Hey friends! I don’t know about you, but I have been thinking about money a lot lately. Blame it on Nicole Walters over at Monetize Thyself, if you want, but there’s a reason I stumbled upon her in the first place. I like having money. I wish it weren’t such an important part of our lives, but it is, and it causes a lot of stress in our likes. I like having money because it means I can do what I need to do. I like having money so I don’t have to worry about other things when I’m standing in front of a room of students who also worry about having money for food and clothes. When I take care of my finances, I am better to care for them.
That being said, I often feel financially lost. The world of finance is big and confusing, and it’s something that is overwhelming me lately. So I’ve taken time to research and design budget materials to help me, and I want to share my findings with you. While I might be feeling financially lost, Stacy Rapacon assures us, “Thou shalt not be financially lost forever. It just may feel that way when you’re in young adulthood. Managing your finances for the first time can be overwhelming—what with the daily expenses, big-ticket costs such as housing and health care, heavy debts and long-term goals, including your ridiculously distant retirement.”
Let’s be honest. The sooner we take hold of our finances and start planning for our futures, the brighter those futures can be. John Deyeso, a financial planner in NYC, says, “Building habits, especially in your twenties, is so important for long-term success.”
So what are the then things you need to do to take control of your finances? For a deeper look, you can actually read Rapacon’s article, 10 Financial Commandments for Your 20s on Kiplinger.
If you’re like me, and need the shortcut for reflection before you read the article, here are the 10 commandments:
- Develop a marketable skill.
- Establish a budget.
- Get insured.
- Make a debt-repayment plan.
- Build an emergency fund.
- Start saving for retirement.
- Build up your credit history.
- Quit the bank of Mom and Dad.
- Clean up your online presence.
- Get your key financial documents in order.
Some of these are easier said than done, but I’ll be writing some posts over the next few weeks about different ones, so make sure you check back! Tomorrow, I’m going to talk about creating a BUDGET!!!