Young Adult Tips - Good Financial Practices

Young Adult Tips - Good Financial Practices

It’s getting harder and harder to find practical resources for basic financial management if you’re a young adult headed towards independence. We’re here for you. Here’s a short breakdown of what you should focus on so you have a fantastic head start among some of your peers:

Control Your Financial Life

If you don’t learn to manage your own money, other people will find ways to mismanage it for you. Some of these people may be ill-intentioned, but others will be well-meaning - like a relative - who wants you to own a house before you’re ready! Get acquainted with managing a checking account first; later, we can help you learn about credit, why it’s important, how to manage it, and how to get started. Start here! Budgeting a well-balanced budget is the key that starts the engine of your financial well-being! Never spend more than you can afford, and always leave room for both savings and unexpected expenses. If you’d like, we can help you get started! You can also check this resource for more.

Save

This is the easiest way to save money: pay yourself first. What does that mean? It means before you budget for bills or even tithing, you need to put money away for yourself. Have you ever been on an airplane? If so, you’ll know that airline stewards always recommend that, in the case of an emergency, you place an oxygen mask over your own face before helping others - even your own family! Why? It’s simple: if you can’t help yourself, you will be unable to help others. Saving is not selfish: it is planning. The more you save, the more you have to give. If you’re employed and have direct deposit, apply a chunk of your paycheck to your Savings Account before anything else. Here’s a great article from Nerdwallet to guide you!

As always, if you have any questions, talk to your parents. Of course, you can always talk to us too! Just call 888-815-6571.