They say there’s always room for improvement, and this is especially true when it comes to your finances. No matter what age you’re in, here are a few tips that will help you get into that good money mindset.
Just because it worked for your parents, doesn’t mean it will work for you.
Just because your parents opened a joint bank when they got married doesn’t necessarily mean it’s the best option for you as well. If you and your husband don’t meet eye-to-eye when it comes to things like savings, investments, insurance, and credit cards, then maybe you can have separate accounts instead. That way, your system works for you.
Save as early as today.
Just beginning to work, being in your 20s doesn’t exactly show an urgent need for a retirement fund. Eventually, though, you will soon realize that living paycheck to paycheck will no longer be enough. It’s never too early to start investment planning. Think about the future and how it will be affected if you don’t have any savings when faced with an unexpected expense. 
Quality > Quantity
Investment in quality over having more is a money management lesson that one should learn. Even if it means taking more time to canvas something rather than buying the first thing you see, quality pays in the long run as it lasts longer and is usually more durable.
Learn to use credit wisely.
Getting your first credit card is always an exciting story, but you should know that it isn’t a tool for you to spend more than you earn. In order to avoid interests that will cost you way more than you initially thought, learn to control your impulses and do your best to use your credit only for good investments like student loans, mortgage, and car loans. These will benefit you for a long time.
Debt will always find its way back to you.
Taking out loans, whether through your credit cards or other money loans, being in debt will forever haunt you until you pay it back in full. Because of your credit score, a low rating will affect your finances greatly. You need to settle your loans, or else it will lead to bankruptcy.
Set goals and work to reach them.
If no clear goals are set, you will still be lost even though you’ve already embodied the financially healthy mindset. You need to take time and think about the things to consider depending on your needs. Some goals you can set are getting a home, having emergency savings finishing car loans and investments in retirement.
Make your budget plan as accurate as possible.
Maintaining good finances means being sustainable in the budget you create. If you overestimate or underestimate, chances are you won’t be able to keep up with what you wrote on paper. To create a budget that’s realistic to your lifestyle, look at all your real-life expenses, and sum it all up. Feel free to adjust a little more, so you don’t feel too limited, and therefore feel the urge to let it go entirely. If you know where your money goes, it would be so much easier to level up your money management skills.
Invest in health insurance.
We never know what will happen tomorrow, so you should be covered with a good health insurance plan. Best be prepared for surprise hospital visits so that even when events like this occur, your savings and budget won’t get too hurt. You can get health insurance from work, from your state exchange, or even your parents’ insurance plan up until age 26.
Recognize your relationship with money.
Avoiding bad money habits means knowing your relationship with money. If you check yourself and see what prompts you to behave in ways that are less than deemed when it comes to money management, you’ll see that it’s easier to address these habits and, in turn, convert them into healthier ones. Acknowledge these behaviors and try to replace them with more beneficial habits.
Based on materials from Money Crasher
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