MONEY MANAGEMENT

Many young people face the dilemma of learning how to manage their money. Due to this, they often find themselves in debt or unable to support themselves. I have learned a few ways to keep myself from falling into traps that may cause me to be in debt or with no money. I have found that if I create a budget, make a list of my necessities, and set financial goals, I am able to avoid financial snares.
Create a budget, this allows me to have certain amount of money in a week to spend. A way of doing this is by setting aside a specific amount of my allowance spending and save the rest. I specify the amount of money I will need to spend monthly and I try not to go over my specified budget. Another way deciding how much money I want to spend on certain things. I try to find the best bargains possible. If there is something that I want and it is expensive, I try to wait and save up in order to buy the specific thing. By doing this, I do not have to go into my savings in order to buy something that was not needed immediately. A major factor of sticking by my budget is learning to say no. I try to avoid places where I may be tempted into overspending. In addition, I avoid associating with people who like to spend their money without considering the consequences.
Making a list of necessities is another effective way of managing money. I can do this by deciding what things would be needed and what is not needed. In. This way I can be sure that I am spending my money