LIFE

I know a girl named Rose who, from the age of 12, invested 10 cents from every dollar she made or was given into the stock market, A decade later, Rose has more than $100,000 stocked away (and, for context, the majority of Americans have less than $5,000 in savings).

Rose is a perfect example of why it's *so* important to be smart about money. While most girls her age are stressing about student loans and still living at home, Rose travels, bought herself a car and has her own apartment.

We agree money can't buy happiness. But it *can* afford you the kind of freedom, flexibility and opportunities that will make you smile—if you learn to treat your cash with love and respect now. So how do you do that? By making these goals your 2020 financial resolutions.

Goal 1: Only pay what you owe. 

You know the drill: Your crew is out for dinner and you order salad and a water while everyone else loads up on appetizers and gourmet iced tea. When it's time to pay, everyone splits the check evenly...even though you owe way less. Next time ask for separate checks before you order or download the Tab app (free, iOS) to easily see who owes what. And if that raises eyebrows, simply explain you've decided to start investing and you're just being really careful about your spending. Real friends will understand.

Goal 2: Learn a little responsibility.

Hooray! You've finally saved enough for a new iPhone 11. And not a moment too soon, because you lost your iPhone 10...and your 9, for that matter. Sure, things can be replaced, but not for free—and when you're careless, it's like throwing away cash. By keeping better tabs on your stuff, you won't have to use your hard-earned bucks to replace them. Lip glosses, sunglasses, water flasks...it all adds up.

Goal 3: Stop being the bank of BFF.

Of course, you're the kind of girl who will spot a friend in a pinch. But if doling out dollars becomes a regular thing, speak up. If you feel awkward confronting your girls, bring minimal cash with you the next time you all go out. That way, you can skip the, "can I borrow a couple bucks?" completely.

Goal 4: Find a money mentor.

Chat up your neighbor who works at the bank about getting a better interest rate. Quiz your stockbroker cousin about the best companies to invest in. There are lots of folks out there who'd be happy to show you the ropes of managing moolah. 

Goal 5: Score some experience.

Getting savvy doesn't mean just handling your own money. Offer to prepare the budget for the yearbook, spearhead a fundraising effort for the cheer squad or help Grandpa balance his checkbook. The more experience you get, the better you'll be at managing your own funds.

Goal 6: Get paid what you're worth.

The family you babysit is asking you to cook dinner, plus straighten up after the tots tear the house to bits *and* take Buddy for a walk. You don't mind, right? Respectfully say, "sure, no problem! But I'd like to discuss a raise in my hourly rate when you need me to perform additional duties. How does an extra $5 an hour sound?" You deserve it.

How do you plan to manage money this year? Comment below!

by Luna Jaffe | 1/16/2020