MANAGING YOUR MONEY 101 It is not easy to manage money, but this is a very important part of becoming an independent adult. When you start your first job (which will probably be a part-time job), you will be expected to take on some of the financial responsibilities for your own care that were previously met by your parents or guardians. Perhaps you will have to buy your own clothes. “You will have to learn to live within your means, which means, spending no more that you earn, or not buying things for which you cannot pay” (Krammer and Petrie 154). If you are to be successful in living within your means, you must have a plan for spending. People who do not plan often end up in trouble with credit accounts. College students are particularly at risk of overdoing it with credit if they use the many unsolicited credit cards that come to them in the mail almost as soon as they check into the dormitory. Jones tells parents to be sure that their college-age students leave for college with a sensible spending plan and lessons on how to use credit (29). In order to have a realistic spending plan, you need to think about your plan – both long-range and short-range. If you want to purchase a house, for example, you will need to begin saving money for a down payment. One of the most important things you can do is to think of saving as you think of paying your bills – something you do every month without fail. In fact, you should think of savings as a bill you pay yourself. You may be one of the many people who are always planning to save but are constantly confronted with other ways of spending money earmarked for savings. Certainly, saving requires discipline. (Porter 163) Single adults and families with young children should consider saving money for the future or providing for emergencies by investing in insurance (Topolnicki 45). Income-protection insurance will provide income for the single person or young family in case the breadwinner is unable to work. There is homeowner’s insurance to cover unexpected losses of property. Car insurance is also a must. For many people, the purchase of insurance is a good way to save