For many young professionals like you, there’s simply too much going on to think about your financial goals on a regular basis. That’s why we’ve pulled together this list of simple tips that can help you save money and prepare for a more stable future.
1. Record all of your transactions.
The first step toward reaching your financial goals is to keep track of how you spend your money. Diligent monitoring can help you see not only what consistent expenditures you need to account for, but also where most of your income goes. For example, 71% of people under 30 blame money woes on lifestyle purchases1 such as dining and entertainment. Which brings up the next point…
Your current finances are in order, but why stop there? Planning ahead for future purchases – automobile, home, etc. – is not only a smart budgeting move, but also helps remove the stress associated with larger purchases. In a pinch, the money set aside for these can also be used as an emergency fund if needed.3
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1 Source: The Simple Dollar. Money Management 101: Why You Should Track Your Spending. Holly Johnson. May 21, 2015. 2 Source: Duke University. How Do I Create a Budget? 3 Source: The Simple Dollar. 20 Reasons Why You Need an Emergency Fund. Trent Hamm. July 27, 2015.