8 Awesome Money Managemnet Tips Every Single Young Adult Needs To Know

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In life, we tend to get overly distracted by the processes of daily life. We go to work every day, most of us make a decent income and spend most of our income getting ‘nice things’ that make us happy, sometimes we save a little, and we invest in our retirement plans.

Often times, we never think of how we can do more with our money so that we can truly upgrade our standards of living… and by that, I don’t mean upgrading our lives to the point of owning a house and car and a secure job.

What I mean by upgrading is not having to worry about money, because let’s face it, although most of us make anywhere from 30k to 100k annually, many of us are still stuck in a money trap because our expenses normally match our income.

We get a better paying job and immediately balance the increase in income with a new house and a bigger mortagage, or a new car with a bgger care note.

Meaning we make more, but we always find a way to spend more as well, to the point where there’s almost never any major surplus when it comes to our income.

But, we can do more, we can get to a point of never having to worry about money again. And, you can choose to start right now. Simply making a choice to manage our money better (by spending what we make wisely, finding creative ways to make more money, and lessening our money stress)

These are eight tips I’ve learned over the years from experts when it comes to money and what we should be doing with it in our younger years to prepare for a better future.

This tips may very well help you live a more abundant life as you learn to manege your money better.

Invest in your financial education

Surprisingly many people don’t know that there are at least 3 different types of education that exists.

They include:

Academic education: This is what we learn by going to school. It is very important and teaches us the foundation of how to read, write, learn and function in the world.

Professional Education: This is what we learn to help us be successful in our careers. We may learn this in college or trade school or the job. It is the information and skills we need to be successful at our work.

Financial education: This is the type of education that can teach you how money works. The ins and outs of money and what we should be doing with out money to be successful. And no, this isn’t the information that bankers and accounts are taught. It much much more than that and everyone needs to learn financial education in order to have a better life and be in control of thier financial life. You can start learning about this by reading this book.

Start a cheap side online business to increase your income.

If you’re finding it hard to make ends meet, a great thing you can do is to start cheap side business. In addition to your salary, you can start to make extra income from your side business that can help improve your finances and give you a much better chance at living a good life and taking control of your money and your life.

Think of investing in cash flowing assets.

Many of us have never considered that we can own cash flowing assests. Indeed many of  us havent heard of the term before. But I can tell you, that having cash flowing assets is one of the best things you can invest in for a better life.

What are cash flowing assests ?

These are businesses that put money in your pocket. Things like rental property, businesses and more. Think of a few assets you can invest in so that you start to reveive cash flow from them every month.

Having a cash flowing assest or a few can help you tremendously. They can help you avoid leaving paychack to paycheck, they can help you becoe financially free and they canhelp you by working for your if you ever fall scik and can’t work to provide for yourself and your family. Cash flowing assets can work for you by putting money in your pocket.

You can read about this in depth here.

 

Make sure you entire family has health insurance

Pay for health insurance, expecially if you have a large family. This could help you stay out of alot of spending when health issues arise. So spend some ectra money now to take care of your fmaily’s health care. The earlier you start the better it will be.

 

Involve your spouse or partner in the ‘money’ side of things

Many couples are afraid to talk about money. It can be a bit daunting I know, but it is nessasary for your partner/spouse and you to have the money talk. Especilly if you live together and or pay bills together and are thinking of having/ rasing a family.

You need to understand his/her outlook on finances and work together as a team.

 

Speak to an accontant to better understand your finances

Many times we neglect our money. We make it and spend it. But it’s a good idea to have an accountant go over your monthly income so you can learn how your money flows in and how it flows out. The earlier you’re aware of these things the faster you can make adjustments to manage your money better.

 

Create a budget to assess where you are financially

Creating a budget is a great way to help you manage your finances. It will give you a month by month overview of what’s going n with your money.

It allows you to create a spending plan for your money.

It ensures that you have enough money for all the important things you need

It can help keep you out of debt and extra expense that wasn;t planned for.

You can find a great monthly budget here.

 

These money tips wil help you manage your money better so that you can live a better, more fulfilling life where you aren’t constantly worrying about money. It all starts with you. This time next year, you can be in a much better place finacially, if you just learn more about how to manage what you make better.