The way young adults can become better savers is to control their spending habits on what they need and not what they want. If you start at an early age, a person can begin great habits of budgeting, saving and investing to manage expenses to increase their available income for future goals.
A financial education is crucial for young adults to learn basic financial principals when planning for; college or career goals. The challenges young adults may face are the cost of college, credit card debt, not saving enough money and understanding retirement goals early.
The ABC’s of understanding savings, investing and credit is the beginning opportunity for young adults to build a strong clear strategy in succeeding our goals as we prepare for college, careers and goals for our future. In the next 5 years, I will plan out my college expenses, start looking for scholarships, become a diligent saver and look for a job to increase my savings power.
It pays to be smart with your money at an early age. A person should have a budget and keep good financial records when goal setting. As young adults we need to learn the Power of Time to understand interest rates and inflation stay away from bad credit also learn the terms and conditions of managing good credit.
The financial decisions we make today are important in building a solid foundation for our future. I know that having a financial education will help me avoid making bad financial decisions for the rest of my life, and prepare me for challenges to secure my future.