Young people need all the financial knowledge they can get as this will ensure that they wisely manage their financial resources and do not end up broke and miserable in their latter years.

The more of this sort of information you have, the greater your chances of adequately managing your finances (money). So here are my financial management tips for you:

1. LEARN SELF-CONTROL:

You will not arrive at your destination financially speaking if all you do is spend impulsively on virtually everything you set your eyes on. , Rather, you need to make a conscious effort at all times to control the urge to spend outside what you have been budgeted for.

2. TAKE RESPONSIBILITY OF YOUR FINANCIAL FUTURE:

Humans are regarded as being high on self-preservation, which in essence simply means we are selfish towards our own needs and desires. With financial management, selfishness is one thing that is highly ‘encouraged’, as ultimately you are responsible for yourself, the management of your resources, and how well or otherwise you turn out financially in the future. Save more, invest more, and spend less and only on budgeted items; prioritize these three practices regarding how you spend your money and you will not go wrong..

3. SPEND WITH YOUR INCOME IN MIND:

Arguably the most important rule of thumb in financial management is to ensure that your expenses do not exceed your income and the best way to do this is by budgeting (daily, weekly monthly). When you spend bearing in mind how much income you earn, you will be a lot less likely to spend money frivolously or on non-necessities.

4. START AN EMERGENCY FUND:
It’s wise to set aside some amount of money in your budget to save in an emergency fund every month; this can really keep you out of trouble financially and help you save ahead for the rainy day.

5. START SAVING FOR RETIREMENT:
Open a retirement savings account and lock a fixed amount of money away monthly.. You may think that you need to wait a while before you really need to start thinking of & saving for retirement, the truth is that you are not too young to start planning for your future. Also, it is highly encouraged that you save towards other targets other than retirement and Festivesave sure helps with that and even gives a return of up to 10% per annum on your savings, which beats what is obtainable with commercial banks.

6. UNDERSTAND HOW TAXES WORK:

As a young person, it is important to understand how taxes work. When you are offered a starting salary by a company, you need to know how to go about calculating whether the salary will provide you with enough money after taxes to meet all your financial goals.

7. GUARD YOUR HEALTH:

Looking after your health can actually save you a bit of money over the years. Take preventive measures on a daily basis to keep yourself healthy and you won’t have to pay such high premiums on your health and life insurance.

8. GUARD YOUR WEALTH & BE WISE:
You should make it a point of duty to jealously guard and protect your money. Avoid the following:

a) Never invest in any opportunity to make money/make your money work for you, which internal workings and how the money is made, you do not understand, just does not add up or seems too easy. It may just be a scam.

b) Always investigate/research every business opportunity before you commit to it.

c) Never borrow money from individuals who you know do not have the wherewithal to refund same, cause they ultimately would not pay back what they have borrowed.

Apply these tips and you can rest assured that you would have succeeded in effectively managing your money.