Introduction

The first time I bought my own car, I was 22 years old and living with my parents. I took out a loan for the car, and then got a second loan to pay off the first one. The whole process cost me $3,000 in interest over the course of two years, which meant that instead of having spent $10K on my new car—a pretty reasonable price—I paid nearly twice that amount because my finances weren’t put together properly. Even worse? The total price tag was still less than what some people spend on their weddings these days! It’s not unusual for young people (or really anyone) to make mistakes when dealing with money: it’s easy to feel like there are no consequences if you don’t think about them too long or hard before acting impulsively—and then things get worse from there as your behavior compounds itself over time. So what can you do about all this?

money management is a skill.

A lot of students don’t know how to manage their money. They spend everything they have and end up with nothing left over at the end of the month. It’s important to learn how to save money and make a budget, so that you can save up for things that are important to you.

If you want something in life, like buying a house or getting married, it’s never going to happen unless you start saving now! If your parents aren’t helping pay for college tuition anymore after high school graduation (or maybe even when they were), then this article will help teach some tricks on how not only survive without them but thrive as well!

make a budget.

Budgeting is a skill, just like any other. It takes time and patience to get good at it, but once you do, it becomes second nature–and will help you save money in the long run.

To start budgeting:

• Write down everything that comes out of your pocket each month (rent/mortgage payments, car payments/insurance/gasoline).
• Consider the cost of living in your area: does it cost more or less than others? If so, write down how much more or less.
• Be sure to have some buffer for unexpected expenses! This could be anything from medical bills to birthday gifts for friends and family members who live far away from home

start saving for retirement early.

You’ll want to start saving for retirement as soon as possible. The earlier you start saving, the more time your money has to grow and the more opportunities there are for adjustments if necessary. The best way to save for retirement is opening an IRA (Individual Retirement Account) and contributing regularly into it.

One of the most common mistakes people make when setting up their IRAs is not investing enough money each year or forgetting about them altogether once they’ve been established. If this happens with your account, it could cost tens or hundreds of thousands of dollars over time!

don’t use credit cards.

Credit cards are not the solution to your financial problems. They can be dangerous if you don’t know how to use them, and they can make you spend more than you can afford.

If you find yourself with a large amount of debt from credit cards, it will be difficult for your life and career after graduation because student loans are typically easier for lenders to collect on than debts from credit card companies.

avoid buying things you can’t afford.

The best way to avoid debt is to not buy things you can’t afford. If you’re buying something that isn’t a need, consider whether or not it’s worth the cost.

• Don’t buy things on credit. If you don’t have the money to pay for something in cash, don’t get it! Instead, save up and then go out with your friends–or even just stay home if they aren’t important enough for you to spend so much money on them.
• Think about what kind of person this purchase makes me seem like: Do I want everyone at school knowing I bought this item? Will they think less of me if they find out? Is there any other way I could achieve my goal without spending money (e.g., finding an alternative)?

don’t buy electronics on credit.

You should avoid buying electronics on credit. Electronics are one of the biggest expenses college students face, and it can be tempting to buy that new phone or computer with your parents’ money. But if you do this, you’ll end up paying more than twice as much for that item in interest over time.

If you find yourself in a situation where you need to buy something on credit (for example, if your laptop dies), try negotiating with the store’s manager and getting them to give you better terms than what they advertise online or in store windows–for example, by offering them an advertisement deal in exchange for lower monthly payments or no interest at all!

consider refinancing your student loans if you have an option to do so.

If you have student loans, consider refinancing them if you have the option to do so.

There are different types of student loans, including federal and private. Federal loans are issued by the government, while private ones come from banks or other financial institutions and may require a cosigner. If you took out a loan from a bank or other company, then it’s likely that they will call it due at some point–and when this happens, it can be difficult for students who don’t have much experience managing money yet (especially in college).

You might want to refinance your student loans if:

• You want lower interest rates on your existing debt load; this means paying less each month toward principal payments while increasing monthly payments toward interest charges until they’re paid off entirely before graduation day arrives!

be careful with your money, and make sure it works for you rather than the other way around

If you’re young and new to managing your own money, it can be easy to get swept up in the excitement of having a paycheck. But as we all know, there are risks involved with spending your hard earned cash. It’s important that you make sure your money is working for YOU instead of being used against you!

Before making any big purchases or investments, ask yourself these questions:

• What do I want this purchase or investment to achieve?
• How long will it take me to pay off my debt if I make only minimum payments each month? (Be honest!)
• How much interest am I paying on my current loans/credit cards/etc?

Conclusion

We hope that these tips help you manage your money better, and we wish you the best of luck in your future endeavors!