For starters, Manisha recommends checking out the wealth of information here on GoGirlFinance.com to get educated about money (in fact, check the links at the bottom of his post to read some of our latest posts on this very topic).
How to budget without feeling restricted.
Budgeting isn’t sexy and Manisha recognizes that it’s also important to not feel deprived when you’re trying to manage and pay down your debt. One tactic she suggests is using an “hourly rate” test to determine if an expense (or a splurge!) is worth it. For example, if you can make $15 an hour and want to buy something for $150, do the math. Is the item worth ten hours of your work? Do you want it “ten hours bad”?
Discipline, not just the lottery, can make you a millionaire!
As you probably know 401Ks and IRAs accounts have special tax benefits that can hep you save for retirement. Here’s the exciting part – if you are 25 and save $5,000 each year in one of these tax-deferred vehicles, earning an average 7% return per year, by 65 you will be a millionaire. Yes, really!
For more tips from Manisha and Chelsea, check out the full episode here.
Also check out these posts from GoGirl Finance on paying down your student loans.