Debit Cards V Credit Cards
When you’re under 18, you’re lucky! You can’t get into trouble with credit cards as you are under the legal age! But a lot of young people are encouraged to get credit cards when they turn 18! Beware as misuse of a credit card is one of the easiest ways to get into debt.
Let’s first look at the differences between the two. A debit card gives you access to your own money, so you are limited to withdraw or spend only as much as is in your account. When you turn 18...
Aim for the Goals
All successful sporting teams have a game plan that they stick to. Your money is no different…if you want to make every hard-earned dollar a winner, you'll need your own financial game plan.
And in order to plan you first have to know what you want to achieve, and that means setting some goals. Just like the goal posts to a footy player, financial goals are the things you are aiming for, now that you have some money.
You could probably come up with dozens of things you'd like to do, like buying concert tickets, a new car, some Macca's on the way home from the game, a trip overseas or even those jeans you've had your eye on for ages.
Unfortunately you're likely to find you have more goals than money, which means you can't have everything straight away…and that makes you just the same as almost every other person on the planet!
So there's going to have to be some prioritising – that is, a bit of picking and choosing (damn!) and even sacrificing (ouch!) in putting your financial game plan together. Prioritising is simply ranking your goals in order of their importance.
And to figure out what's important, you have to know the difference between needs and wants.
