Start Managing Your Personal Finances
By Miriam Caldwell, About.com Guide to Money in Your 20s
If you have just graduated from school, or have decided you need to take control of your money, you may be wondering what you need to do begin down the best financial path. Budgeting and other money managing skills will help you to succeed and build wealth. This list will get you started on the path to building wealth, and will help you stop worrying about money.
Set Up a Budget
A budget is your plan to control your money. It will help you know how and where you are spending your money. You set up your budget, so you decide where you want to spend the majority of your money. Additionally it helps to prevent you from overspending in categories that are not as important to you.
- How to Set Up a Budget
- How to Track Your Expenses
- How to Transfer Money Between Categories
- How to Evaluate My Budget
Manage Your Accounts
Once you know what you are doing with your money, you will need to begin managing your accounts. Learn everything from opening a checking account to how to balance your checkbook. These simple skills will prevent you from overdrawing, and save you money.
- How to Open a Bank Account
- Choose Between Banks and Credit Unions
- How to Balance Your Checkbook
- How to Keep a Running Balance of YOur Account
- How to Pay Your Bills Online
Get Out of Debt
Getting out of debt is one of the most important steps to financial freedom. Debt payments take up a good portion of most Americans' income. If you do not owe the money to others, you can do so much more with your money and time. Once you are debt free, you have freedom to save and have fun.
- How to Get Out of Debt
- Student Loan Payment Options
- How to Consolidate Your Student Loans
- How to Lower Your Credit Card Interest Rate
Build Your Credit
Whether you are starting out with no credit history or you are trying to improve a poor credit history, there are key steps you need to take in order to build and improve your credit score.
- How to Use a Credit Card to Build Credit
- How to Check Your Credit Report
- Four Steps to Make the Most of Your Credit
- Five Myths About Credit Cards
Understand Your Benefits
Once you start your first real job, you may be surprised at the number of benefit options you have to choose from. Learn which benefits you need to take advantage of and which ones you can pass up.
- Understand Your Paycheck Withholdings
- Make the Most of Your Paycheck
- Understand Your Employee Benefits
- Choose Your Health Insurance
- Retirement Planning FAQS
Begin Investing
The sooner you begin investing your money, the less money you will need to put aside in your future. Investing helps your savings to grow exponentially.
- Before You Begin Investing
- How to Find a Financial Planner
- Four Basic Investing Steps
- What Is the Difference Between Saving and Investing?
Learn About Money
One of the keys to being truly successful in managing you money is understanding it. Take the time each month to learn something new about money, and you will find it easier to reach your financial goals.
