It’s a fact of life that with money (as with many other things), we get wiser as we get older. Below are some of the things adults commonly cite as things they have learned from experience.
You can avoid mistakes your parents made with money. (At least you can make different mistakes, LOL.)
- Use time to your advantage.
Maybe you’re just starting to make money with your new business. Right now, you might not have all the coin you want. But you do have all the time you need to make the most of the money you’re earning.
If you invest some of your money now, you could let it grow for years, or even a few decades and have thousands of dollars saved, depending on how much you invest, how much money you continue adding to this fund, and the investment’s return rate.
- Start saving today.
Now is the time to get into the habit of saving some of your money.
Why? Because your list of expenses will only grow once you leave high school, then go to college, start a career or another business, buy/rent a home, take care of your family, and so on.
It’s so much easier to start the habit of saving some money now, compared to trying to start saving when you’re older, and having your savings compete with other things like rent, an electric bill, family expenses, etc.
- Keep your spending in check.
This can be tough to do, at first, especially if you’re customers pay you with cash.
But, you can do this!
This is a good time to open a checking account (and preferably a savings account, too) with a bank or credit union. For tips on how to open a bank account, click here.
- Keep learning about how to handle money.
Knowledge really is power when it comes to money.
The more you know about how to manage your money and how money works, the less any person or any other company/business can take advantage of you.
- Read books about starting a business, managing money and other personal finance topics. Check out our list of recommended books, by clicking here.
- Follow entrepreneurship blogs (like ours) and money management sites for the latest advice.
- Talk to adults you trust, such as your parents or teachers. A great way to start these talks is to simply ask, “What’s the most important advice about money?”
Keep your change (and hopefully dollars, too!)
We hope these four money management tips will help you. You’re already working hard to grow your own business and earn money. So, you deserve to know how to make your money work for you!