I think most people can agree that money isn't everything. While this is absolutely true, we do ourselves a major disservice if we don't take the time to become financially literate and aim to become financially healthy! Money can help us afford our basic needs, like food and housing. It can help us to achieve our dreams, such as traveling to another country or launching a business. It can give us a little peace of mind when we know we'll be able to take care of ourselves in retirement, or if we need to have an emergency surgery all of a sudden.
Money affects so many aspects of our lives that it can feel like it controls our lives. It doesn't have to be that way. We can take steps to take control and manage our money, instead of letting money control us. Check out these 3 tips below to help you on your financial health journey!
1. Your Mindset
The way we view money has an effect on how we manage our money. For example, if we believe that saving money is a waste of time, then that might make us more likely to overspend and fall into debt. Take some time and reflect on how you truly view money. Do you view money as a chore? Do you view it as a tool that can help you reach your goals? What is your money mindset?
Check out this article to learn more: How to Change Your Money Mindset
2. Educate Yourself
This is important! We certainly can't learn to manage our money if we don't know the basics. Take the time to educate yourself about W-4 forms, taxes, loans and credit cards, interest, investing, and so on. Fortunately, there are many options to learn about personal finance. You can check out YouTube for financial videos, sign up for a free webinar online, or even check out a book at the local library.
Check out this YouTube video to get started: The Student Guide to Personal Finance: Adulting 101
3. Learn to Budget
Learning to budget is definitely a habit that should start early! Even if we are not making a lot of money, it's important to see what money is coming in and how we spend it. Budgeting can help us to save, and can help us to differentiate between what we really need and what we want. If you aren't already doing it, start budgeting today! If you don't have a job or aren't earning money, you can learn to budget by helping a family member do theirs or you can complete a sample budget to get the practice.
Get some practice by checking out this website: Budget Activities
"Being financially literate is a powerful thing, especially for women."
-Otegha Uwagba, author & entrepreneur
