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Number 1 Rule of Money

June 12th, 2014 at 05:00 pm

If I was only allowed to give one piece of advice about money, it would be: Don't live beyond your means.
Basically, you should not be relying on a credit card or loans to survive.
When I was 17 years old, I knew I wanted to get my own apartment with my fiance once I turned 18 years old. Although I semi regret the decision, I learned a great lot! I spent a year working my butt off and saving pretty much every penny (after bills of course). Also, we found a reasonable priced place to live close to my college. We ended up saving $6,000 together. With that we paid out security deposit, first months rent, furniture, etc. After that we ended up having 2 more months of rent. I then quite my job because we moved over 30 minutes away and I was going to be going to school full time. My fiance (boyfriend at the time) got a better job, but was pretty far away and he only made $12/hour. With all of that being said, we we able to be on our own with his income only and never needed a credit card once! I want to encourage everyone to get a credit card because they can do great things, but you need to know how to use it properly. I recently got my first credit card from Bank of America and I absolutely love it! I never use more than what is in my checking account so I never pay interest and the great thing is, I get cash rewards just for using it! If you use a credit card right, you can get FREE MONEY, and who doesn't like free money? I love it!

So remember Don't Live Beyond Your Means!
Does anybody have a different number one rule for money? I would love to hear it!

Posted in Budgeting, Credit Cards, Debt, Personal Finance, Saving Money | 9 Comments »

9 Responses to “Number 1 Rule of Money”

  1. snafu Says:
    June 12th, 2014 at 05:37 pm

    oh my, how do we imprint your financial attitude on every university student? I'll be you even get to 8:00 AM classes. smart, smart, smart thinking

  2. creditcardfree Says:
    June 12th, 2014 at 06:11 pm

    Welcome to SA!

  3. stefureac24 Says:
    June 12th, 2014 at 06:39 pm

    8 am classes are the best! You always get the best parking!

    And thank you! I am glad to be here!

  4. Buendia Says:
    June 12th, 2014 at 07:49 pm

    I wish I'd been as savvy about money at your age! It came late for me. However, I always did follow this number one rule, and never had a credit card balance. I wish, however, that I'd saved more when I was young. Rule #2, I guess!

  5. stefureac24 Says:
    June 13th, 2014 at 09:59 pm

    Yeah that is definitely a good rule too!

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