Making the Most of Your Money

For my 15th birthday, I secretly hoped my mom would buy me eyeliner. Instead I opened a gift bag to find a checkbook from my parents. Just what every teenager wants -- a tutorial on why I would now need to reconcile my checks in Quicken every month. I tried to hide my disappointment as my parents explained this would teach me about managing money, but I was a teenage girl and just wanted to experiment with make-up.

A few years later when I went to college, my dad (an accountant, in case you hadn't guessed), said I needed to establish my credit, so I got my first credit card. I was too scared to use it after hearing horror stories of students who went into massive credit card debt when they started college. The credit card sat quietly in my purse a few months until I finally gathered up the nerve charge a few dollars at Target.

It wasn't until I landed my first job in New York City that I started realizing the money management skills my parents had been trying to instill in me were going to be important. The excitement of the new job wore off as soon as my dad whipped up a spreadsheet outlining my budget. Taking into account the costs associated with moving to a new city with such a high cost of living, plus rent, food and bills, I realized I'd have just $31 left over each month for things like going out to eat, seeing a movie or buying clothes.

I was able to get by on a limited budget thanks to careful planning, the New York Public Library and care packages from home, but I realize not everyone is as lucky. Being financially savvy is a skill that's especially important for women, who have an average of eight jobs during their careers and are often the CFOs of their households. Even if you never learned to balance a checkbook, it's never too late to start getting your financial life in order.

If you have questions about organizing your finances, join us
TODAY in Connect: Professional Women's Network
when Linda Descano, Managing Director and Head of Content and Social at Citi,
will be answering your questions!

With tax season in full swing and money on the minds of many people, we thought it was the perfect time to talk about financial spring cleaning, and Linda's just the right person to answer your questions. In addition to serving as the Managing Director and Head of Content and Social at Citi, Linda is also President and CEO of Women & Co., Citi’s digital publisher of financial lifestyle content, and was selected as one of GoBankingRates.com’s Most Popular Personal Finance Experts of 2013.

If you have questions about organizing your finances, simple ways to save for retirement, setting financial goals or talking to kids about money, I hope you'll join us on Wednesday. In the meantime, here's our Q&A with Linda:

LINKEDIN: What are the most important things to keep in mind when setting financial goals?
LINDA: The six most important things to keep in mind when setting goals of any type, including financial ones, are:

1. Focus is essential. Set goals that relate to the top two to three priorities in your life.
2. Your goals should be SMART, i.e., specific, measurable, attainable, relevant and time-bound.
3. Each goal should have an action plan so you can plan your progress.
4. Monitor your progress. Over time you will see patterns in how and where you use your money, which can help you make smarter choices going forward.
5. Be flexible. Your priorities and goals will likely change as your life changes, so be prepared to course-correct.
6. Remember, a positive outlook can make all the difference.

LINKEDIN: What’s the best piece of financial advice you’ve received?
LINDA: I’ve received so many great pieces of financial advice over the years from family, friends and Citi’s Women & Co. readers. Three stand out: 1) Live within your means, not your credit limit. 2) Always protect the downside, which came from Jud Linville, CEO of Citi Cards. 3) Stuff is just stuff; use your money to create experiences, which came from Caryn Effron, founder of GoGirlFinance.com.

Readers: What financial advice has been the most useful to you?

Photo: Syda Productions/Shutterstock