The sooner you start taking your finances seriously, the more you set yourself up for success: seriously. Here are fifteen financial tips for young adults just beginning to blossom in the money world.
1. Learn as Much as You Can
Many schools won’t teach you enough about personal finance; it’s up to you to do your research. Arm yourself with enough knowledge about money that you feel confident managing yours.
2. Set Up Your Emergency Fund
Emergency funds are fantastic for future-proofing your very unforeseen future. Having even a small one will help give you peace of mind.
3. Budget
It doesn’t matter how much you make: keep track of your expenses — all of them. You can notice trends and adjust your spending to make your life much easier.
4. Exercise Self-Control
Make it a point to pay with cash or debit card whenever possible. Credit cards aren’t necessarily bad and can help you build a better credit score. But practicing patience with your finances now will prevent you from spending money you don’t have.
5. Save for Retirement Now
Yesterday was the best time to start saving for retirement; today is the second best. The amount of interest you’ll earn for your retirement fund is pretty bonkers, especially if you start them when you’re young.
6. Get Good Health Insurance
You might feel invincible, but once you see one hospital bill, you’ll kick yourself for not having good enough health insurance.
7. Set Long Term and Short Term Financial Goals
Without clear-cut goals, you might wander through life, spending money on whatever you want. Make your goals realistic but not too simple so you can motivate yourself to reach your true potential.
8. Pay Off Debt on Time
Paying off your debt is essential, but doing it on time or early is part of maintaining a healthy credit score.
9. Understand Your Taxes
Everyone deals with taxes. It’s an expense you’ll pay for the rest of your life, so taking some time to understand how your taxes work is essential to financial independence.
10. Partner With a Financial Advisor
If you feel overwhelmed by finances, you can outsource it to a financial planner. They have enough expertise to guide you through any situation. It’s unnecessary for everyone, but it could be a wise investment if you have unique or challenging circumstances.
11. Separate Needs and Wants
The only way to save enough for your financial goals is to reign in your spending. Learn early on what expenses are necessary, which are luxury, and where you’re willing to compromise.
12. Use an App
Many personal finance apps are fantastic at giving you a user-friendly way to control your finances, budget, and even invest!
13. Protect Yourself
Other types of insurance, like renter’s or life insurance, are excellent to protect what matters most. Not having either can be costly and derail your financial goals.
14. Build Credit
We mention spending with cash and debit when you can, but that doesn’t mean you can’t still use credit when appropriate. You’ll also build credit when you pay your other bills on time, so keep that in mind.
15. Set up a General Savings Account
Unlike your emergency fund, a savings account can help you meet specific financial or life goals over time, like buying a car or going on your dream vacation.
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