Budgeting
Author: Payton R.
Editor: Sophia L.
Have you ever received money and been unsure of how to spend it?
After earning money, many people use it without considering whether they need the items they buy. When you get paid, you should think about what you are buying and if you will use it. In this article, I'll teach you what to do and what not to do after earning money.
The Do’s:
When you get paid and want to buy something, the first thing you should do is stop and ask yourself two questions: do you need or want this? and will you use it once bought? These are important questions you should ask yourself when you are about to make a purchase. If you answer yes to both questions, then it’s most likely worth buying. If not, consider buying something else that you could use instead.
Some expert advice for saving money is to open a savings account at your local bank. This is beneficial because it can help you develop good saving habits. It will help you learn how to track your spending, how fast money can be spent, and how to make wise financial choices. Asking a parent or caretaker to assist you with this would be helpful, as they can help you make informed choices to ensure your financial stability; some banks also require consent from an adult for those under the age of 18.