Manage your finances

Learning how to manage your money will help ensure your financial stability over time, regardless of your income. Keep track of your expenses. Review your bank statements often and notice where you spend your money. If you do your banking online, be sure to keep personal records as well. This will help you prevent over spending and ensure that your bank statements are correct.
Understand your income. When calculating your income, be sure to take into account the federal, state, and social security taxes that will be deducted from your gross pay. The resulting number is your net pay, which is what you end up taking home with you.
Prioritize spending. Your first priority should be spending money on basic necessities like food, shelter, and clothing. Don t spend money on luxuries like expensive clothes, cars, or vacations until you have first satisfied your basic necessities. Be honest with yourself and differentiate between your basic needs and your luxuries.
Save money. Every month, you should deposit some of your money into a savings account. Consider asking your employer to directly deposit a portion of your income into your savings account.