If only personal finance is readily available as a required subject in high school or college, our young people wouldn’t be so clueless about how to manage their money when they’re out in the real world and in charge of their own lives. If you believe that understanding personal finance is an adult-only thing, you’re wrong. You have to get started on the right path with a little willingness and a little research.
I could’ve benefitted from it too. Well, I did – in a hard way.
So, here are five important things to understand about your finances if you want to live a prosperous and comfortable life.
- 1. Know where your money goes. After contemplating on how you deal with your personal finances (like buying that $30 shampoo bottle with a free loofah), you’ll understand how important it is to ensure that your expenses are useful and aren’t exceeding your income. You can accomplish this through budgeting. There are thousands of free spend-tracking apps available for smartphones to get you started. [Read more…]