The best part of making money is being able to spend it! In this section, we will talk about spending money, and share some resources to help you make good spending decisions.
It is important to find a balance between the money you spend on necessities, the money you save, and the money you can spend on whatever you want. The easiest way to differentiate is by making a budget. A budget is a way for you to determine how much money you need to spend per month on necessities such as rent and food, decide how much you wish to save, and then understand how much money you have left over to spend.
When choosing what to spend your money on, you must first set aside money for your necessities…
When choosing what to spend your money on, you must first set aside money for your necessities(rent, food, utilities, toiletries, etc.). Put aside slightly more than you think you will need — better to end up with extra money at the end of the month than not enough.
Once you have put aside money for your monthly necessities, you may wish to allocate about 15 to 20 percent of your income to savings. These savings can be used in case of emergencies, and can also be invested in order for your money to grow.
After that, you are left with the money you can spend on whatever you want. Make responsible decisions — you might not want to spend all of your money on one thing — but as long as you have a budget and have set aside the necessary amounts for expenses and savings, go ahead and treat yourself… responsibly!
