3 Things I Wish I Knew About Money. As adults, there is plenty to learn about money, bills and running a household. As teenagers we think we know it all, but when you first move into your own home and have your own bills to worry about everything changes. Here’s a look at things I wish knew about money when I was younger:
Things I wish I Knew About Money: You’ll Never Have Enough Money
When you don’t have enough money it can be easy to assume that a few hundred pounds a month will make all the difference. However, unless we’re very careful the truth is that the more money we have the more we want. When we have a little extra each month, we simply want to spend the extra that we have and then we are in the same position of not having enough money – and then wanting a few more hundred pounds to make a difference and then you end up in a cycle. It is much better to try and live below your means and that way you’ll never fall into that same trap.
Things I wish I Knew About Money: Budgeting Really is King
It can seem really borrowing, but tracking your spending and having a budget really is essential. You probably wouldn’t run a business and just hope to have enough money for the next transaction or no idea if your business is in profit and your personal expenses really should not be an exception to this. Tracking your spending gives you an idea of where you might be able to cut back and save money if you need to and it allows you to budget each month to make sure you have the best possible chance of decent money management.
Things I wish I Knew About Money: Save for a Rainy Day
Of course, saying that you should have a savings account that you regularly deposit into is a really idealistic way of looking at things – it isn’t always possible to save money. However, if you are able to set up a budget and have a little extra to put in a rainy day pot then your future self will undoubtedly thank you for this one day. I wish I knew that setting up a pension is something that you should think about long before you actually get near pension age. It is easy to put off things like this because after all, who wants to think about getting old?
However, the sooner you do things like set up a pension and get a will kit and sort out your will for the future the easier it will be to get them arranged & the longer you’ll have to save towards them.
What comes to mind when you think about things I wish I knew about money when I was younger?
About Debz Louise
Debz Louise is a UK-based lifestyle expert and the founder of several lifestyle blogs, including Wannabe Princess and Under 5s. Specializing in everything from interior design and home renovation to body-positive fashion and early years development,