Financial concerns are even greater among young people who find themselves juggling a budget, often without transition or training. It is best to approach the topic methodically.
Question your relationship with money
Start by thinking… about yourself. Even at 20 years old, the page is not blank, your “euro history” marks your behavior without you always being aware of it. Clinical psychologist Béatrice Copper-Royer advises trying to understand What has been your relationship with money so far? “How did you spend your pocket money? Did you mind working odd jobs to earn your own money? Do we talk about money at home? Was this a daily concern? Young people are imbued with their parents’ relationship with money. »
Sometimes you have to bring up old stories. “Adults talk to me in psychotherapy about their grandfather’s bankruptcy, the behavior it induced”illustrates this specialist in childhood and adolescence.
Set your budget
Another essential: set your budget – list your resources and fixed expenses, to calculate what you can spend in your daily life and save. “Tools can help, such as our free BGV app [budget grande vitesse] “, explains Julie Perrin, head of financial education at Crésus.
Marguerite Collignan, director of financial education at the Bank of France, recommends separating mandatory expenses from optional ones (she recommends, for example, the free Pilote Budget app). “And it’s better to set an annualized budget and then divide it by twelve, you can miss something over the course of a month.” she emphasizes. “Having a variable expense account can help control them, you know the budget available for purchases, outings…”adds Héloïse Bolle, wealth management advisor and founder of Oseille et company.
Make sure you haven’t forgotten to ask for help. “Few know that the activity bonus and the Popular Savings Account exist. However, when you start out professionally, you can often benefit from it.” quote Mme Perrin, specifying that «BGV lists the aid to which you are entitled. »
understand the concepts
To approach your financial life and investments, you need to understand a few key concepts. There is the power of compound interest: money invested produces interest, which in turn will produce interest. The price of the overdraft, even authorized. Credit: its cost, its risks, but also the leverage it can offer. And the role of insurance. “Many young people tell us that they travel without it; The financial consequences can be serious. More generally, you need to understand the concept of public liability and what your mutual and home insurance covers. M detailsme Perrin.
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