money-300x200 (1) For many young people, tertiary studies is probably the time they’re exposed to money. It’s important that you learn to manage it properly as soon as possible. Learning how to look after your money while you’re young ensures you’ll be good with your money for the rest of your life. So, take note of these five tips now. 1. Be careful with credit Access to credit while you’re young can quickly become overwhelming. Soon you’ll be charging rounds of drinks at the bar, meals out for all your friends and an entire new wardrobe. The problem is that soon you’ll have to pay off your credit card. And if you’re not able to make at least the minimum payments, you’ll soon be in trouble. You need to learn to be responsible with your credit card and pay it off in full as often as possible. But if you use your credit card responsibly, you can use it to earn reward points and build up a good credit record. 2. Stick to your budget Budgets have a bad reputation for being restricting. But they don’t have to be. They are simply a tool to help you reach your goals. You can plan where you’d like to spend your money and ensure all your bills are paid each month. After your responsibilities are taken care of, you can spend the rest on what you’d like. Speaking about the importance of budgeting, US-based financial adviser Suze Orman says: “Don't try to give up all your favorite things at once. If you go cold turkey, you will explode. Just cut down! You can indulge, but indulging doesn't mean every day. I mean come on! Do you really have to have Starbucks every day? Can you go clubbing twice a month instead of every weekend? Pick the things you really love to do and just do them twice a month.” 3. Save as soon as you can Many financial advisers recommend that young people start saving for their retirement from their very first pay cheque. How much should you save? Some advisers recommend you save a minimum of 10%, others 15% and some 20%. How much you save is up to you and how much you’re able to afford. It’s important that you start as soon as possible. 4. Take advantage of student offers Many organisations and stores offer discounts to students. If you don’t take advantage of these, you’re saying no to free money. And you’d never say no someone who offered you free money. So why would you say no to student discounts? 5. Invest in your future self Your future is up to you; it’s what you make of it. So it’s important that you make the most of it. Say yes to all opportunities that will further your studies, improve your career and give you access to the life you dream of for yourself. Whether you decide to take a gap year to travel overseas, study additional sales and marketing courses or apply for that internship you've always wanted, make the decisions that will further career and life. Image: Pexels

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