Your education should be your number one priority when it comes to personal finance, and the most important way to do that is to get organized and get your budget in place!
In Module 1 of my money management series, I’ll show you how to take control of your finances by setting up goals, getting organized, and understanding your spending patterns so you can plan accordingly. It’s time to get started on the right foot!
How Do I Get My Budget in Order?
• Write down all of your monthly expenses and where the money is coming from.
• Decide what type of budget system works best for you, such as a basic cash envelope system, online budgeting software, or something else. Make sure to have a clear visual representation of your monthly income and expenses.
• Stick to your plan by monitoring what you’re spending on a regular basis. It may take time to adjust, but it will be worth it in the end!
What Is The Best Way To Track My Finances?
Ultimately, you want to make sure that everything is as automated as possible, making it as easy for you to see where your money is going. What’s great about modern technology is that there are plenty of ways to automate things without breaking the bank. Here are a few strategies:
• Use apps like Mint or You Need A Budget to get all of your information in one place and categorize transactions from banks, credit cards, and other accounts.
• If you’re already doing this but would like some help with keeping track of what money is coming in versus what’s going out, try using Google Sheets for free.
• Finally, sign up for recurring payments so that you don’t have to worry about forgetting bills each month (or forgetting to pay them).
How Do I Manage My Retirement Savings?
As a graduate student, you are in the perfect position to plan ahead and invest in your future. What this means is that while you’re still a student, the best way to invest is through your retirement savings. The funds in these accounts will grow more steadily than if they were sitting idle at a bank, and when it comes time for you to retire, these investments will be waiting for you. However, as with any investment account, there are risks involved. You should look into other types of retirement savings like Roth IRAs or 401(k)s before making a decision on which type of account to use.
How Can I Maximize My Employee Benefits?
When you first begin your career, you should explore the different benefits available to employees. There are many types of programs available and all of them will vary depending on the company. If you know about these benefits before accepting a position with a company, then it will allow you to make an informed decision about which program is best for you.
Here are some things to consider when evaluating employee benefits:
#1 – How much is your annual salary? #2 – What kind of job security does this company offer?
#3 – What type of retirement plan do they offer?
#4 – What is the cost of living in this area? #5 – Does the company provide any health insurance or dental coverage?
#6 – Is there a tuition reimbursement program if I pursue additional education?
#7 – Is there life insurance or disability coverage offered?
What Is A Side Hustle And Is It Right For Me?
A side hustle is any job or source of income outside of your regular job. Side hustles can give you money to do the things you enjoy or save for the future, and because they’re usually on your own schedule, they allow you to continue making an income while also spending time with friends and family.
The first step in figuring out if a side hustle is right for you is to determine what your skills are and what expertise you can offer.
Next, decide how much free time you have, how long you want to work each week, and how much time it will take up your day.
Consider whether this would interfere with any current commitments like school or caring for children. Remember that there’s always room for negotiation-especially when it comes to flexible hours!
How Can I Become Financially Independent Sooner?
Set a goal, like save $1,000 in three months. Then think about how much you want to save each week. How much do you want to spend each week? This can vary depending on your income and your financial goals, but saving just $100 per week ($6 per day) will give you $10,400 in savings over 3 years.
Plan meals out or order takeout less often. Can’t get out of the habit of going out every Friday night? Make it a rule that you can only go out two times per month (and at least one time is for dinner with family).
Also, try cooking healthy dinners during the week so that come Friday, all you have to do is heat up what’s already been made.