Personal and general finance are not topics that most high school or college students know about these days. Only five US states require students to take a semester of personal finance classes, so plenty of students leave home with little to no knowledge of how to make financially sound decisions.
1. Use Apps. While it might sound odd, finance apps are the wave of the future. Most banks utilize Android and iOS apps to make the stresses of finances easy and accessible, while other companies (like Mint) are making it easier to keep track of your money.
2. Set Goals. Goal setting is one of the most important lessons to learn early on, especially when it comes to personal finance. Understanding how much to spend and what to spend on isn’t an easy task, but taking time to map out your fixed costs and variable costs will help a lot.
3. Simulate Your Budget. These days, there are plenty of online tools that you can use to help you practice budgeting. Budget Challenge is one tool that will give you a basic understanding of real life situations.
4. Make Mistakes Early. Falling flat on your face certainly feels embarrassing, and is rarely the best outcome. But making a mistake here and there can be a great way to learn.
5. Be Open, Ask Questions. Plenty of students out there are still under parental supervision, so it’s more than okay to ask when you don’t understand something. Financial terms and concepts can get sticky very easily, so it’s common to get tripped up by something you don’t quite get.
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