The “Finance For Young Adults” class is typically not part of the high school syllabus. This leaves many young people ignorant about money management, and states are starting to correct this drawback.
Since 2020, twenty-one states have mandated high schools take a personal finance course, with twenty-five other states making economics compulsory.
This will go a long way in assisting future generations. However, for those who have already completed high school, let’s go over seven crucial things you need to comprehend regarding money.
1. Save For a Rainy Day.
Life has so many uncertainties, and while it’s essential not to dwell on that, ensuring that you are ready for such moments is equally essential. Saving money is an excellent way to ensure that you are cushioned from unexpected circumstances leading to a financial crisis.
And saving money is not limited to financial crises; you can also save money to meet your life goals such as buying a house, retirement, buying a car, studying for a master’s degree abroad, or taking care of your kids. By looking into the costs and drawing out a timeline, you’ll understand how much you ought to invest and save.
2. Build Your Credit Score.
YOLO (You Only Live Once) is a popular saying among young adults that deludes them into exhausting their savings or living above their means. While it might seem like an excellent idea, such a lifestyle will hurt your creditworthiness.
A good credit score is an important asset in measuring your wealth. Therefore, a better score means it will be easier to acquire instant cash loans from loan lenders like Gday Loans. Financial institutions could also offer lower interest rates loans for individuals with excellent credit scores.
3. Learn Self-Control.
If you’re among the lucky ones, your parents must have taught you this skill when young. If not, you need to learn about self-control sooner rather than later.
Additionally, you’ll manage your personal finances better if you learn how to delay gratification.
While you can always purchase anything on credit at any time, you should bid your time till you can afford to pay for it.
For example, there’s no need to pay interest on a cereal box or a pair of jeans if you can afford it later with no interest attached to the purchase.
4. Control Your Spending
Millennials are undoubtedly heavy overspenders, which calls for the need of every young adult to have a budget and stick to it.
Besides controlling your spending, a budget can help in attaining financial goals. So how do you come up with a budget?
To begin, you must calculate your monthly expenses and income. List the external sources that bring in money apart from your salary. Now check your outflows and group your variable and fixed expenses to identify where you can scale down.
Ensure you leave space for discretionary spending like eating out, traveling, etc. These expenses can add to the budget, ensuring you don’t overspend.
5. Get a Grip on Taxes.
Many people depend on their bosses for tax filing, but not anymore. Today, youths must know how income taxes operate even before earning their first paycheck.
Before you settle for a job, find out whether the job meets your financial responsibilities after tax deductions. Work out the overall tax to find out your disposable income.
Fortunately, several online applications calculate tax returns. The calculator displays the gross salary, tax amount, and total disposable income. You may also need to understand the marginal taxation concept.
6. Guard Your Health.
Imagine what will happen if you can’t meet your monthly health insurance premiums. Or ask yourself what could happen if you have an emergency and a single consultation costs $1,000.
This is why you need to make haste and apply for health insurance if you’re uninsured.
Employers may provide health insurance for those employed, including high-deductible health schemes that qualify you for a Health Savings Account and save on premiums.
If you want to buy insurance alone, research the plans provided by the Health Insurance Marketplace of the ACA (Affordable Care Act).
7. Discover Ways of Dealing With Debts
You can incur two types of debts; unnecessary and necessary debts. For necessary debts, you’re borrowing funds to purchase an asset that gives a long-term benefit; a case in point is education.
As the costs of tuition fees shoot up, you might not be able to save and invest the whole amount you need. Following this, you may take an education loan that you’ll pay off after completing your degree.
In this situation, it’s difficult to dispute the long-term benefit of education, which upholds you taking the loan.
Keep in mind that you don’t require a special background or a fancy degree to manage your finances properly. If you apply financial tips and the seven financial rules for your life, you can become prosperous like someone with a merited MBA in finance.
Darasa la "Ufadhili kwa Wazee Wachanga" kwa kawaida si sehemu ya mtaala wa shule ya sekondari. Hii inaacha vijana wengi wasiojua juu ya usimamizi wa pesa, na majimbo yanaanza kurekebisha udhaifu huu. Tangu mwaka 2020, majimbo 21 yameweka sheria ya kuwa na masomo ya fedha binafsi katika shule za sekondari, na majimbo mengine 25 yameweka sheria ya kuwa na masomo ya uchumi. Hii itafanya kazi kwa muda mrefu katika kusaidia vizazi vijavyo. Hata hivyo, kwa wale ambao tayari wamemaliza shule ya sekondari, hebu tuchunguze mambo saba muhimu unayohitaji kuelewa kuhusu pesa. 1. Uwe na mtazamo wa kweli Kuhifadhi kwa ajili ya Siku ya Mvua. Maisha yana mambo mengi yasiyo na uhakika, na ingawa ni muhimu kutozingatia hilo, kuhakikisha kwamba uko tayari kwa wakati kama huo ni muhimu vilevile. Kuokoa pesa ni njia nzuri ya kuhakikisha kwamba wewe ni cushioned kutoka hali zisizotarajiwa kuongoza kwa mgogoro wa kifedha. Kuokoa pesa sio tu kwa matatizo ya kifedha, lakini pia unaweza kuokoa pesa ili kufikia malengo yako ya maisha kama vile kununua nyumba, kustaafu, kununua gari, kusoma kwa shahada ya uzamili nje ya nchi, au kutunza watoto wako. Kwa kuangalia katika gharama na kuchora nje mstari wa muda, utaelewa kiasi gani unapaswa kuwekeza na kuokoa. 2. Uwezekano wa kupata Jenga Hesabu Yako ya Mikopo. "YOLO (You Only Live Once) ni msemo maarufu miongoni mwa vijana ambao huwatia moyo kutumia pesa walizohifadhi au kuishi kwa gharama kubwa kuliko uwezo wao.""" Ingawa huenda ikaonekana kuwa wazo zuri sana, mtindo huo wa maisha utaharibu sifa yako ya kukopwa. Alama nzuri ya mkopo ni muhimu katika kupima utajiri wako. Kwa hivyo, alama bora inamaanisha itakuwa rahisi kupata mikopo ya fedha ya papo hapo kutoka kwa wakopeshaji wa mkopo kama Gday Loans. Taasisi za kifedha pia zinaweza kutoa mikopo ya riba ya chini kwa watu binafsi wenye alama nzuri za mkopo. 3. Uwe na mtazamo wa kweli Jifunze Kujidhibiti. Ikiwa wewe ni mmoja wa watu wenye bahati, ni lazima wazazi wako wakufundishe ustadi huu ulipokuwa mchanga. Ikiwa sivyo, unahitaji kujifunza kujidhibiti mapema kuliko baadaye. Kwa kuongezea, utaweza kusimamia fedha zako za kibinafsi vizuri zaidi ikiwa utajifunza jinsi ya kuchelewesha kuridhika. Wakati unaweza kununua kitu chochote kwa mkopo wakati wowote, unapaswa kutoa wakati wako mpaka uweze kulipa. Kwa mfano, hakuna haja ya kulipa riba juu ya sanduku nafaka au jozi ya suruali kama unaweza kumudu baadaye bila riba kushikamana na ununuzi. 4. Uwe na uhakika "Kulinganisha matumizi yako: ""Millennials ni bila shaka overspenders nzito, ambayo inahitaji kila kijana na mtu mzima kuwa na bajeti na kushikamana nayo." Mbali na kudhibiti matumizi yako, bajeti yaweza kukusaidia kufikia malengo ya kifedha. Kwa hiyo, unapangaje bajeti? Kwanza, ni lazima uhesabu gharama na mapato yako ya kila mwezi. Orodhesha vyanzo vya nje vinavyoleta pesa mbali na mshahara wako. Sasa angalia outflows yako na kundi gharama yako kutofautiana na fasta kutambua ambapo unaweza kupunguza. Hakikisha unaacha nafasi ya matumizi ya hiari kama kula nje, kusafiri, nk. Gharama hizi zinaweza kuongeza bajeti, kuhakikisha wewe si overspend. 5. Uwe na mtazamo mzuri. Chukua Udhibiti wa Kodi. Watu wengi hutegemea mabosi wao kwa ajili ya kufungua kodi, lakini si tena. Leo, vijana wanapaswa kujua jinsi kodi ya mapato inavyofanya kazi hata kabla ya kupata mshahara wao wa kwanza. Kabla ya kuamua kufanya kazi, tafuta ikiwa kazi hiyo inakuwezesha kukabiliana na madaraka yako ya kifedha baada ya kupunguzwa kodi. Fanya kazi ya kodi ya jumla ili kujua mapato yako unayopaswa kutumia. Kwa bahati nzuri, programu kadhaa za mtandaoni hukadiria taarifa za kodi. Calculator inaonyesha mshahara wa jumla, kiasi cha kodi, na jumla ya mapato ya kutumiwa. Unaweza pia haja ya kuelewa dhana ya kodi ya marginal. 6. Uwe na uhakika Jilinde Afya Yako. Hebu wazia nini kitatokea ikiwa huwezi kulipa malipo ya kila mwezi ya bima ya afya. "Kama unafikiria ""ni nini kinachotokea"" wakati wa dharura, unaweza kufikiria kuwa ushauri wa haraka wa matibabu unagharimu zaidi ya dola 1,000." Hii ni kwa nini unahitaji kufanya haraka na kuomba bima ya afya kama wewe ni uninsured. Waajiri wanaweza kutoa bima ya afya kwa wale wanaofanya kazi, ikiwa ni pamoja na mipango ya afya ya juu ya kuondolewa ambayo inakufaa kwa Akaunti ya Akiba ya Afya na kuokoa kwenye malipo. Ikiwa unataka kununua bima peke yako, tafuta mipango inayotolewa na Soko la Bima ya Afya ya ACA (Sheria ya Huduma ya Affordable). 7. Uwe na mtazamo gani? Jinsi ya Kukabiliana na Madeni Unaweza kuwa na aina mbili za madeni: madeni yasiyo ya lazima na madeni ya lazima. Kwa ajili ya madeni muhimu, wewe ni kukopa fedha kununua mali ambayo inatoa faida ya muda mrefu; kesi katika uhakika ni elimu. Kwa kuwa gharama za masomo zinaongezeka, huenda usiweze kuokoa na kuwekeza kiasi chote unachohitaji. Kufuatia hili, unaweza kuchukua mkopo wa elimu ambayo utalipa baada ya kumaliza shahada yako. Katika hali hii, ni vigumu kubishana faida ya muda mrefu ya elimu, ambayo inakuunga mkono kuchukua mkopo. Kumbuka kwamba huhitaji ujuzi wa pekee au shahada ya juu ili kusimamia fedha zako kwa usahihi. Kama wewe kutumia ushauri wa kifedha na sheria saba za kifedha kwa maisha yako, unaweza kuwa na mafanikio kama mtu na MBA katika fedha.