This is a sponsored post from Sproutt Life Insurance. All opinions are 100% our own.
I often catch myself saying, “Why didn’t I learn this in school?” This is ironic because I have not been out of school long and I am a former teacher!
What money lessons do you remember from school? Even as a millennial I feel like I left school not being prepared for the real world financially.
When I taught fourth grade, my students had a basic knowledge of money. However, as they progress through school, like I did, who is responsible for teaching more important money lessons? Parents … teachers … the internet … The Savvy Couple?
This is our list of 5 important money lessons you should have learned years ago.
1. Budget Your Money
Here at The Savvy Couple, we stress how important it is to have a monthly budget.
Budgeting is a system that tracks your money in and out. After you get used to budgeting we recommend giving a purpose to every dollar. As children, we saw our parents spend countless hours making sure the “checkbook balanced.”
Luckily, millennials do not have to be old school anymore and balance checkbooks with paper and pen. We have all sorts of digital options, such as Mint or Personal Capital. It is very important to have control of your finances though.
Money Lesson: Categorize your spending and know how much income you have coming in to cover these expenses. Grab our simple monthly budget template.
2. Have Multiple Streams of Income
After you are in control of your money vs. it being in control of you it’s time to start thinking about starting a side hustle.
Any extra income you can create on top of your normal 9-5 job is going to have HUGE impacts on your financial future.
Whether it’s taking online surveys for money, becoming a proofreader, starting a blog, or delivering pizza get your side hustle on!
The fastest way to make some extra cash in your spare time is by signing up for this FREE Work From Home Training.
Money Lesson: Don’t let your 9-5 job be your only source of income. Start a money-making side hustle asap!
3. Protect Your Family
Whether you are making $40,000 per year or $1,000,000 you need to protect your family. Life is completely unpredictable and you can’t afford to leave your family out to dry if something were to ever happen to you.
Getting a simple term life insurance policy is far easier and affordable than it ever has been before.
Your income is your biggest asset and your loved ones deserved to be protected.
Money Lesson: Protect your family as soon as possible! They deserve it. Use Sproutt Life Insurance to find the best coverages and rate.
4. Stay Away From Debt
We all know living in debt is stressful, so stay away from it! If you need a loan, get savvy about it and shop around for the best rate. Consider other options for paying for college, or if necessary, consider refinancing if you’re already in deep.
Most of us as millennials have a large amount of debt after graduating from college, this can be avoided. Kelan and I went to a local community college for the first two years of our education. We made another smart choice to live at home and commute together to school.
Kelan and I were able to walk away DEBT FREE from our first two years of college. After we finished the rest of our college we attacked our student loans with everything we had paying off over $40,000 in a short amount of time.
Using a tool like Sofi is a great way to see if refinancing your student loans would be a good option for you.
Money Lesson: Don’t finance your life away! Learn how to live debt free and refinace your student loans if it makes sense.
5. Keep an Eye on Your Credit Score
Although Dave preaches your credit score doesn’t matter, we beg to differ. Your credit score is extremely important when making big purchases like a house.
Having a good credit score can save you hundreds of thousands of dollars over the lifetime of your mortgage.
But other than buying a house we agree with Dave. You don’t want to finance away your life with your student loans and fancy new cars.
Money Lesson: Understand and track your credit score for big purchases like a new home. Grab your FREE credit score with Credit Karma now.
Now that you know some of the most important money moves you can make in your life it’s time to take action.
These simple money moves will help you control your money, stay out of debt, and protect your family for years to come.
If you want a simple and fast way to find the best term life insurance policy to protect your family head to Sproutt Life Insurance now to take the quiz.