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Money Management Tips for Beginners, Students and Young Adults


Many of us live paycheck to paycheck. It’s the only way we know how to get by. We haven’t had any formal training in financial management and fear spending money on anything that is not a necessity, including our lack of knowledge about managing our finances through money management tips.

In this article, you will find some very simple guidelines for getting yourself started down the road towards improved financial management. Let’s take it from the top about money management tips for beginners, students and young adults to improve your finances..

What is Money?

Money can be defined as everything that has a perceived value in a given society or culture. In other words, what you have in your pockets right now—cash and coins—counts as money. It doesn’t matter if you acquired it through nefarious means; it’s still money.

Banks, credit unions, and all other financial institutions have a different definition of money. They define it as currency and assets that they will accept from anyone who comes to them seeking a loan or line of credit. In other words, both cash and any assets that the bank is willing to take as collateral for a loan. It’s also known as “leverage” because you are using someone else’s money (your cash or equity in another asset) to make more money for yourself; the bank makes its profit by charging you interest on the amount you borrow.

If you deposit your paycheck into your bank account, this becomes part of their definition of money. If, however, you withdraw all but $20 and put it into your wallet, this is not part of their definition of money; it’s physical cash.

Money Management Tips for Beginners, Students to Improve Your Finances

Cash, and anything that can be traded for goods and services (barter) or turned into cash (gold coins), has a dollar value assigned to it by the marketplace. If you’re wondering what your cash—any currency and coins in your possession—is worth right now, try checking out eBay to see what they will pay for an authentic US dollar bill with Benjamin Franklin’s picture on it. If you live in the United States, chances are good that $1 = $1 no matter where you go… even if you travel to Panama. Some money management tips to improve your finances are:

Count Your Cash

If you don’t learn how to manage your money, others will figure it out for you. As part of the preparation for counting the money, large banknotes, cheques, coupons, and food stamps are removed and kept.

Invest in Yourself

To do this, you need to increase your knowledge and skills so that you can perform a job that is not only a means of earning a living but also has an element of personal satisfaction from the work performed. Even if you have been unemployed for some time, there are still ways you can learn new things to improve your chances of landing that perfect job or creating your own business.

Reduce your Spending on Luxuries

It’s amazing how just a few small changes that don’t affect our quality of life will add up to several hundred dollars each month. You could save three or four thousand dollars per year by:

a) Purchasing groceries, basic household items, and clothing at discount stores such as Walmart.

b) Getting a library card if you don’t already have one and borrowing books instead of buying them. I did this for years until I got hooked on reading eBooks from Project Their website is free to use, and they offer over 42,000 books in the public domain, free for everyone to download. All you need is an eBook reader or a computer running Windows, Linux, or Mac OS X (sorry, there’s no support for other operating systems yet).

Reduce Your Reliance on Restaurant Meals

Even if you stick with eating at home and avoid fast-food restaurants like McDonald’s or Burger King, you could still save hundreds of dollars each month by:

a) Preparing one large meal per day as opposed to several smaller portions that are usually frozen and reheated.

b) Not buying everything that’s on sale each week at the grocery store. Just because something is special doesn’t mean you need it. And just because it’s cheap doesn’t mean you should buy it either!

Give Up Smoking

If you’re a smoker, chances are good that you spend more money than non-smokers on cigarettes or tobacco products each month. If there was one area where I could save big bucks without really noticing the loss, it would be quitting smoking which would be high on my list of priorities (again).

Unfortunately, there is no magic bullet for quitting; if there were, Big Pharma would be in the business of selling it, and they’d make more money than they do with all their other useless medications. (P.S.-I’m not against medication when it’s required; I just consider most prescription drugs to be a chemical form of legal addiction.)

Save During the Good Times

If you don’t have an emergency fund, now is the time to start building one up so that the next time your car breaks down or you get laid off, you’ll have some cash reserves to tide you over until your next paycheck is due… even if it means going without something else for a while.

Teach Children About Money Management Tips

Give them an allowance but only let them spend a certain amount each week. The rest of the allowance should go into a savings account for later use – whether it be to buy a toy, bicycle, or perhaps even a car.

Only Use Credit Cards If You Have No Other Option

Credit card debt is a form of legal enslavement where the debtor pays forever and ever without reprieve from the creditor… unless they declare bankruptcy. In Canada, one can wipe out debts as low as $1,000 ($750 US) through personal bankruptcy proceedings by merely filing with the courts.

There are many traps associated with using best credit cards, so if you must have one, only charge what you know you will be able to pay off in full at the end of each month (then stick to that limit).

Don’t Buy It If You Can’t Afford It

When faced with the option of spending money on something trivial like a magazine or book, ask yourself: “If I close my eyes and imagine this purchase for a year from now, will it still seem important?” or you can turn to online shopping where the total is calculated in front of you. An example of an online shop is Presentail. Presentail is a gift and flower delivery Lebanon services business, catering to the Lebanese, both locally and internationally.

Track Your Spendings

Keep all of your credit card receipts and keep track of everything you spend each day. At the end of each month, take a look at how much cash you’ve spent on non-essential items. Don’t be too hard on yourself if the total is high! Within three months (at most), you should be able to reduce your daily spending by at least 20%.


Keep in mind that you don’t need a fancy degree or unique experience to become a financial management expert. If you use these money management tips and standards in your daily life, you may be as financially successful as someone with a hard-won MBA in finance.

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