Photo by CC user Elycefeliz on Flickr.

When you first enter the world of full time work you need to ensure that you have a sensible way of managing your finances. This will be the first time that you have seen such high sums coming into your bank account each month and whilst the temptation will be to live the good life, it is worth sparing a thought for the future. You never know what the future may hold, for sure you may go on to earn even more money but you may also face some difficulties.

Nobody is saying that you shouldn’t live a little, you are young and you have little responsibility, this is a great time to have fun but also a great opportunity to plan ahead. To help you manage your money, here are some top tips to stay financially astute.

Seek Advice

Financial advisors are not just for big businesses and millionaires, there are many great financial advisors like Keith Springer who can offer you great advice on what to do with your money now and in the future. It is worth paying for a consultation with a financial advisor to see what options you have in front of you. For example, most people who begin to pay in to retirement schemes such as an IRA only start doing so when they are older, if you were to start this at the age of 22/23 then at retirement age you could be looking at a sum of over $1 million. You may not wish to think about this right now, but it could serve you very well if you do.

Have a Savings Plan

It is important that you have a good savings plan from the outset, starting your savings plan early will get you in the habit of doing so each month going forward. Savings are important to have, not only should something go wrong can they help you out, but also when it comes to big purchases like a car or a house, you can use your savings for this. A good rule of thumb to stick to is to save 30% of everything that you make, so when doing your monthly budget, remove 30% before you even start. Having a plan like this will ensure that you are saving well. There are some good savings accounts out there that will also give you interest on your money.

Use Credit Cards For Benefits

As long as you are responsible enough, owning a credit card is a great way to build up some benefits. Many credit card companies will offer loyalty schemes such as points which you can use on flights. What you should be aiming for here is to use your card each month to purchase things that you would have done anyway but put them on your card instead of paying cash. Then at the end of each month you should be clearing the balance on your card to avoid any interest charges. Doing this will not only gain you benefits but it will help to build up and maintain your credit score.