Taking charge of your finances

Metro Manila (CNN Philippines) — Do you know where your paycheck goes? Earning your own money gives you freedom to do more things, but as many working millennials eventually find out, gaining access to their own funds can also be a double-edged sword.

While earning money can open many doors and opportunities, it can also be a major worry for many Filipinos, who counted money as one of their top three sources of stress in a CNN Philippines online poll taken on March 2016.

Learning how to manage finances is an essential skill for working millennials looking to build their future. If you're new to the workforce, here are some spending mistakes you should avoid.

Prioritizing luxuries before needs

Admit it, we all fall prey to this. In an age when a new phone pops up every year, it's tempting to spend on the latest gadget instead of necessities. While it's hard to resist a new purchase when you've got your paycheck at your disposal, it's imperative you learn to prioritize needs before wants so your expenses don't double. Next time you want to make a big purchase, remember to ask yourself if you really need an item before splurging on it.

Failing to keep track of finances

Many go through their paychecks without knowing where their money goes. While it isn't necessary to jot down all your expenses, keeping track of finances is an important way of knowing where you spend your money and what takes up most of your expenses. Knowing what you spend on helps you streamline finances and adjust your budget accordingly. Once you've got an idea of where your pay goes, it's easier to monitor, save or control how you spend it.

Getting a late start on saving 

It's easy to live paycheck to paycheck when you have few bills and responsibilities to pay, but postponing saving until you're older won't help you in the long run. An early start on saving, even with a small amount, will add up through the years, helping discipline your spending habit and accumulate money critical in times of emergencies. Start saving now and your future self will thank you. 

Take control of your finances with Visa 

Learning how to handle finances should come hand in hand with earning. However, as with many things, it's easier said than done. While it may be difficult to get a hang of money management at first, it's all a matter of discipline. With some willpower and self-control, you'll be sure to master it in no time. 

Kicking these bad habits is also made easier with Visa debit cards, which provide a cashless alternative when spending. Having a Visa debit card means you gain 24/7 access to your bank account to pay bills, make purchases, or get cash in the more than 200 countries and territories in the world where Visa is accepted.  

With better access to your bank account, transactions will not only be more convenient, you'll also be able to monitor your spending and gain more control of your finances. Compared to traditional cash payments, Visa Debit payments will help you save time and manage funds better while helping you secure your account.  

Visa's detailed monthly statements let you keep track of all your purchases. You can also gain easier access to your updated balance online through your computer or your phone and update yourself on your finances wherever you are. 

Going cashless also ups security. You'll be confident your hard-earned money is kept safe with Visa Debit cards, which use the state-of-the-art EMV chip technology that protects in-store payments with unique one-time codes for each transaction. This technology is virtually irreplicable in counterfeit cards. Aside from this, Visa's 24-hour monitoring services help prevent, detect, and resolve fraud. 

Moreover, Visa helps you save something even more indispensable than money-time. With access to funds at your fingertips, long ATM lines will be a thing of the past and your next transactions will be a breeze. 

Using Visa is not just about convenience-- it's also about security and taking control of your hard-earned money. That's why for millennials looking to manage transactions in a smarter, easier, and more secure way, Visa is a perfect fit. 

With Visa as your partner, you not save money and time, but also gain some peace of mind. Thanks to automated transactions, Visa helps you gain easy access, monitor, and keep your hard-earned money secure so you can have control over your finances.