moonchild
VIP Contributor
Money is one of the most important aspects of our lives. It affects almost every aspect of our daily routine and our future. if you are thinking of starting your personal finance journey you are in the right place to kick it off, it is not the end but it is the first step towards achieving financial freedom.
Before you can start managing your finances, it's important to know where you stand financially. take some time to gather all your financial information, including your income, expenses, debts, and assets., so that you will have a fresh perspective on where you are going to start this journey.
Once you know where you stand financially, set some goals for yourself. these could be short-term goals , such as retiring comfortably when you are old. you can adopt the SMART framework and make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART)..
Start with an emergency fund, this is money set aside for unexpected expenses, such as a unexpected school expenses, like textbooks or lecture notes or even car repair if you have one. you should have enough money in your emergency fund If you want to succeed in this journey, emergencies will come up, how you tackle it matters a lot.
If you have debt, focus on paying it off as quickly as possible. start by paying off high debt first, such as credit card debt or school debt and once you've paid off your high debt, focus on paying off other debts, so that you can be as free as bird when you start off your journey.
Also, It's never too early to start saving for retirement. If your employer offers a retirement plan, make sure you're taking advantage of it. If not, consider opening any other type of retirement account if you have a business.
Before you can start managing your finances, it's important to know where you stand financially. take some time to gather all your financial information, including your income, expenses, debts, and assets., so that you will have a fresh perspective on where you are going to start this journey.
Once you know where you stand financially, set some goals for yourself. these could be short-term goals , such as retiring comfortably when you are old. you can adopt the SMART framework and make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART)..
Start with an emergency fund, this is money set aside for unexpected expenses, such as a unexpected school expenses, like textbooks or lecture notes or even car repair if you have one. you should have enough money in your emergency fund If you want to succeed in this journey, emergencies will come up, how you tackle it matters a lot.
If you have debt, focus on paying it off as quickly as possible. start by paying off high debt first, such as credit card debt or school debt and once you've paid off your high debt, focus on paying off other debts, so that you can be as free as bird when you start off your journey.
Also, It's never too early to start saving for retirement. If your employer offers a retirement plan, make sure you're taking advantage of it. If not, consider opening any other type of retirement account if you have a business.
