If you ever wanted to be the boss…. now is the time.

You are in charge of what and how you spend, and how and how much you save.

How you do this, how well you do this will matter down the road when you retire.  So, the sooner you start and how you handle your budget matters greatly.

Set up a workable budget…. and stick to it.  As soon as you find you’re sliding off the budget, find out where, fix the problem, and get back to strict budgeting.

Budgeting means first setting aside income for necessities …. savings, rent/mortgage, insurance(s), food, medical, utilities, car loan etc.

It, however, does not mean eating out or take out (home cooking is far cheaper), or entertainment costs (drinking, movies, etc).  You can still entertain at home with some relatives/friends where they each bring something for the menu.  This will, surprisingly, be as much, and usually more fun than going out on the town.

Cutting back on gift giving (or at least the amount of each gift), will bring a sigh of relief to most. Maybe a grab, where a price is set for one gift. Each person gives and gets a gift at far less expense than a giving a gift to everyone.  All this is easy and doable.

Avoid late fees and finance charge fees on your credit card(s) by only buying what you know you can pay for…in full…when the bill comes in.  The fees you’d pay on a credit card is money that could be put into your savings accounts…..

These are only a couple of ideas, and surely you can add more.

Pay yourself first…… Set money from your income aside for savings….. an Emergency Fund, a 6 to 12 month Reserve Fund (should you be out of work),  and a Retirement Fund(s).

If you pay yourself first, you will always be sure of having savings ready when needed.