The Magic of Budgets

Be honest -- how often do you stay home by yourself because you're too cash-strapped to go out with friends?

You're not alone in staying home alone. In fact, many college students and young professionals spend at least 10% more than they earn each month!

The best way to be sure you have money is to budget -- exercising control over your daily finances is the only way to ensure that you stay in the black.

Using a budget worksheet, create a budget plan and stick to it. You don’t have to deprive yourself, but cutting a few corners will really help. As soon as you're able, put money away into savings and investments and leave it there--it's like a first aid kit, in case of emergencies.

Benefits: If you budget and don’t spend more than you earn, you’ll have money for the things that you need, and often for the things you want. Saving for the future and investing your assets will help secure your future. (Even if you can't imagine what the future holds, you'll be glad to have some money when you get there!)
 
Challenges: Curbing your spending is hard, as is the delayed gratification of saving and investing, but in the long run it will pay off. Literally: interest compounds, so the earlier you start investing in your future, the larger your nest egg will grow.

Budgeting 101

Budget Dos and Don'ts