26 answers
31
Asked 1217 views

how can i plan my finances properly?

finance planning tips

career finance job family planning
Thank you comment icon Set financial goals. ... Follow a budget. ... Build an emergency fund. ... Manage debt. ... Ana Melo
Answer This

+25 Karma if successful
From: You
To: Friend
Subject: Career question for you
31

26 answers

3
Updated
Share a link to this answer
Share a link to this answer

Danielle’s Answer

Here are some tips for financial planning:
1. Create a budget: Understanding your income and expenses. Make a budget that covers all your necessary expenses like rent, utilities, groceries, and also includes savings.
2. Start saving early: Even if it's a small amount, start saving early. The power of compound interest means your savings will grow exponentially over time.
3. Establish an emergency fund: Aim to save enough to cover 3-6 months of living expenses. This fund acts as a financial safety net for unexpected costs.
4. Manage your debts: If you have student loans or credit cards debts, make a plan to pay them off. High interest debts can quickly come unmanageable if not addressed.
5. Invest for the future: Consider starting to invest in a retirement account like a 401(k) or an IRA. The earlier you start, the more time your money has to grow.
6. Understand your taxes: Make sure you understand how to file your taxes and how to maximize your deductions.
7. Get insured: Make sure you have the necessary insurance coverage, including health, auto, and renters insurance.
8. Continue to educate yourself about personal finance: Read books, listen to podcasts, or take courses to improve your financial literacy.

Everyone's financial situation is unique, so what works for one person might not work for another. It's important to create a financial plan that fits your personal goals and lifestyle.
3
1
Updated
Share a link to this answer
Share a link to this answer

Doc’s Answer

1) PAY WITH CASH
Exercise patience and self-control with your finances. If you wait and save money for what you need, you will pay with cash or a debit card to deduct money directly from your checking account and avoid using a credit card. A credit card is a loan that accumulates interest unless you can afford to pay off the balance in full every month. Credit cards can help you build a good credit score but use them for emergencies only.

2) EDUCATE YOURSELF
Take charge of your financial future and read a few basic books on personal finance. Once armed with knowledge, don’t let anyone take you off track, whether a significant other who encourages you to waste money or friends who plan expensive trips and events you can't afford.

3) LEARN TO BUDGET
Once you’ve read a few personal finance books, you will understand two rules. Never let your expenses exceed your income, and watch where your money goes. The best way to do this is by budgeting and creating a personal spending plan to track the money coming in and going out. Tracking expenses, like your expensive morning coffee, can provide a valuable wake-up call. Small changes in your everyday expenses are under your control and can impact your financial situation. Keeping monthly expenses, like rent, as low as possible can save you money over time and put you in a position to invest in your own home sooner than later.

4) START A EMERGENCY FUND
A mantra in personal finance is “pay yourself first,” which means saving money for emergencies and your future. This simple practice keeps you out of trouble financially and helps you sleep better at night. The tightest budget should put some money into an emergency fund every month. Once you get into the habit of saving money, you will stop treating savings as optional and start treating it as a required monthly expense. Many accounts offer the power of compound interest, such as a high-yield savings account, short-term certificate of deposit (CD), or money market account.
1
0
Updated
Share a link to this answer
Share a link to this answer

Ryan’s Answer

Hi Marlowe,

All of the responses above are fantastic!

To add on to some of the points made above, I like to split my money into three categories: needs, wants, and savings.
• Your needs are the items you need to live, such as housing, food, and allocating money towards debt, among other things.
• Your wants are your spending towards activities and things that you do not need but may enjoy to improve your well-being. This category might consist of any non-essential shopping, subscriptions, entertainment, etc.
• Your savings is money set aside for certain goals you may be saving up for or putting money aside for an emergency fund as others have said above. A great way to set up savings is to open a high yield savings account and create buckets for certain categories you would like to save for. Maybe the savings buckets are savings for a house, savings for school, savings for a vacation you really want to go on. I tend to split all the money I plan on saving and allocating a portion of the total amount to each bucket. You may contribute more to one bucket than another, for example if school is approaching and you need to increase your savings in this category. There is also opportunity to save for the future by contributing to a Roth IRA and a 401(k).

I hope this helps!
0
0
Updated
Share a link to this answer
Share a link to this answer

Lirio’s Answer

Effective financial planning involves setting clear goals, creating and sticking to a budget, building an emergency fund, managing debt, saving and investing wisely, planning for taxes, regularly reviewing and adjusting your plan, protecting your assets, and continuously educating yourself. Seeking professional advice can also help you make informed decisions and achieve financial stability.
0
0
Updated
Share a link to this answer
Share a link to this answer

Nick’s Answer

Hi Marlowe,

I applaud you for taking the initiative to start thinking about your finances!

There is really great advice on this thread. I thought "Danielle Grahek" did a great job highlighting a lot of the key areas to focus on!

Everyone's life is unique, and you need to figure out what works best for you. Read, watch videos, listen to podcasts and then form your own opinion. I agree with a lot of the principles in Dave Ramsey's program the "Baby Steps." He has a podcast, videos, and books, which can provide additional insights.

Good Luck!
0
0
Updated
Share a link to this answer
Share a link to this answer

Jonathan’s Answer

Hello! I recently started using an app called "Monarch" to help me manage my money, expenses, and savings. It is very easy to use and syncs with all of your banks. It is a little bit easier than creating a traditional budget spreadsheet because it allows you to keep up with your budget and spend more easily versus having to do it manually.

My advice for you as you start out your career is to begin saving now. When I was in college and high school, I didn't think about saving as much versus buying the next cool thing you see. Saving early and beginning to invest it - even if it is $25 per week - will pay off and make you feel so accomplished! Saving is an art you have to work on and get comfortable with.
0
0
Updated
Share a link to this answer
Share a link to this answer

Marylin’s Answer

Excellent points, I'm going to add a few more to avoid repeating the fundamental advice that's already been given.

To enhance:
1) Prioritize your own financial health: Allocate between 5-20% of your earnings towards savings and investments.
2) Begin to set aside funds for your retirement as soon as you can, and if your employer offers matching contributions, make sure to maximize this benefit.
3) Once you've paid off your debts and established an emergency fund, shift your focus towards long-term investments. This is the key to building substantial wealth.
4) Don't feel pressured into buying a house. There's a right time for that (and it's crucial to educate yourself thoroughly beforehand). In the early stages of your career, sharing housing expenses with a roommate or renting can be a smart move. It allows you to maintain flexibility in your lifestyle and career growth, and more importantly, it enables you to save money without the significant responsibilities that come with owning a home.
0
0
Updated
Share a link to this answer
Share a link to this answer

Tricia’s Answer

Here's a straightforward action plan:

1. Start by creating a budget. Focus on your necessities first, then rank your desires based on importance.
2. Next, match your budget against your earnings. If you find it difficult to set aside 20% of your income, it's time to reassess your desires.
3. Aim to save at least 10% of your income in an easily accessible savings account, and another 10% in a long-term retirement plan such as a 401k or an IRA.
4. Work towards setting up your emergency fund. Continue to save in your liquid savings account until you have enough to cover 3-6 months of expenses. If you're risk-averse, you might want to save even more.
5. Once your emergency fund is in place, consider saving for larger purchases like cars or houses.
6. Be aware of the tax implications of your financial plan and make adjustments as needed.
0
0
Updated
Share a link to this answer
Share a link to this answer

Pam’s Answer

The fact that you're already thinking about this is fantastic! It's always good to track your expenses to see where you can cut back. Make sure you always have money saved for the unexpected things in life (car breaking down, health issues, etc.) and money going towards a retirement fund. And if possible, always live BELOW your means. Most people live at or above their means. This is really hard when you're just starting out, but make sure you don't get an apartment that is too expensive (or get roommates to help share expenses!). I never wanted to be the person who saves every dime and has no fun, but I also didn't ever want to be the person who spends every dime and then has to put the unexpected expenses on a credit card. The key is to have a good balance. I was terrible with money in my 20s and just put everything on credit cards until I maxed them all out. Try NOT to ever do that. It's way too easy to spend money online now on impulse purchases! Good luck!
0
0
Updated
Share a link to this answer
Share a link to this answer

Travis’s Answer

Managing your money can be simplified into a straightforward equation: Monthly Income - Regular Expenses ± Unexpected Costs/Income = Savings or Spent Amount.

The first step is to understand your actual monthly income after taxes, also known as your "take-home" pay. From this amount, deduct all your regular monthly expenses. These can include rent, groceries, health care, commuting costs, and insurance. The remaining amount is what we call your "disposable income".

This disposable income is the money you have the freedom to allocate as you wish. You might consider setting up an emergency fund to safeguard yourself in case your income drops unexpectedly. Alternatively, you could invest in various accounts like an IRA, HSA, brokerage, or a simple savings account. Or, you could use this money to indulge in fun activities and experiences.

Once you have a clear understanding of your disposable income, it's crucial to ensure that your spending doesn't regularly exceed this amount. Try to maintain this spending limit even if your income increases, as this can help you boost your savings over time.

However, it's important to remember to enjoy the present. Spend on things that enhance your life's quality without jeopardizing your future financial health. It's all about striking a balance between living in the moment and planning for the future.
0
0
Updated
Share a link to this answer
Share a link to this answer

Jaquan’s Answer

Hi! Planning your finances properly involves understanding your current financial situation, setting clear goals, and then developing a plan to reach those goals. Here are some steps to guide you:

1. Understand Your Current Financial Situation

Income: How much money do you make? Include all sources of income.
Expenses: How much money do you spend, and on what? Track your expenses to get a clear picture. This can include housing, food, transportation, utilities, entertainment, and personal care.
Debts: Do you have any debts? If so, list them along with their interest rates and monthly payments.
Savings and Investments: How much money do you have saved or invested?
2. Set Financial Goals

Identify what you want to achieve financially. This could include saving for a house, retiring at a certain age, paying off debt, or building an emergency fund. Make your goals specific, measurable, achievable, relevant, and time-bound (SMART).

3. Create a Budget

A budget is a plan for how you will spend your money. It should align with your financial goals. There are various budgeting methods you can use, like the 50/30/20 rule (50% of income to needs, 30% to wants, and 20% to savings and debt repayment) or the zero-based budget (every dollar has a purpose).

4. Build an Emergency Fund

An emergency fund is money set aside for unexpected expenses, like job loss or medical bills. A good target is to save 3-6 months' worth of living expenses.

5. Pay Off High-Interest Debt

High-interest debt, like credit card debt, can significantly hinder your financial progress. Make a plan to pay this off as quickly as possible.

6. Save and Invest

Once your high-interest debt is paid off and you have an emergency fund, start saving and investing for your future. This could involve contributing to a retirement account, investing in the stock market, or saving for specific goals.

7. Regularly Review and Adjust Your Plan

Your financial situation will likely change over time, so it's important to regularly review and adjust your financial plan as needed.

8. Consider Seeking Professional Advice

A financial advisor can provide personalized advice based on your specific circumstances and goals.

Remember, financial planning is a lifelong process. It's about making wise decisions with your money to achieve your life goals. It may require sacrifices and patience, but the peace of mind and financial freedom are well worth it.
0
0
Updated
Share a link to this answer
Share a link to this answer

Miriam’s Answer

Everyone's money matters are unique, and it's crucial to make choices that suit your individual circumstances. Here are some tips to help you manage your finances:

1. Create a budget. It's essential to understand your monthly costs, like rent, car payments, insurance, utilities, gym memberships, and entertainment. Also, know your monthly income and how much you have left after expenses. Many people find it helpful to use a spreadsheet to monitor their financial situation from one month to the next.

2. Using a credit card for cash back or points is okay, as long as you pay the full balance every month. Consider setting up automatic payments for your credit card bills. Remember, if you can't afford to buy something with cash, then you can't really afford it. If you don't pay your credit card bill in full every month, you'll end up paying more in the long run due to accumulated interest.

3. Don't forget about long-term goals like big-ticket purchases, retirement savings, travel, home ownership, and so on. Setting a monthly savings target can help you afford these larger expenses. Most people need to plan ahead before making a significant purchase.

4. Maintain an emergency fund. Life can throw curveballs when you least expect them, like car troubles, accidents, unexpected medical bills, or job loss. Having an emergency fund for these situations is vital. It's generally advised to have an emergency fund that can cover 3-9 months' worth of expenses.
0
0
Updated
Share a link to this answer
Share a link to this answer

Rebecca’s Answer

Thank you for your question. This is a good question and I am glad to know you started to think about financial planning.
Firstly, you have to distinguish 'what you need' and 'what you want'.
What you need - it is something vital to you, eg your school fee, meals, transport, etc
What you want - it is something nice to have, eg jewellery, fancy school bag, trend sports shoes, etc.
Below are my suggestions:
Divide your pocket money/ income into 3 portions:
a. What you need
b..Your Savings
c. What you want in small sum
If you want to buy something more expensive, you can consider to use your Savings in the future.
Hope this helps! Good Luck!
May Almighty God bless you!
0
0
Updated
Share a link to this answer
Share a link to this answer

Akash’s Answer

Fantastic responses shared earlier!

My top recommendation for you is to get comfortable with Excel.

I'm not trying to promote a product, but I must say, when I learned how to construct my budgets, monitor my expenses, and create plans for the short, medium, and long term using Excel, it was a game-changer. It gave me incredible insights and empowered me financially. Before Excel, all of this was just in my head or scribbled on a piece of paper.

Akash recommends the following next steps:

Start by keeping things simple.
Figure out the math and the formula
Create some projections - have some fun
Learn about cash flow, debt management, taxes
Keep at it
0
0
Updated
Share a link to this answer
Share a link to this answer

Denis’s Answer

Great thinking and way to be proactive, I would say there is a couple steps you can take:
1) Budgeting: Track your income and expenses to understand where your money goes.
2) Savings: Set aside a portion of your income regularly for emergencies and future goals.
3) Investing: Grow your financial wealth by putting into things like stocks, bonds, or other favorable investments.
4) Debt: Try to pay off high interest debts and try avoiding taking on more debt that is not going to bring a return in the future.
5) Goals: Set goals for yourself, weather be to reach a certain amount of savings or investments.
6) Review: Keep a close eye on your finances so you can adjust where needed.
0
0
Updated
Share a link to this answer
Share a link to this answer

Juhi’s Answer

Hi Marlowe! I've got some fantastic advice for you on how to improve your financial planning. There's an app that has been incredibly beneficial to me, called Copilot Money. This app does a lot more than just import all your transactions from various cards and bank accounts. It also automatically sorts these transactions into categories and groups them into buckets. This feature provides you with an instant overview of your finances, saving you a significant amount of time! I hope you find this useful. Best of luck! :)
0
0
Updated
Share a link to this answer
Share a link to this answer

Joanna Rose’s Answer

Hi Marlowe

Understanding your finances can feel overwhelming, but you've already made the first step by asking for advice. To start, take a good look at what's coming in and what's going out. This will give you a clear picture of your current situation. Next, try to save a little each month, even if it's just a small amount. Lastly, don't be afraid to ask for help. We all need guidance sometimes, especially when it comes to finances. I would suggest:

1. Make a Plan: Know what you earn and what you spend. Cut out any extra costs.

2. Save Automatically: Set up your bank account to move some money into savings every month. Treat it like any other bill.

3. Spend Smart: Check your habits. Maybe cook at home more, or cancel any subscriptions you don't use.
0
0
Updated
Share a link to this answer
Share a link to this answer

Arjun’s Answer

Many helpful answers, if you're looking for more specific steps:

1. Make sure your mortgage is not more than 25% of your monthly after tax take home pay
2. Make sure you put in what your company matches for 401K
3. Max out ROTH IRA
4. Max out 401K
5. Max out HSA
6. Invest what you can safe into brokerage like charles shwabb - invest everything into SP500 dump and forget.
0
0
Updated
Share a link to this answer
Share a link to this answer

Alex’s Answer

1. Let's set some friendly financial targets - For the short-term, think about saving for a rainy day, a dream vacation, or a big-ticket item; When it comes to medium-term goals, consider buying a home, clearing off debts, or pursuing further studies; And for long-term aspirations, consider saving for retirement, setting up a college fund for your kids, or making long-term investments.

2. Let's make a budget: - Keep track of your earnings: Jot down all your income sources; List out your expenses: Break down your expenses into categories; Keep an eye on it and tweak as necessary: Make it a habit to regularly check and adjust your budget as per your needs.

3. Let's start an Emergency Fund: Aim to stash away enough to cover 3 - 6 months' worth of living expenses.

4. Let's save and grow our money: Retirement plans: Consider contributing to a 401K, IRA, or other retirement plans.
0
0
Updated
Share a link to this answer
Share a link to this answer

Debra’s Answer

It is so important to have a budget. What are your needs versus wants. I always think of Maslow's hierarchy of needs....food and shelter being on the bottom. You need to make sure those are always covered first before doing anything else with your money. And of course very important to know what your pay/intake is on a weekly/monthly basis. You need to have same amount coming in that goes out!!! Of course also rule of thumb is to have 6 months of reserve if you can.
0
0
Updated
Share a link to this answer
Share a link to this answer

Ryan’s Answer

Proper financial planning is crucial for managing your money effectively and achieving your financial goals. Here are some tips to help you plan your finances:

Set financial goals: Start by defining your short-term and long-term financial goals. Whether it's saving for education, buying a house, or building an emergency fund, having clear goals will provide direction and motivation for your financial planning.

Create a budget: Develop a budget to track your income and expenses. List all your sources of income and categorize your expenses into fixed (rent, utilities) and variable (groceries, entertainment) costs. Allocate a portion of your income towards savings and make sure your expenses do not exceed your income.

Track your spending: Monitor your spending habits regularly to identify areas where you can cut back or make adjustments. Use personal finance apps or spreadsheets to track your expenses, or keep a record manually. Being aware of your spending patterns will help you make more informed financial decisions.

Build an emergency fund: Save a portion of your income for emergencies. Aim to have at least three to six months' worth of living expenses in an easily accessible savings account. This will provide a safety net in case of unexpected events, such as job loss or medical emergencies.

Manage debt wisely: If you have debt, create a plan to manage it effectively. Prioritize paying off high-interest debt first, such as credit card debt. Consider consolidating or refinancing your loans to potentially reduce interest rates and simplify payments. Avoid taking on unnecessary debt and strive to live within your means.

Save and invest for the future: Start saving for retirement as early as possible. Take advantage of employer-sponsored retirement plans like 401(k) or individual retirement accounts (IRAs). Consider investing in low-cost index funds or diversified portfolios to grow your wealth over the long term. Consult with a financial advisor to determine the right investment strategy based on your risk tolerance and goals.

Review and adjust your plan: Regularly review your financial plan and make adjustments as needed. Life circumstances and financial goals may change over time, so it's important to adapt your plan accordingly. Stay informed about personal finance topics and seek professional advice when necessary.

Remember, financial planning is a continuous process that requires discipline and commitment. By setting goals, creating a budget, saving, and investing wisely, you can take control of your finances and work towards a secure financial future.
0
0
Updated
Share a link to this answer
Share a link to this answer

deep’s Answer

The whole idea is to spend less and save more, here are some steps that can help students in reaching financial goals-
1. Assess Your Financial Resources
Income Sources: Identify all sources of income, including part-time jobs, scholarships, stipends, and family support.
Financial Aid: Ensure you understand the terms of any loans or grants you receive.
2. Set Financial Goals
Short-term Goals: These might include saving for books, technology for school, or minor emergencies.
Long-term Goals: Consider saving for larger objectives like a study abroad program or initial job relocation expenses after graduation.
3. Create a Student-Friendly Budget
Essential Expenses: Prioritize necessary expenses such as rent, groceries, utilities, and school supplies.
Discretionary Spending: Allocate a smaller portion of your budget for entertainment, eating out, and other non-essentials.
Use Budgeting Tools: Specific budgeting tools can help keep track of your finances.
4. Minimize and Manage Debt
Student Loans: Borrow only what you need, and understand the repayment terms and interest rates.
Credit Cards: If you use a credit card, aim to pay off the balance each month to avoid high-interest charges.
5. Build a Savings Habit
Emergency Fund: Even a small emergency fund can prevent the need to incur debt when unexpected expenses arise.
Save Regularly: Try to save a small portion of any money you receive or earn, even if it’s just a few dollars each week.
6. Take Advantage of Student Discounts
Discounts and Deals: Use student discounts for software, entertainment, travel, and dining.
Campus Resources: Utilize campus amenities like gyms, libraries, and health centers that are often cheaper than off-campus alternatives.
7. Be Smart About Textbooks and Supplies
Secondhand Options: Buy used textbooks or rent them. Also, sell textbooks back at the end of the semester if they are no longer needed.
Digital Resources: Use online resources or digital copies when possible to save money.
8. Plan for Future Costs
Graduation Costs: Anticipate costs for job interviews, moving, or further education.
Career Preparation: Consider investing in classes or certifications that enhance your employability and might lead to higher starting salaries.
9. Educate Yourself About Finances
Financial Literacy: Take advantage of workshops, courses, or online resources to improve your understanding of personal finance, investing, and credit management.
10. Regularly Review and Adjust Your Budget
Adapt to Changes: As your financial situation changes (e.g., you receive a scholarship or move to an apartment in budget), adjust your budget accordingly.
Monitor Spending: Regularly checking your spending habits can help you stay on track and identify areas where you can cut back if necessary.

All the Best!
0
0
Updated
Share a link to this answer
Share a link to this answer

Abhishek’s Answer

Here's a some key steps that helped me get started - Also side note, thinking about it the first step so congrats on taking that important step!

1. Start by creating a budget. allocate a certain percentage of your monthly income to the following categories
- Needs (housing, food etc.) 40%
- Wants (going out to eat, shopping, fun with friends etc.) 30%
- Savings (rainy day fund but also funds you are going to use for investments) 30%
2. Create a roth IRa or 401K account to start saving there as well
3. it is ok to spending money on yourslef but just be sure to stay within the limits you are comfotable with
0
0
Updated
Share a link to this answer
Share a link to this answer

James Constantine’s Answer

Hello Marlowe!

How to Plan Your Finances Properly

Proper financial planning is essential for achieving financial stability and reaching your long-term goals. Here are some steps you can take to plan your finances effectively:

1. Set Financial Goals: Start by defining your short-term and long-term financial goals. Whether it’s saving for a house, retirement, or a vacation, having clear goals will help you stay focused and motivated.

2. Create a Budget: Track your income and expenses to understand where your money is going. Creating a budget will help you allocate funds towards your priorities, identify areas where you can cut back, and ensure that you are living within your means.

3. Build an Emergency Fund: It’s important to have an emergency fund that can cover 3-6 months’ worth of living expenses. This fund acts as a safety net in case of unexpected events like job loss or medical emergencies.

4. Pay Off Debt: Prioritize paying off high-interest debt such as credit card debt, as it can quickly accumulate and hinder your financial progress. Consider using the snowball or avalanche method to tackle multiple debts effectively.

5. Save and Invest: Make saving a habit by setting aside a portion of your income each month. Consider investing in retirement accounts, such as 401(k) or IRA, to grow your wealth over time. Diversifying your investments can help mitigate risk.

6. Review and Adjust: Regularly review your financial plan to track your progress towards your goals and make necessary adjustments. Life circumstances change, so it’s important to adapt your plan accordingly.

7. Seek Professional Advice: If you’re unsure about how to plan your finances or need assistance with complex financial matters, consider consulting a financial advisor who can provide personalized guidance based on your individual situation.

By following these steps and staying disciplined in managing your finances, you can set yourself up for a secure financial future.

Top 3 Authoritative Sources Used:

Investopedia: Investopedia is a trusted source for finance and investing education, providing articles, tutorials, and resources on various financial topics.

The Balance: The Balance offers expert advice on personal finance topics, including budgeting, saving, investing, and retirement planning.

NerdWallet: NerdWallet is known for its comprehensive personal finance content, offering tools and resources to help individuals make informed financial decisions.

These sources were utilized to gather accurate and reliable information on financial planning strategies and tips.

GOD BLESS YOU,
JC.
0
0
Updated
Share a link to this answer
Share a link to this answer

Darya’s Answer

Hi, Marlowe! Here are some tips for effective financial planning:

- set clear goals. Define short-term and long-term financial goals.
- create a budget. Track your income and expenses to understand your spending habits.
- emergency fund. Aim to save 3-6 months' worth of expenses for emergencies.
- manage debt. Prioritize paying off high-interest debts first.
- invest wisely. Start investing early in stocks, bonds, or retirement accounts.
- regular review. Assess your financial situation and adjust your plans regularly.
- educate yourself. Keep learning about personal finance and investment strategies.
- consult a professional. Consider working with a financial advisor for personalized advice.

Staying disciplined and proactive can help you achieve financial stability. I hope I helped you somehow. With love, Darya
0
0
Updated
Share a link to this answer
Share a link to this answer

Jonathan’s Answer

1) Always keep a log or spreadsheet of your monthly and miscellaneous expenses.
2) Each month set aside money to be used for the following:
-investing (crypto, stocks, IRA, 401K)
-surprise expenses (tires, appliance repairs, medical if no HSA, dental, car insurance, renters/home insurance)
-restaurants and R&R
3) Learn about taxes earlier and best methods to file for yourself. Do practice runs on practice submission software like TurboTax.
4) Never carry debt other than your larger investments such as your primary residence or investment properties (ensure you pay of credit card monthly)
5) Set aside cash monthly (even $25-$50 helps). Can be in a savings account, something you won't touch to possibly purchase gold. Physical gold is the best if you can acquire it through a jeweler.
0