It’s one of the most important things to realize about handling your own income, and hopefully, it was something your parents showed you as you were growing up! There’s some money you need to spend, and there’s some money you need to save, and it’s perfectly fine to be able to manage both at the same time. And when you think about it, you’ve been managing both just fine so far in your life!
But to go into a little more detail, we’ve got a couple of points for you to consider below. Spending and saving aren’t mutually exclusive, and they don’t have to be either, no matter what your financial prospects are at the moment. So, there might be a few points you haven’t really thought about before, and it’s key to keep them in mind for the future.
It’s not something a game of monopoly will teach you!
Not All of Your Paycheck is Equal
Your paycheck is going to be used for a variety of different needs. You’re going to need to pay your rent or mortgage, and then you’ll need to settle your bill accounts, and then you’ll need to buy food and clothes to keep you fed and warm. These are the basic needs, and this is where your money will mostly go.
And that means not all of your paycheck is created or spent equally. You can’t go without these necessities, and it’s not bad for you to spend a bit of money on them. It’s the money you’re left over with that goes towards your savings account, and that’s just fine! One half of your paycheck goes towards your expenses, and the other goes towards your account, and this state of things isn’t something you should feel bad about.
Some Banking Options Can Actually Put You First
The modern world we live in has a lot of new options for the consumer to invest in. After all, it’s a digital world, and we’ve got a lot of technological advances to thank for making sure we can access our money as and whenever we need to. Long gone are the days of constantly needing to go to the bank, or to the nearest ATM and get out some money to use – it’s unusual for a shop or otherwise to not accept your credit card as it is.
Which is why there are more banking options for you to look into. There are quite a few more ways to store and keep your money safe, and you’ve got a lot of research to do here! You might want to start with some Green Dot reviews, and see how they stack up against using another internet bank with connected financial apps that can put your money to better use.
You can spend and you can save at the same time. You can do a lot with your money, no matter where it’s going, and you’ve got plenty of experience under your belt.
