Ways to manage your money wisely and give back when you’re just beginning to build your life and career
Many of us have financial restrictions that sometimes prevent us from coasting onto that next stage of life – you know, buying homes, switching careers, having babies, taking leisurely vacations and investing. It may be that we have loan debt from college or jobs that are barely paying the bills. Whatever personal financial situation you are in, it is a known fact that the Millennial generation as a whole (spanning young adults born in the early 1980’s to early 2000’s) can not easily take the leap into the future as they once could. They are stuck because the expendable funds just aren’t there and this makes it nearly impossible to give back in a monetary way. This can be difficult when you are a part of a generation that likes to give back.
If you want to financially support an organization that you truly believe in, how can you when you aren’t yet in the financial place to do so? Or, what if you want to donate money to your alma mater without breaking the bank and feeling like you’re being frivolous with your paycheck?
There are numerous ways to budget and simultaneously manage your money wisely. Here are just a few ideas:
Prioritize your money...or just think about it. How do you spend it, how do you keep track of it, are you making enough to live the life you’d like to live? This is the first step. What is most important to you? What are your long-term financial goals? Reflecting on your financial status in order to establish your future goals is critical to financial success (and personal freedom) now and down the road.
Look into organizations like Learnvest and NerdWallet who specialize in providing ample resources to teach you how to wisely manage your money so you can squeeze in the monthly gym membership and also enjoy the freedom of being able to contribute to a charitable organization that you admire. This also means allocating your money so that you are able to pay the bills and eat every month, too (priorities…).
Download apps that help you stay on track like the “money manager” Mint, “the workspace for your life’s work” Evernote, and the “to do list and task manager” Todoist. Keeping yourself in check and on top of your finances by keeping an app in your phone or on your computer where you’ll see it everyday is a good way to track your daily routines and train yourself to develop healthy spending habits.
Financial status has a direct correlation to freedom and the ability to pursue avenues you're interested in personally and professionally. Don't let money inhibit you from your dreams. Get smart about it early on in order to live the life you envision for yourself without the fiscal inhibitors.