Last but not least, we have a few tips from the readers of PT Money, about how they’re helping their kids form smart money habits. Don’t forget to join them tonight for the National Money Night Talk. You’ll find all the information you need – including a tool kit to help you with the talk – on that website.
My tip would be to keep a notebook or Excel spreadsheet with expenses, and keep yourself on a budget. If you notice from your spreadsheet that you’re going over budget during the month, you have time to decrease your spending so you can meet your budget goal by the end of the month.
I suggested to my sons that when they want an item, to give it consideration at the very least over night. This has worked well and many items/wants have gone unpurchased and money saved. We live in a instant gratification society and I believe this has helped by my college aged children. My oldest son has used his money to start a 401k.
My tip would be not put all your eggs in one basket when it comes to income. Whether having a side job or your own business, freelance, etc. you need to expect the worst, such as losing your job, and be prepared to have other incomes coming in.