When you are 18 and above, you are fully responsible for your own finances. Keeping the balance between income and expenditure helps to forecast your financial situations and you can pay your bills and purchase necessary things without any hassle.
Income and expenditure
An estimation of income and expenditure for a certain period time is called a budget. It is good idea to estimate your budget and move according to the plan. Young people living at their home may get weekly or monthly allowance to pay their own expenses. It is always a smart idea to adjust your expenses to the money you have received. As well as, it is important to think if you really need to purchase something or could you save the money for something else? Budgeting is the method to utilize your limited money for multi- purpose.
Keeping track of your expenditure can be done with simple accounting. By keeping a receipt for each purchase or writing down the amount spent, you can evaluate the level of your expenditure over a month. If the money you get is not enough to cover your consumption, you have to either reduce your shopping or find new ways to make more money. It requires practice to plan your income and expenditure. Go to The Marthas’ page to track your economy.
By the time you move from parent’s home to your own, you should learn how to make a workable budget. The money of a student or a young employee is very tight. They have to spend the money on living, moving to another apartment, paying the phone and internet bills, food, hobbies and clothing. In a simple language, budgeting your economy is very good idea.
You can find financial management tips below:
Take the Martha’s Economy Test!
You can record your daily expenses and income on the Penno’s website.
Information on community support for students and the unemployed can be found on the Kela’s website.
Planago helps you to make smarter financial decisions with your money. Go to Planago’s website and know more!
(Sources: nuortenelama.fi, Martta.fi)