Top 10 tips to help you manage your money
April 30, 2012
10. Visit online money management resources. There is a variety of FREE resources to help you manage your money. See mappingyourfuture.org/money/moneyresources.htm for details.
9. Use free calculators. Mapping Your Future offers several calculators to assist you as you manage your unique financial situation:
- Budget calculator
- Checkbook balancing tool
- Income-based repayment calculator
- Savings calculator
- Student loan debt/salary wizard
- Loan consolidation calculator
Go to mappingyourfuture.org/money/calculators.htm to get started.
8. Establish yourself financially. Take the basic steps at mappingyourfuture.org/money/establish.htm to get established financially
7. Reconcile your checking account. You should reconcile your checking account records to the bank's records regularly. For more information, visit mappingyourfuture.org/money/checkbook.htm.
6. Review and understand your credit report. Your credit report is a collection of information about you and your credit history, and can have a major impact on your life. Go to mappingyourfuture.org/money/creditreport.htm to learn more.
5. Prevent and detect identity theft. Identity theft, the fastest growing crime in America, is when someone uses another person's personally identifying information to commit fraud. Learn how to avoid becoming a victim at mappingyourfuture.org/money/identity.htm.
4. Save money. Establishing a savings account is the best way to handle both the uncertainties of life as well as to reach your financial dreams (like college, a nice car, travel, or retirement). Want to know more? Go to mappingyourfuture.org/money/save.htm.
3. Budget. Establishing a budget and sticking to it isn’t easy, but it’s the best way to be in control of your finances and make sure your money is going toward the expenses that matter most to you. Get started at mappingyourfuture.org/money/budget.htm now.
2. Use your credit cards wisely. It’s easy to get a credit card. Managing a credit card well isn’t as easy. Help is available at mappingyourfuture.org/money/creditcards.htm.
1. Don’t over-borrow. If you have to borrow student loans to attend higher education, don’t borrow more than you need to pay for tuition, school supplies, and room and board. Live like a college student while you are a college student, so you don’t have to later in life. Don’t borrow money you will have to payback including interest for your spring break trip, the latest smart phone or other discretionary items. See how much you can realistically afford to borrow based on your future career. Go to mappingyourfuture.org/paying/debtwizard/.