Start out with simple rules and get guidance as you grow; invest with interest, exercise your consumer choice, deal with your debts, and dedicate time for determining what is worth your wealth.
A paycheck can be a powerful tool for those who know how to manage it properly – particularly in today’s state of economic uncertainty. But for those who recently secured their first full-time position post-graduation and are feeling uncertain as to where to start when it comes to maximizing their incoming income, here are a few tips for getting started.
First and foremost, it is good practice to think of your earnings as needing to fill three separate buckets. One for savings, one for spending, and one for living. This is where thecomes into play. The 50/30/20 rule is a simple and straightforward budgeting strategy that can be applied to your earnings right away.
Although following the 50/30/20 rule sounds easy enough, keeping your savings secure and purchases purposeful does require deliberate decision-making and dedication. So, here are a few more rules to follow when it comes to simple tips on money matters:Set up your accounts so that every time you get paid, a portion of it is automatically deposited to a savings account. If you don’t see it, you won’t use it or miss it.
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