards where the interest rates tend to be high. It is also important to save. The best way to do this is to allocate even a small amount of money from your paycheck each pay period to an IRA or savings account. If this is offered through your employer, it will be deducted each pay period and you won't miss it.
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sylvia’s Answer

Establishing a budget is a crucial first step. Grasping your expenditures and cash flow is vital. When you begin earning and covering bills, remember to pay yourself too. As a society, we often overlook this. Aim to have at least a month's worth of bill payments saved for unexpected events. Regrettably, many Americans have less than a thousand dollars in savings. Incorporating self-payment into your budget is of utmost importance. Don't delay starting your 401k for retirement. I began later in life and had to hustle to catch up. Recognize your value. No one can champion your worth better than you can. Be smart with your money. Consider the cost of that daily cup of coffee. Could you save by making it at home? Steer clear of credit card debt. Use credit cards to build your credit, but make sure to pay off the balance each month to avoid hefty interest payments.

Best wishes,
Sylvia
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Jonathan’s Answer

It may make sense for you to share a little more information about yourself and the reason(s) for your question because this site just has you identified as a "student". Some helpful information might include:

are you in high school? college? graduate school?
are you interested in general ways to managing your finances i.e. track expenses and income? balance your checkbook? start a savings plan? reach specific financial goals? save for college? qualify for a loan? repay debt? invest in the stock market or real estate?

the more information you can share the more specific the answers will be.

That said, I would suggest two action items:
1) read a few books on money management and investing.
2) go to the nearest Schwab branch and open up an account-establish a relationship with a Schwab representative and ask a lot of questions.

Hope that helps-
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Kamal’s Answer

Start saving, diversify your money in different baskets. Invest money in appreciating assets
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Tyler’s Answer

Get a financial advisor, many banks can make a small budgeting for you for free and meet a licensed banker for investment advice
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