Organizing Your Finances Like a Pro: Youth Edition

Firuza Huseynova
Aug 22, 2017 · 4 min read

Every day, it seems like I hear a new argument regarding why the traditional core education school system needs revamping. The most common one is, ‘Why am I learning about differential equations when I could be learning how to file my taxes?’ While higher core-related education is extremely important, I agree that it is necessary to include some form of mandatory financial literacy course in every school’s curriculum. Not only is becoming financially literate in your youth extremely helpful for one’s current time being, but it creates a habit that carries on into your entire life.

As a young person in today’s day and age, keeping track of where your money goes may seem tedious, boring, and even downright arbitrary. However, this doesn’t have to be the case. On the contrary, there are new ways to organize your finances that are easy, user-friendly, and accessible right from your smartphone.

Note your spending. I know, I know. You don’t want to jot down every McDonald’s run or every (impulse) tabloid purchase. However, keeping track of where your money is going is the first step to being completely financially organized. Luckily, there are apps which do most of the work for you:

Dollarbird
  1. Dollarbird. This visually pleasing, colour-coordinating app tracks your expenses and deposits on a calendar to ensure that you don’t lose track of where your money is going. This is a free app for both iOS, and Android.
  2. Mint. A great universal app like Mint is a rarity, as it features simple yet striking visuals, and a work space packed with all you need to manage your personal finance. This app also tracks your spending habits and consumer personality, putting all of that info on a pie chart. Best of all, the app is free and available on iOS, Android, and even desktop.

Make a budget. If you want your income, allowance, or any money you make to last, it is vital that you spend some time making a budget. Whether you choose to make daily, weekly, monthly, or annual budgets is up to you— but here’s how to make them quickly and with ease:

Pocketguard
  1. Pocketguard. This free iOS and Android app is an all-in-one budget management and account tracking tool. It features a clean interface, an automatic purchase-sorter, and even an animated sidekick who helps you make finance-related decisions.
  2. Spendee. If you’re looking for a budget-making service that connects to all of your bank accounts and logs expenses, look no further than Spendee. This free simple personal finance app is available on iOS and Android, and boasts a very secure interface.

Start saving. For everything from a pair of Yeezys to university to retirement, its never too soon to start saving. I suggest to start small — perhaps put 10$ in your savings account at the end of the month, and go from there. Regardless, tracking your savings now is easier than it ever was, thanks to these apps:

Acorns
  1. Acorns. The stand-out feature of this app is that it automatically invests your spare change. This ensures that your spending goal is reached quicker, and can also be your gateway into the world of stocks. Acorns is a free iOS app.
  2. Digit. With a slogan like, ‘Save money, without thinking about it.’, you know this is a helpful and easy-to-use app. Among many other cool features, Digit checks your accounts daily and moves money accordingly to help you reach your savings goals. This is a free app for iOS.

Educate yourself. Luckily, more and more platforms that educate youth on financial literacy are popping up every day. This is remarkable, since (as I’ve mentioned time and time again), being financially organized and literate is essential to one’s happiness and success. The following websites and organizations aim to make young people smarter with their money, and more financially secure in the long run:

Learnvest
  1. Learnvest. It’s virtual, engaging, transparent, and packed with financial information. The iOS app’s mission is to ‘empower people everywhere to take control of their personal finances so that they can afford their dreams’, which Learnvest accomplishes by providing tips and advice on how to manage your money.
  2. FuturFund. This youth-led organization aims to ‘make financial literacy sexy for young people’. FuturFund hosts annual financial conferences and events that make education on these important topics accessible for youth.
  3. Other resources such as books, podcasts, YouTube, TV shows, and journals. If you need help with anything finance-related, chances are that there have been 5 books, 13 podcasts, and 45 YouTube videos created to assist you.

This is nowhere near a complete guide on organizing your finances, as there is a multitude of educational and management resources out there. However, hopefully you’ve decided to go virtual with your finances, or even just try one of these apps out. But if not, that’s totally fine — there’s always the old-fashioned route with a pen and paper waiting for you.

The Global Voice

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Firuza Huseynova

Written by

The Global Voice

The Global Voice provides a voice to today’s youth in the wake of today’s fascinating political and economic climate. We employ a diverse team of writers to show a variety of perspectives on the pressing issues of today.

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