This Week's Money Talking Points:
How Can Tracking Your Expenses Help You Get Started?
If you're just starting out on your financial journey, tracking your expenses is the best first step you can take — hands down. Before you even think about building a budget, just pay attention to where your money is going. You don’t need fancy spreadsheets or a complicated app. Just log what you spend and where. When I first started doing this back in high school, it was a game-changer. I realized I was spending a ton of money eating out, and once I saw that number in front of me, it was so much easier to say, “Hey, maybe I don’t need another Taco Bell run this week.” It even sparked better conversations with my friends — we were all overspending in the same ways and didn’t even realize it!
Tracking your spending gives you data to work with — and that data gives you power. You’ll be able to make decisions with clarity instead of guilt, and you'll find areas where small changes can make a big impact. Maybe you’ve got subscriptions you forgot about or you’re spending $100 a month on drinks without even noticing. Just seeing it all in one place is often enough to motivate real change. If you’ve been afraid of budgeting or don’t know where to start, just track your expenses for two weeks. That alone will tell you a lot.
What’s Something You Wish You Had Been Taught in School?
For me, it’s investing and taxes — and I know I’m not alone in that. In school, we did this assignment where we picked a few random stocks to “track” for a couple of weeks. And while it sounded educational, I didn’t actually learn how to invest, what risk was, or how compound interest works. I just picked Apple stock because I liked my iPhone. That’s not investing — that’s guessing. I really wish school had taught us about things like index funds, dollar-cost averaging, and long-term strategies instead of assuming stock picking was the only way.
And taxes? Forget about it. I never learned how to file, what deductions are, or even how side hustles affect your tax bill. That’s such a missed opportunity. Most of us have to pay taxes every single year — why aren’t we given the tools to understand them early? These are basic life skills that affect everyone, no matter your income level. Learning them earlier would’ve helped me feel way more confident and less overwhelmed when I started earning money.
How Can You Avoid the Early Dangers of Finance?
Let’s talk about those early traps — the ones that sneak up on you when you’re just starting out. Credit card debt is a big one. If you’re new to managing money, it’s way too easy to swipe a card and figure you’ll deal with it later. The problem is that it comes with 22% interest. One of the biggest myths I’ve had to bust for people is that you don’t need to carry a balance to build credit. That’s a lie. Pay off your statement balance in full every month and you’ll avoid interest while still building a great credit score. Use your credit card like a debit card and you’ll stay ahead.
Beyond credit cards, the other big danger is lifestyle inflation — buying things just because you can, not because you should. That first paycheck feels exciting, but if you jump straight to a new car or expensive apartment, you’ll stretch yourself thin. You’ve got to be intentional. Know what you're spending, live below your means, and make sure every dollar has a purpose. The earlier you start building good habits, the easier it is to stay in control and avoid financial stress down the road. Trust me, you’ll thank yourself later.
This week's Money Buddy
Rob Finlay is a Wall Street Journal bestselling author, seasoned entrepreneur, renowned speaker, and father of four. He is a successful entrepreneur and commercial real estate investor. When Rob is not at his day job, he is passionate about agriculture, exploring new practices and sustainable methods to enhance environmental stewardship in farming. He recently released a book titled “Hey Dad…"
Enjoy your week and get out there and have a money talk!
