Time flies by and in your early twenties, it seems to speed up even more. At this time, you are fresh from college and for the next ten years, a world of possibilities lies ahead.
Money controls every decision we make so it is imperative that we get smart about it early. Our level of financial perceptiveness determines whether we can afford the dreams we have for ourselves. Sound financial decision-making is like a cord that ties everything together in a ball, it keeps you on track to achieving your goals.
Here are five things about money that every college graduate should know.
1. Learn how to haggle
We live in a cutthroat consumer-driven economy. You as the consumer should always get the best from companies because they need your business.
One thing you need to stop doing to get the best is to stop paying the sticker price. There are many instances where you could get a better deal but only if you know how to get it because, at the end of the day, business is all about the bottom line.
Always ask for the best price whenever you can. Though the quick talking salesperson flusters many people, a deep inhale when they finish is a nice way to get them to ease up. Stay silent and avoid saying much until they give you their best price.
2. Think of money as a tool
Forget the romanticized version of money and look at it as what it really is, a tool. Learn how best to use the tool and make it work for you because the tool is only as good as the person holding it.
3. Make consistent savings
The worst thing you can do to yourself at a young age is make excuses for not learning the habit of saving. Make sure a portion of your income goes to a savings account every month no matter the amount. Savings add up quickly and you will thank yourself in the future for them.
A good way to ensure your savings remain consistent is to set a rule for yourself that you save 10% of every dollar you touch.
4. Don’t buy what you can’t afford
We are always under pressure from the rest of the society to spend, spend, spend; don’t be caught up in it. Delayed gratification is not only financially sensible but a sign that you are mature as well.
other valuable readings:
Money Management for Millennials (How to Bulletproof Your Bank Account)
5. Start saving for your retirement early
Talk about pension schemes may be boring when you are young but it is never too early to start saving for your retirement. If you have not already joined a pension scheme, you should find one to be part of soon.
Much of what you want to do is determined by your financial position, securing it early is the best thing you could do for yourself. Share this with your friends who need a reminder to be more knowledgeable about their finances.
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GUIDE: consumer financial guides
- Terry Pratchett
- Publisher: Harper
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- Publisher: Viking
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- Penguin Books
- Kindle Edition
- Harpercollins Christian Pub
- Crystal Paine
- Publisher: Thomas Nelson
Last update on 2020-03-20 / Affiliate links / Images from Amazon Product Advertising API
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