Money management skills are vital as you start earning. It's about budgeting, tracking expenses, and, most importantly, it's about discipline. With careful planning and disciplined habits, you can achieve financial independence. The YOLO mindset, or the attitude of 'You only live once', can spell a disaster to your financial goals. Therefore, the responsible use of money is the only way to achieve financial security.

Also Read: Mastering Money: Seven Financial Concepts Every Young Adult Must Know

Here are some proverbs that one should apply in their money management

“A Fool And His Money Are Soon Departed”

It means that if you spend foolishly, you may end up with no money. For the frivolous use of money, Gen Z has coined the term retail therapy, which means shopping for the joy of it. However, this two-minute dopamine rush can lead to exhausting all your money. Spending as if there is no tomorrow for shopping to be done is not a good way to manage money. Planning your expenses and budgeting are critical to financial success.

“A Rich Man Is Nothing But A Poor Man With Money”

Material wealth or the ability to afford luxury does not make someone rich. Having money does not mean its only use is to spend it. A poor man thinks of what he should buy next, but a rich man thinks about what he should buy that will make him more money. Understanding money is more important than having it.

“Never Spend Money Before You Have Earned It”

Financial responsibility comes from knowing yourself, your needs and wants, and, most importantly, learning to distinguish needs from wants. Spending more than you have may land you in debt. Spending according to your income will help you acquire financial discipline.

“An Investment In Knowledge Pays The Best Interest”

Knowledge is power; if you know a field, be it investing, cooking, marketing, etc., it is an asset that will earn you results and will never depreciate but will always yield results.

“You Can Be Young Without Money But You Can’t Be Old Without It”

We are all born without money and work our way to it; everyone has different challenges. One may be born with money while one fights to keep it. At a young age, our parents financially support us while we get a job and start earning, but a few bad financial decisions can make you lose it, which means that your old age will be difficult. Financial planning, as well as retirement planning, is vital for comfortable old age.

“Spending Is Quick, Earning is Slow”

It takes an average person with average skills a month to earn Rs. 30,000, but it takes 1 hour to spend it. Think about your expenses. Ask yourself, Do I really need it? Can it wait? Is it in my budget? And compare from different sources before making a purchase.

“Interest on Debt Grows Without Rain”

Plants, seeds and trees need a proper environment to thrive, such as rain. But debt grows in a vacuum; if you take a debt for any reason, be it a house, education, or phone, the interest on your debt will accumulate and might cause a vicious circle, making it impossible to become debt-free.