Monday, 20 March 2017

How I Manage My Money

You may be wondering where I have been for nearly a month now, I have just been catching up on college work, university things and like usual like just got in the way! I have been wanting to talk to you all about how I manage money as an 18-year-olds, as this is something now many teenagers talk about!

Money is a sensitive subject at any age, so far that reason, in particular, I am keeping figures to a minimum but I am going to give you advice and just general things I do to help me manage my money!

Okay, we all have different spending habits and we have a variety of things that we have to budget for or pay out. So my spending may be more than someone else's because I drive, for example, I do eat out quite often and I am a social person this could mean I do spend more compared to others.

Get a job - This is the biggest piece of advice I can give anyone if your old enough to work and have time in your schedule to work then get yourself at least a part time job. I didn't want to rely on my parents on giving me pocket money, and I had the motivation to go out and get a job. I have been working for a year now, the pay isn't amazing an hour but it's an income at the end of the day. I do get paid weekly which helps me a lot with owning a car and having a social lifestyle. Check these blogs posts out here, to read more about my experience with getting a job etc.

Planning ahead - This is vital is you have something you need to save up for to buy etc, for example, I know my insurance comes out the beginning of every month so I have to make sure I have the money in my account, this means having to put money aside and budget the money I do have to make sure I have enough. If you know you want to put a deposit down for a holiday, make sure you set money aside every day/week and put this into a savings account.

Prioritising - I tend to mention this a lot in different aspects, but making sure you prioritise the things you need to pay for and buy if you're limited on money don't go shopping for a new top if you know you need to eat that week. You have to be sensible about what you spend your money on, but of course, you deserve to treat yourself once you've paid for bills.

Knowing the price of things - This might sound like a strange subheading, but when you earn your own money you actually realise the price of things and you realise how expensive some things are. Now I can go shopping look at a top for £25 and turn my nose up at it because I have learnt the price of thins because I earn my own money. Having your own income does wonderful things, it doesn't just give you money to spend but it makes you have a more level head and sensible in different aspects.

Learn money skills early - Learning skills that are needed to save money as early as you can help you so much in the future, for example, budgeting, price comparisons and tax etc. I know what when I occasionally pop to the supermarket I will look at prices and compare all the products to get more for my money and to spend less whihc are all skills that are going to help me while at university especially.

Shelby x

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