How to easily become your own financial guru and manage money better

People (especially young adults) are looking for various ways to improve their financial knowledge, thus their relationship with money. It’s essential to have some good foundation when it comes to money, the sooner, the better. Don’t be discouraged if you didn’t start at a young age. It’s better to start now than be in a limbo of debts and uncertainty forever. They don’t teach us about savings and different ways of earning income in school, after all.

What do you exactly need to become financially educated and smarter about your financial choices? The answer is simple – educating yourself using the right sources. In this article, we are explaining some of the best tips for learning more about finances and devising your money management plan that is sustainable and can help you in the long run. 

What is your goal (besides stability)?

Do you want to have more knowledge so you can try other/better ways of managing finances? Are you in some struggle, so you want to find a smart way to deal with it, instead of piling up loans? Whatever the case is, it would be best to take a notebook and find some time to dedicate it to your expenses, check your credit cards, loans, what you are paying every month but you don’t even realize. Maybe you are giving money for something you signed up for a long time ago but forgot about it. There are so many small things we oversee, but at the end of the year, you are surprised by how much money you have spent. That’s why it’s so important to check every single thing. In the end, you won’t be doing this every day, but it can completely change the way you thought about your finances. Also, this is step number one, and please don’t skip it unless you want to go down the rabbit hole.

What are your weak spots?

We have experienced ourselves the struggles of having to do our taxes for the first time, struggling to pay the rent while thinking about our student loan. It seems like nowadays it’s a lot easier to find good advice on the internet you can implement with ease. This wasn’t the case before and looks like with pandemic many people (especially those between 20 and 30 yrs old), have started to dig about verified and tried out examples that work. People are reconsidering what is essential for them and what is just for their satisfaction. Our point isn’t to rid yourself of every single thing you love and makes you happier to make your finances better. Still, you should consider it if you have ten same eyeliners because you like to buy it whenever you are at the store, or you want to buy tons of protein powder “just to be sure”. 

Where to start?

Depending on your age, first, try finding some YouTubers that you can relate to, and they have already established themselves online as people who like to talk about “shortcuts” in life, how to manage a sustainable lifestyle, including money management. Who can understand better what you are going through than people your age? Also don’t neglect people who are a bit older but know a lot about the economy and finances in general. They can be an excellent example of how you can shift your views and take a different approach to your finances. Another advice we often come across is, the earlier you start saving – the better. That is entirely true, even if you start with 50 dollars a month. You know how sometimes you think “if I only had that much until my paycheck…”. We are trying to prevent that, but also it’s an excellent example of how little you can think about 50 dollars but how important it can be when you need anything.

Additional Learning sources

Depending on how busy you are, once you’ve sorted out the expenses, you can choose whether you have the time in the evening to watch a course on finances and money management (there are lots of certified and excellent ones out there). Maybe you’d rather listen to some good podcasts that will help you both mentally and financially. Personal finance books are a crucial thing and not an outdated way to learn about money. Browse a bookstore or audiobooks and see what resonates with you, the same way you are looking for other forms of education.

In conclusion 

We highly recommend doing the “Maire Kondo” on your savings, and then find people and books you feel like describing and understand your situation. It’s essential to resonate with people who you’re listening to are reading their work. It’s also good to check out some other sources, to see what kind of perspective they have on the same subject. Step by step, while staying on track and trying to learn along the way will show you it is possible to deal with your finances more effectively. That is how you can become someone who can help themselves, and ultimately their friends if needed.