Buzz
Managing money is an area many of us could improve. This isn’t about shaming anyone, but simply recognizing the truth. We face countless temptations each day, with so many financial products pulling at us and limited funds to spare. Managing what we have can feel like an ongoing challenge.
If you didn’t learn about managing money early on, student loans may have introduced you to the complexities of financial products and interest rates. Or perhaps you were persuaded into opening a store credit card, unaware that the steep APR would soon outweigh the 50 percent discount offered. Maybe, when you received your first paycheck, you thought, this is real.
For me, the most effective way to get my finances in order has been to be brutally honest with myself, consistently. I used to avoid checking my bank balance, thinking that if I didn’t know, I could ignore it and keep living. But after coming dangerously close to $0 (or below) too many times, I now receive daily balance updates so I’m forced to face it. I also get paper credit card statements to have a tangible record of my spending. I research thoroughly (and seek second opinions) before signing up for anything, and I steer clear of advice from money ‘personalities.’
I frequently remind myself that putting money away now will benefit future me immensely. (It also helps that I’ve been writing about money since right after school, so it’s become self-reinforcing.) A practical tip I’ve shared before is that automation has been a game-changer for me. I know I’m not always consistent with saving or making the right choices, so automation helps by taking some of those decisions out of my hands.
What about you? What’s the most impactful action you’ve taken—or book you’ve read—to organize your finances? Share your strategies and suggestions in the comments.
