By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.
Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost.
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When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.
Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.
One way to save money is to identify and cut down on recurring expenses that don’t add value to your life. A good rule of thumb is to cancel if it is something you might want to use “someday.”
Even if the recurring expense offers you value, you can investigate how you can reduce it without sacrificing comfort in your daily life.
You should automate what you can so you don’t have to keep off the discipline to do those things.
Automating aspects of your personal finance can afford you more time and mental capacity to focus on other aspects of life.
Frugality cannot be the sole cornerstone of our personal finance strategy.
Because we can’t save more than what we earn and saving by itself leads to losses, due to inflation devaluing your money.
First manage the money you do have, then use your money to generate more money. You don't need to think about investing until you're out of debt and have multiple ways of generating income.
You should have a savings account, but your money is depreciating if that’s your only investment - average savings don’t yield more than inflation.
Real estate, peer-to-peer lending, exchange traded funds (etfs) and stocks are examples of common investments. Crypt occurrences are also an alternative although risky.
Your future self might have more income, but it’s also fairly likely that your future self might have less income and you’ll find yourself in a really bad situation.
Even if your future self is doing well, there are probably going to be other big expenses that you’ll want to deal with at that time, like buying a house.