Your Money: Meeting Yourself Where You’re At
In the world of finance, it’s crucial to accept your current situation and work towards improving it. Whether you’re employed, still in school, or actively seeking work, understanding your financial status is the first step towards achieving your monetary goals. Therefore, let’s explore the different scenarios and the financial advice suitable for each.
If You’re Already Working
For those in the workforce, remember that your salary is not a stagnant figure. Regularly asking for raises and diligently keeping track of your accomplishments can greatly benefit your financial status. For example, my colleague, Tara Siegel Bernard, has written extensively about the art of asking for a raise.
Understanding Your Benefits
Your compensation is not just your salary. Benefits such as vacation time, health insurance plans, and retirement savings plans like 401(k) or 403(b) all contribute to your overall compensation. However, if you’re self-employed or in a job lacking benefits, managing taxes can be challenging. Tara’s 2020 guide here offers excellent advice on this topic.
If You’re Still a Student
If you’re a student, it’s essential to understand who’s paying for what. Can you stay on a parent’s health insurance plan? How long can you stay on a family mobile phone plan? What about cars and insurance for them? Asking these questions can help you plan and take responsibility for your financial life.
Managing Your Debts
A majority of college graduates borrow to fund their education. Start tracking your debts and understand the income-driven repayment plans for federal student loans. These plans are more generous than you might think if your income is relatively low.
If You’re Unemployed and Seeking Work
If you’re unemployed, don’t hesitate to apply for unemployment benefits and food stamps. These systems exist to help during these challenging times. If your situation is dire, don’t shy away from asking your community for help. Reach out to them for support, you’ll be surprised at the assistance you might receive.
Your Next Steps
Whether you’re employed, a student, or unemployed, understanding where you’re at financially is the first step. We’re all in this together and there is no shame in asking for help. Got a question about money? Don’t hesitate to ask us here. Let’s take control of our financial future, one step at a time.
