Reassess your budget regularly to make sure it fits your reality. Find ways to cut back on discretionary spending. By looking at your spending habits, you can make sure you are living within your means and if you aren’t, you are in the driver’s seat to change your course.ĭetermine cash flow. Spending is the money you use for your needs such as housing, groceries and eating out. You can check your withholding on the IRS’s Tax Withholding Estimator and then talk to your employer about any adjustments. Make sure you are having enough withheld from your paycheck so that you don’t end up owing come tax time.
Some people have side gigs to bring in more money to supplement their main source of income. Income is the money from sources such as salary, disability, Social Security and bank interest.
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Understanding how to manage your money is an important skill that will guide you throughout your lifetime, helping you to make financial decisions with confidence and giving you the freedom to live your life the way you want it. We are not born knowing how to budget or invest, but throughout life, we set financial goals for ourselves, from small goals such as saving up to buy a new laptop or big ones like buying a house or funding college. Personal finance is defined by the Cambridge Dictionary as “the activity of managing your own money.”
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