Smart Money Moves

As you get older, your financial responsibilities and opportunities for independence may require a more advanced level of financial literacy and planning. Managing money wisely is an important skill to have, no matter how old you are.

Start building your smart money habits today!

• Create a budget: The first step is to figure out how much money you have coming in and going out each month. Once you have a clear picture of your finances, you can set spending limits for different categories such as entertainment, clothing, and food. There are many different budgeting apps available, but a simple spreadsheet will also work.
   
• Save your money: Whether you're saving up for something big (like a car or college tuition) or building an emergency fund, saving money is a key component of managing your money wisely. Aim to save at least 10% of your income each month.
   
• Avoid impulse purchases: It can be tempting to spend money on the latest gadgets or trendy clothes, but impulse purchases can quickly deplete your savings. Before making a purchase, ask yourself if it's something you really need or if it's just something you want in the moment. Try to wait 24 hours before making a big purchase to give yourself time to think it over.
   
• Look for discounts and deals: Take advantage of sales, coupons, and student discounts to save money on the things you need. You can also consider shopping second-hand or buying items in bulk to save even more.
   
• Learn about investing: Investing is a great way to grow your money over time. While you may not have a lot of money to invest right now, it's never too early to start learning about how the stock market works and the different investment options available to you. Consider opening a savings account or investing in a low-risk mutual fund to get started.

Start practicing these tips now, and you'll be well-prepared to handle your finances as you enter adulthood!