Financial Freedom: More $$$, Less Stress
As a university student, I know all too well the struggles of managing money. Between student loans, grants, and the high cost of living, it can be a constant battle to make ends meet. And let’s face it, the idea of saving money seems like an impossible dream. But the truth is, it’s never too early to start thinking about financial management and saving for the future. In this post, I’ll be sharing my own personal experiences with managing money as a young adult, as well as practical tips and advice for budgeting, saving, and investing. Whether you’re a student like me, or just starting out in the working world, these strategies can help you take control of your finances and set yourself up for a bright financial future.
Investing for the Future
When it comes to saving for the long-term, investing is one of the best ways to grow your money. But with so many options available, it can be hard to know where to start. Here are a few popular investment options to consider:
Stocks: Buying shares of stock in a company means you own a small piece of that company. The value of your stock can increase or decrease depending on how well the company is doing. Historically, stocks have provided higher returns than other types of investments, but they also come with more risk.
Bonds: When you buy a bond, you’re essentially lending money to a company or government. In return, they promise to pay you back the principal plus interest. Bonds are generally considered to be less risky than stocks, but they also tend to have lower returns.
Mutual Funds: A mutual fund is a collection of stocks or bonds that’s managed by a professional. You can buy shares in a mutual fund just like you would buy shares of stock, but instead of owning one stock, you own a piece of the entire fund. Mutual funds can be a good option for people who want a more diversified portfolio.
Building Credit
Having a good credit score is important for a variety of reasons, including getting approved for loans, credit cards, and even rental applications. Here are a few tips for building credit:
- Make sure to pay your bills on time, every time. Late payments can have a negative impact on your credit score.
- Keep your credit card balances low. High balances can indicate that you’re overextending yourself financially.
- Don’t close old credit card accounts. Having a long credit history can help improve your score.
How my fellow young people can save, invest and grow their funds!
- Starting a small business while in college/university
- Investing in rental properties
- Starting a side hustle
- Create affiliate links; like with KOHO for instance
- Participating in the gig economy
- Saving a percentage of each paycheck and investing it in a diversified portfolio
Benefits of Automating savings and investments
- You don’t have to think about it or remember to do it
- It helps you stay consistent
- It’s easy to increase your savings over time
- You don’t have to worry about market timing
- It’s a great way to make sure you are saving enough for your future.
Join me on KOHO
Cash 🔙 on expensive groceries, earned interest on your entire account, and tools to build your credit history. Get it all + $20 when you join KOHO today!
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