I'm 30, female, and I work two jobs. My full time job with benefits has okay pay, but I love what I do. My part time job (25 to 35 hours, depending) is as a server in a restaurant. I also love working there. It's helping my fiance and I get to our goal of buying a 20 acre parcel of land and build our own home. One of the servers has seen me on my budgeting app, knows from casual conversation that I don't spend my cash tips like most of the of the other servers, that I put them in the bank, and that I'm the one in charge fiscally in my relationship with my fiance, because he's not good with budgets or saving. From this she seems to think I'm a finance guru. She's said she's imagining being in my place, in charge of finances, and she's freaked out and knows nothing and wants me to teach her. While I could wax on forever about how the American Education system is failing our youth by not teaching them how to budget or manage their financial lives, possibly the most important skill anyone can ever learn... I won't. We'll be meeting for lunch or dinner as soon as I have my thoughts collected on what exactly she should need to know. I don't want to overwhelm her, but uh, it took me 10 years to get to this stable of a situation. She is getting ready to go to college in the fall.
Here's my general bullet points so far:
- Get organized (know what bills you have, how much you have to pay, make a list of due dates, keep a running total of your monthly expenses)
- Check your bills regularly for changes.
- Sign up for Direct Debit on some things, such as utilities because no matter the cost, those must be paid.
- Consider using a free budget app.
- Have a financial goal. Maybe for her that means save a percentage of her income. Or reduce the number of student loans she takes out.
- Avoid credit cards if you're going to overspend on them or carry a balance.
- Build an emergency fund.
- Invest in retirement accounts at future jobs.
- Apply for any an all scholarships/grants that would help you pay for school. Work some while in school to offset costs like book rentals.
- Shop at discount stores first (Aldi, Dollar General). Don't be brand loyal just because it's what you've always eaten or used. Try a cheaper version to see if you can switch. For me the aldi triscuits and almond milk are just as good as name brand versions but not everyone would agree. I still buy Jif peanut butter because I don't like any other brand and that's okay, but at least I tried others!
Have I covered the bases? I plan to elaborate as necessary. Anything else I should add? Subtract? I feel nervous, this is why I didn't become a teacher.
Submitted December 12, 2018 at 09:15AM by almostelm https://ift.tt/2Gf5fKN
