I spent last Saturday learning all about money, and the important financial decisions that we make as young adults.
Jean Chatzky, a financial expert, author, journalist, and compelling speaker, convinced me that once I own my money, I own my life. The small decision to form a good habit now, like saving, can pave the way to financial success later. Jean said that managing your money is "not difficult, [nor] complicated." Here are a few good habits to get into.
Start Saving. Now.
1. It's worth it. If you look at the larger picture, it becomes clear. Do you want a new pair of shoes, or would you rather have a beautiful home by the ocean? When you can visualize your financial goals, and know that you are saving for something, it is easier to refuse a new video game, or a new outfit.
2. It's easy. Once you determine your fixed costs (costs that stay the same month to month), you can save the difference. It is easy to automate a certain amount of money into your savings account. Jean recommends saving 10 percent. However, if that's not possible, start smaller and nudge your way up!
Take the Driver's Seat.
When it comes to your money, own it. Form a budget that takes your whole life into account, and follow the rules you set for yourself. Jean said, "money rules make our lives easier." They give us structure and direction, so it's easier to reach our goals.
While in college, find a part-time job. Do your best to save a percentage each month of what you earn. After college, find a job that will give you opportunities toward your career. Even if it is not your ultimate career, continue to work toward your goals, Jean advised. You cannot expect to enter a career only for the money.