Written by David Dixon – 7/25/22
Starting as a college student/young adult can be a scary time. You have just finished high school and you are making your own money and decisions. It’s important to make wise decisions so you don’t face the consequences for years to come. This is why financial literacy is important. In this blog, we are focusing on an important part of life as an adult - budgeting
As a rule of thumb, you should plan to:
One popular method is the 50/30/20 budget. This type of budget proposes:
By budgeting, you create a pathway to financial stability by keeping a tab on expenses, creating and following a plan. Building a budget allows you to plan your spending, pay bills on time, create and maintain an emergency/savings fund.
The savings account can be further divided:
A budget puts you on a stable financial pathway for the present and the future.
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” – Ayn Rand