Making Smart Money Decisions on Your Own

Question: I recently graduated from college without loans, and I’m living on my own. How do I make sure I make smart money decisions?

Rachel’s Answer: Since you don’t have any loans, you’re already off to a great start! Congratulations on that, because a lot of people your age aren’t in as good of financial shape.

Here are three ways to keep things on track:

  1. Find an accountability partner. This should be someone you can trust to discuss your purchases and your budget with, who won’t be afraid to call you out if needed.
  2. Watch out for impulse buying. Don’t fall prey to the “I owe it to myself” mentality.
  3. You’re never too busy to budget. When you’ve got a thousand things going on, it’s easy to blow off balancing your account and creating a budget. But that will only lead to trouble later.

I think those are the most important things to pay attention to while you’re single. You’ve already set yourself up to really succeed. Just keep at it, and you’re going to be in an incredible situation with your money in just a few years!