Landing that first job means having a regular influx of cash, but steady work alone doesn’t guarantee financial health. Here’s how to build the foundation for lifetime financial security.
Get on budget
It truly doesn’t pay to wing it. Budgeting is the most effective way to get and keep finances on track. Just add up your monthly income and subtract expenses such as student loans, rent, clothing, and entertainment. This gives you a basic financial snapshot. If the numbers look shaky, adjust by cutting unnecessary expenses or adding extra work hours. Using a mobile budget app such as Mint or Level Money can make this process almost effortless.
Financial goals act as a road map toward your dreams. Maybe you’d like your own home or apartment, an exciting vacation or a new car. Highly effective goals are often referred to as “S.M.A.R.T.”: They should be specific, measurable, achievable, rewarding and time-framed. Continue reading