The topic of money management isn’t enjoyable for teenagers. If you feel that way, you are not alone. Unless it involves spending, the last thing you want to think about is money management. If not now, finance and money management will be a priority in a few years for you. Preparedness will ease your financial journey considerably. In that case, how do you prepare for your financial journey? Follow these steps.

Set Financial Goals –

Without any guidance, managing finances can seem overwhelming. It is easier if you list down your financial goals, decide how you will save and spend your money, as well as what you will do with it. You can make your goals real and measurable by putting them in words. A better financial situation can only be achieved through your hard work and dedication.

Find a purpose –

List your financial goals with a purpose. Assigning a purpose to your goal will provide you with some perspective and motivate you to reach it. For example, finding your purpose could be –

Maximize your savings by reducing weekend shopping for your down payment on a home

Make Saving your Mantra –

As you learn to save early on, you will make it a habit. Your savings should be based on a goal so that you remain motivated and dedicated. Save as much as you can from your pocket money, allowance, gifts, or earnings.

Have specific Goals –

Save money, but determine what you will do with it before committing to it. The purpose of saving is lost if you do not have goals. Set SMART – Specific, Measurable, Achievable, Relevant and Timely goals such as purchasing my first house independently in fifteen years, repaying my student loans in ten years, and purchasing a vehicle in seven years.

Have measurable Goals –

Set measurable goals, and understand how much is needed to accomplish them. For instance, a new cycle costs Rs. 10,000. Within a year, you hope to buy it. Purchasing the cycle will require you to save money, in this case Rs 833/- regularly on a monthly basis

Make the goals achievable –

Reaching goals that are achievable will liberate and motivate you. Realistic goals are goals that can actually be accomplished within your means. They will give you the discipline and dedication necessary to achieve your goals.

Time bound goals –

The setting of goals with a time limit motivates and encourages you to achieve them within that time frame. Will you work towards achieving your goal when it has no time limit?

Your priority list will keep changing, putting that goal at the back of the line. An organized timeline will keep you on track.

Don’t be influenced –

Friends share their thoughts and discuss a variety of topics. Don’t get swayed by the suggestions of friends who mention financial goals you don’t have. Aspirations and financial goals differ from person to person. Don’t let others’ goals influence your financial decisions. Establish your goals and how you will achieve them.

If one is dedicated and disciplined, any goal is achievable. These goals require the same commitment.  Plan your future and what you want to achieve as soon as you can comprehend. Make your personal and financial life better by being self-reliant, securing your financial future and planning your financial journey.