Whether your parents were good with money or they struggled to keep a roof over your head, chances are there are some money lessons they didn’t teach you.
Even worse, you might have been taught all the wrong things to do with money. No matter what money lessons you were taught, you can learn (or unlearn) how to handle money.
Make it your goal to live on 80% of your income. Maybe you can’t afford to live on 80%. In that case live on 90% or 95%. Do your best to get your income over your expenses every month and start growing your wealth.
When you give yourself an allowance, you know how much money you have each month to use however you want. This will prevent you from treating yourself every time something catches your eye.
A smart money move is using a rewards credit card to make your essential purchases, as well as your big purchases. This may seem like radically different advice from what you were taught growing up.