As a young adult, you are probably carefree. You are enjoying yourself while still on a path to self-discovery. It’s a great moment in your life where you can explore the world, get to know yourself, and start making adult decisions. One of those decisions has to do with your finances. If you are trying to get your finances together or thinking about them, here are a few financial tips for young adults.
Start Slow
As a young adult, you are going to want to spend, spend, spend. That’s ok if you have the money. But if you’re low on funds, don’t go crazy. Stick with a debit card. It’s easier to track money that’s yours. Avoid credit cards unless you are financially sound and have a good financial mindset! Credit cards are attractive to young adults because higher credit limits mean more opportunities to shop and fund your life. What people forget is that you have to repay what you spend, and failure to repay will damage your credit score.
Save
The idea of saving money right now is probably foreign and unwanted, but it’s something that you should do. Even if you’re saving $20 a month, it’s still something. Everyone needs a rainy day fund because unexpected things happen to us every day. Aside from saving for a rainy day, you should save your future as well. Open up a high-yield savings account, or a small investment account that you can access in the distant future. These funds can be used for a future home or car purchase or accessed at retirement.
Educate Yourself
Don’t take advice from people with bad financial habits. Instead, educate yourself. There are numerous books you can read, financial social media pages you can follow, and videos you can view. Take advantage of what is available to you because good financial education means a good relationship with money matters in the future.
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Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off-the-beaten-path destinations, shopping, couponing, and saving.
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