Mastering Your Money

Whether you are just starting out in your career, still in school, or somewhere in between, understanding how to budget, save, and invest your money can set you up for a successful financial future.

• Create a budget. In order to manage your money, you have to have a clear picture of how much money is coming in and how much is going out. Set up a budget by listing all of your income sources and expenses. Be sure to include fixed expenses like rent, utilities, and student loan payments, as well as variable expenses like groceries, entertainment, and shopping.
   
• Track your spending. Once your budget is set, it’s important to keep track of your actual spending and income to ensure that you are staying on track and making adjustments as needed. You can track spending using an app or manually with a spending journal or spreadsheet.
   
• Save some money. Aim to save at least 10% of your income each month. Use part of this money to build an emergency fund that eventually will be able to cover 3-6 months’ worth of expenses. Use the rest of the money for long-term savings, which will help with buying a home or starting a business, and can also help you build wealth over time.
   
• Invest some money. Grow your money and build wealth for the future by investing. Consider 401(k) or IRA to take advantage of tax benefits and compound interest. You can also explore other investment options, like stocks, bonds, or real estate, to diversify your portfolio and maximize your returns.
   
• Avoid Debt. While it may be tempting to use credit cards to make purchases you can’t afford, high interest rates can quickly add up and leave you in a cycle of debt. Instead, try to pay off your credit card balance in full each month and only use credit when necessary.
   
• Seek financial education. Whether it’s reading personal finance books, attending seminars, or working with a financial advisor, educating yourself about money matters can help you make informed financial decisions and achieve your goals.

Start taking control of your finances today and reap the benefits for years to come!