Recently Graduated? Learn How to Handle Your Finances

2. Keep Some Amount for Emergencies  

Keeping money for emergencies is the smartest thing to do which mainly teenagers need to learn. If you save money each and every month then the dependency on credit cards will also reduce and you can manage your finances well in case of emergencies including accidents and unemployed situation. 

Paying through credit cards will definitely rescue from unexpected emergencies but also bear in mind that the credit card payments don’t come for free. After a certain period of given time you have to repay your credit card debts with interest rates and if you do not save from now then such situation will land you up in trouble or in cash crunch situation.

3. Pay All the Student Debts

If you are still a student then ensure you pay all your credit card debts before you finish your college. Don’t let your interest grow and try to pay all your debts as soon as possible to lead a tension free life.

To make things easier, maintain a spreadsheet where you can jot down the loan numbers such as balance, interest rate, monthly payment, payment date etc. In case, if you have a multiple loans to pay, having a spreadsheet can help you prioritize the one which you need to pay at the earliest.

Also Read: Spend On Your Children and Get Tax Benefits Family budget: Manage your money to lead a blissful life!