Are you a young professional who has just graduated college? If so, you might be struggling with how you should budget money. After all, in college anything goes – you are spending money every day to go to the local bars, you are ordering take-out food, and there is no budget for your finances.
However, now that you are in the real world, you need to learn how to pay your bills, pay for your car, and make ends meet. How can you do this if you have had no experience?
By using mycare, you can learn how to budget your money so you can stay above the red zone. After all, earning money and saving now is one of the best ways that you can begin saving money for your future – even though retirement is a long way off, the more money you put aside now the better! Let’s see a few ways that you can use mycare to budget your money! You can find out more here.
Use mycare to budget your money and be responsible with your finances
There are some basics on how you should budget your money. By learning the foolproof tips from experts on the simplest way that you can save a few dozen – or a few hundred – dollars every month, you will end up saving thousands per year! Let’s go over the basics of budgeting and show you can use mycare to reach your goals.
- Figure out your monthly income – one of the best ways you can set a limit for your spending is to determine your monthly income. Are you currently working as a freelancer with multiple gigs? If so, you can calculate how much you are making from each employer and each job so you can have an estimate of your total monthly income. If you are an hourly worker, you need to make sure that you stay constant with your schedule each month so you have a fairly set income per month. For those who are on salary, calculating your income should be easy to do.
- Use a budgeting framework and rule for your savings – in this case, we recommend trying to use mycare to do the 50/30/20 rule.
- In this case, the 50% would go towards your daily bills and your needs, such as your rent, car payment, food, and other expenses. The other 30% of your monthly income should go to things that you want to spend money on, but you do not need – such as entertainment shopping, and activities. The last 20% of your income should go to savings! If you are currently in credit card debt or you need to repay someone or repay a loan, this 20% will go to repaying any debt that can end up hurting your credit.
Conclusion
Setting up a budgeting framework for your finances and using mycare to help you set aside money for savings is key to being able to stay afloat in your young 20’s. If you find that you’re having a hard time-saving money, paying your bills on time, and repaying your student loans, then you need to learn the basics of how to save money, how much money to set aside, and how much money you should spend per month.
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