GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
While exciting in itself, the paycheck that accompanies it may also feel pretty exhilarating.
Etinosa Omorogbe, a Gen-Z medical tech is currently navigating this chapter.
New to the workforce, shes learning how to create a life for herself that she can comfortably afford.
Of course, this requires knowing how to budget, which takes practice.
I think what makes things hard for me is reality.
For example, a well-thought-out weekly meal plan might fall apart if unexpected late work nights lead to takeout.
Dr. Nicole Simpson, CFP and founder of Harvest Wealth Financial, emphasizes the importance of flexibility.
A semi-annual review makes total sense until you begin to learn your spending habits.
Regular reviews and adjustments ensure long-term success.
Taking a financial snapshot and making adjustments will ensure a greater chance of success over time, said Simpson.
I have been able to find amazing deals onmy furniture and appliancesworldwide while staying within my budget.
I quickly realized that my amazing salary only comes to me in portions throughout the year.
This experience taught her to pace her spending.
There is so much time to buy new things, she said.
That first salary or first job is just the beginning of a life with an income.
Simpson advises taking a structured approach to balance wants and needs.
Review your last three months statements and identify which expenses are non-discretionary, she said.
Then consider if the discretionary items are expendable or if they cause you to struggle with the mandated expenses.
Most people find it easier to pay mandatory expenses immediately and then focus onwants or desires.
While she understands the importance of saving money, she needs help learning how exactly to go about it.
Am I investing the money inmy savings account?, she asked.
How do I make a budget plan that applies to my lifestyle and salary?
Lifes unpredictability often calls for strategies that can help create financial flexibility when juggling unexpected expenses with long-term goals.
She believes making a plan before the paycheck hits your account can help manage financial plans.
Your emergency cash fund will accumulate and it will not disrupt your financial goals.
Asking for guidance from mentors, HR representatives, or financial experts can make a significant difference.
If you share this sentiment, youre not alone.
Dont be afraid to ask for help if you need it.
you might also seek financial education resources online to help you learn how to better manage your finances.
After all, financial independence is built one paycheck and one smart decision at a time.
Amen Oyiboke-Osifocontributed to this article.
More From GOBankingRates
Share This Article:
