Good Advice On Finances?

Question

Im a 19 yr old college freshman and im just learning what it means to be on my own finanically. any advice about handling money would be very much appreciated. Thanks

Answer 1

write down all your must haves the what you want and see what you have to work with. don't just start spending

Answer 2

Make sure you have a 401k.   If your company does give you a 401k then start an IRA.  It's NEVER too early to start planning for retirement.

Also, don't charge it if you can't pay for it now.

Answer 3

Well, first you want to try and get a part time job (if you don't already have one). Then figure out how much money NEEDS to go out - like rent, car payment, food, gas, utilities, etc. Here's a good breakdown of how you can allocate your income.

35% - Housing (includes rent, utilties, phone bill, gym)

25% - Automotive (car payment, gas, repairs, insurance)

15% - food & entertainment

15%  - debt (any credit cards or revolving credit lines)

10% - savings

If you have money left over from any of the areas you can either save the money or as most college students do - spend it!