7 money management tips to ensure you'll never be broke
It's important to keep track of your spending habits, whether your cash comes from a family allowance, or you work part-time
There are many benefits to becoming an independent adult, but suddenly being solely responsible for your money can be overwhelming. If you're not careful, and don't keep track of your spending habits, it’s very easy to get carried away.
To manage your money and avoid being broke, we've got seven simple tips.
1. Put it away for a rainy day
Start by putting a portion of your money aside as savings. It doesn’t have to be much; even five or 10 per cent each month will add up to a nice figure by the end of the year. And when we say put it aside, we don’t mean put it in the side pocket of a bag, or on top of your cupboard. You should keep the money somewhere out of sight and out of reach so you’re not tempted to use it.
You can keep it in a kid's piggy bank (the kind you need to break open), or set up a separate bank account for your savings.
2. Awareness is key
It takes a bit of effort to keep track of your expenses, but having a physical record can help you see where all your money has been going – and the numbers might surprise you. Use your phone to keep a record of the things you buy (there are some great tracking apps), or make a simple spreadsheet on Excel or Google Sheets.
3. Come up with a budget … and stick to it!
