“You don’t know what you don’t know”, so if you never learned how to manage your money then you haven’t been set up for success to do so.

From the time you start earning money in your teen years advertisers are enticing you to spend money.  Their tactics become even more persuasive as you age and increase your wage.  On top of that, most teens have all of their needs met by their parents or the adults they live with; so money in, money out doesn’t have any consequences when you first start earning it.  

The bottom line, managing money is hard for a lot of people, but it doesn’t have to be!

Get inspired and take action!

Inspiring Quote: 
“The most important investment you can make is in yourself.” - Warren Buffet

Action Step: Gain clarity and insight on your money behaviors. 
Short-Term Focus: Before making a purchase, ask yourself if it’s a NEED or a WANT?  To determine the difference ask these follow-up questions.

• Will this add value or bring joy to my life?
•  What purpose am I buying this for?
•  Is it in my budget? 
• Do I need to buy it right now?
•  Is this the best retailer, item or price?

If impulse spending is your Achilles heel, put a barrier between you and your money.  Create friction by:

• Removing credit cards from online accounts like your favorite retailers.
• Removing credit cards from auto pays on things like coffee and fast food.
• Unsubscribing from emails that send you promotions and sales.
• Sleep on it!  Leave the store or the item in your online shopping cart for 24 - 48 hours.
• Start using cash and debit cards for all purchases.

 
Long-Term Focus: Start budgeting and planning for the future.  This step takes time and consistency to implement.  We will talk more about budgeting in a future episode.

Resources:
Rutgers University Financial Fitness Quiz
Book Recommendation:
Know Yourself, Know Your Money: Discover Why You Handle Money The Way You Do, and What To Do About It! by Rachel Cruze

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Connect and Follow Donald Raymond owner of Raymond House Financial Fitness:
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Connect and Follow Christine Spiak owner of Compass Financial Wellness:
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