Hi guys! I know a lot of you guys are getting ready to go to college this summer, and that's super great! This chapter is about ways to be savvy with money, bills and other pretty important things. Stay tuned for more!
****(DO NOT TAKE MY ADVICE AS THOUGH I AM A FINANCIAL ADVISOR; I AM NOT).****
You should always seek the advice of a professional before investing your money in anything. Don't take my advice as a 100% legit thing, because you need to tailor your investments to your income, not to my advice.
Option One: Investing.
Investing is a fantastic option to consider. It's not for everybody, but if you do decide that you want to invest in a share of Nike or Addidas (or literally any other company) you have certain risks, as well as benefits:
-A stock is a high risk/high return investment.
-The benefits are you can make a lot of money very quickly. The income you can get from your investment can literally double or triple depending on how well the company is doing. I'd suggest being incredibly smart with this; do not invest in so much of the company (that if for some reason it catastrophically fails) you will not go broke, and don't invest so little that your 'winnings' so to speak, are literally a couple bills.
-The risks are numerous. You can actually lose money when you invest, so I'd suggest never ever to do it as a last ditch effort to make money. Always do it with money you saved specifically for investing, so if you do lose the moolay, it won't be such a massive deal as to where you're in debt.
You may also consider bonds. They are a lower risk/lower return option. You have a lower chance of losing money by investing in bonds. The same tactics apply here, don't be dumb with your money because you may still lose it, or not get any back at all.
Another option is something called a mutual fund. You invest your money with hundreds of other people and you make money investing in the fund.
~If you want more info about investing, check out the online place called www.nerdwallet.com~
Option Two: Bills...ugh.
I hate bills. Let's say it again; I HATE BILLS!! This one is for people who aren't too savvy at saving money to put towards bills (@ myself).
-A thing I do with my money is I take 1/2 of it and throw it into my savings account (where it accrues interest) and 1/4 goes to bills and the other 1/4 goes towards general spending. (Again, make sure you tailor this to fit your budget).
-Pay your bills on time (if you use a credit card, make sure you PAY OFF your balance in full by the grace period set by your company, this way you will not pay interest). I know how difficult this is, especially considering I'm a full-time student with a 2:30-5:30 job, just try your absolute best.
-To help to pay off your bills, try buying things like shampoo, snack food and other general necessities in bulk. Typically if you can save money buying things like this, you can put more money towards your bills with a lot more left over!
Option Three- Grocery Shopping.
-Spend your money wisely! If you buy things in bulk it will save you a lot. Try buying things like snack food, toiletries, and things that don't spoil because it saves you from going out to buy it again and again.
-Try eating things that are healthier. Believe it or not, if you buy the ingredients to make a salad or a chicken breast, it's a whole lot cheaper than buying frozen dinners. (I mean something(s) like ramen are super cheap and you can totally get that too; I would).
-Try setting a budget. Do not spend more than what you limit yourself to. This means you have to be smart with what you buy and maybe set a schedule for things you should buy. Like one week is food week, the next week is personal items (like shampoo, body wash, etc).
Option Four: BUDGETING!!
-Budgeting is super friggen important.
-Set a budget for literally everything: (40$) food, (20$) clothes, (20$) school supplies. It will help you save money so quickly, it's honestly a godsend.
-For myself, I spend about 20$ a week on gas, 20-40$ a week on food and 20$ on personal stuff. Everything else goes into savings, or into my checking account.
Hey guys! I hope you enjoyed this chapter. I know it was kinda short, and I'm sorry about that! If you have any questions feel free to comment on this chapter, and I'll respond with my knowledge to help you out.
Also, I know that things are slow; it's because I feel as though I've covered most of the things that are important for school tips and advice. SOOO, if you have any ideas comment below, and I'll get busy writing!
Thank you so much,
~Makayla.
YOU ARE READING
Back To School Tips and Advice
RandomIn this book, I'll tell you a whole bunch of ways on how to survive high school. With all of its quirks and flaws, and even gym class!! So, if you do decide to read this book, you await hundreds of surprises on how to hack your school day to make it...
