Money Management Tips

"Tanya had been taught to save the money she received as birthday gifts, so every year she would watch the transparent piggy bank on her desk fill up and dream about what she would buy with it. It was on her 10th birthday her parents announced that she could open the piggy bank and buy whatever she wanted with it. Tanya counted the money, put it into the nice pink purse that her parents had bought her, got into the car with them and headed out to buy herself the cycle she had been eyeing for a few months."

Money Management Tips for College Students

• First of all, always remember to use your student I.D card to ride the bus, watch a movie or even order a pizza. Even while traveling long distances ensure that you check fares for student discounts.
• Do not share your Social Security, credit card or bank account number with anyone else. Also remember to memorize your pin.
• Check your credit statements, bank statements and other bills for unauthorized use at regular intervals.
• Use your credit card sparingly and set your own credit limit irrespective of the credit limit of the card. Pay back the credit card amount whenever you have a little money to spare.
• Make a personal budget and round up all available cash such as gift money, scholarship money, student loans, money from summer jobs and money from your parents. Designate types of money for certain uses, for instance, keep the student loan for your education and future. Use the money you receive from home to pay for grocery and phone bills.
• Keep a track on your spending. This will help you find our where your money goes and help you draw the differentiation between wants and real needs. You can do this by making a budget for a week.
• Save money in a piggy bank or jar. Believe me it really helps in difficult times!
• Pay bills on time, this will help you save money and ensure that you don’t have any of your facilities such as electricity and water revoked.
• Buy books only when you need them. While doing so compare online prices with the prices of the books in the campus bookstore. Also check bulletin boards and school newspapers for used books.
• Include your roommate in your financial planning. You can split most of the expenses, which will help both of you save some money.
• Sit and discuss expenses with your parents and find out what you can count on them for and what you will be responsible for.

Money Management Tips for Working Singles

• First of all learn to live within your means. To do this, avoid spending on unrealistic purchases.
• Keep a journal in order to keep track of your spending and make smart changes on a regular basis.
• Keep an emergency fund by stashing away some money in a high-yield savings account.
• Leave your credit card at home to avoid temptation.
• Pay all your bills on time and review statements from services and credit card providers monthly.
• Buy a nice file folder and keep every receipt, warrantee and invoice that you receive in it.
• Keep away some money for retirement.

Money Management Tips for Couples

• When creating folders ensure that both of you know where is stored in it. Choose a certain place for checkbooks, receipts and other information about financial transactions.
• Do not spend money on things you don’t require and avoid using your credit card to make payments.
• Keep details of your monthly payments such as health club membership, renewal of auto insurance etc written down in a journal.
• Put away some money into a savings account.
• If you have children, put aside money for their education.
• Discuss your finances with your partner on a regular basis. Arrange information about what bills are due, how much is due and the due date of each payment. Remember to compare your monthly expenses with your monthly income and brainstorm on ideas that will help your increase your income.
• Avoid getting into an argument about the finances.