In our society, I understand that Instagram, Twitter, and Spotify take up most of our free time. These things are fun, so why wouldn’t we spend time playing with them?
There have also always been boring lessons attached to learning about money. Most people would rather update their Facebook page than learn about financial stuff.
But I’m on a personal mission to change that. I’m here to help Newton’s money lessons make sense to middle schools, high schools, and even myself.
Don’t get me wrong: There are a lot of things I’d rather be doing than learning about money, but the truth is that everything we do involves it. Whether we’re going to the movies, shopping for clothes or music, buying a car, trying to help support our parents, or even working a couple of jobs to pay for college, money is and will always be an important part of our lives.
Here are a couple of tips on how to keep money in your pockets.
1. Start a habit of saving money.
Whether someone loves you and gave you five bucks or you just got your first paycheck, whatever money you are making, try to save at least 10% in an account that you try hard not to touch.
2. Start a budget.
Open up your own savings account and learn the basics of having a bank account. Start a budget and learn to manage it. My buddy Newton can help you out with that.
3. Shop around.
It’s tempting to see something we like and buy it on the spot—that’s called instant gratification. But if you go online or wait a couple of months for a sale, that same item may cost less, which saves you money.
4. Avoid credit cards.
If you plan on buying an awesome car, buying a house one day, or being taken seriously in any business venture, your credit score will play a huge role in how much financial companies will trust your spending habits.
5. Download an app on your phone.
There are so many apps for managing your budget and savings on phones nowadays that you can track your money on the go. Get in the habit of keeping tabs on your spending habits.
There is a difference between just saving money and building an awesome financial foundation, but it’s a good idea to start with the basics. You can implement more financial products as you increase your income and get better educated.
Stay tuned for some interesting money lessons I’m going to put together for you.