Kimberly M. – Schurr High School

One’s parents have probably told you many times to save your money or to not spend it on useless things, but yet you do not listen. As a young adult speaking, it is never too early to think about your future financially. Young adults should invest time into becoming better money savers. It may seem to one like it is too ahead of having a plan. But, it will help one to have a better plan for their future, make wise spending, and decrease extensive spending. They can also try on remaining debt-free; in the long run it will eventually come in handy. Of course, it is easy for one to spend money excessively and pay it in small payments later. However, interest rates do go up and being debt-free one would be less stressed more money, and financial freedom.

Setting short-term and long-term goals will help as a first step on saving money one needs to realize how and where you are spending most of one’s money. This can help control your spending habits. There are apps that track your spending such as Mint or Wally that can help budget yourself. One will learn how to spend one’s money wisely. Investing your money as of now will benefit one to use later on. One way use thus money for emergencies or for retirement. Jude Bourdreaux concludes to prepare for the future and save instead of living in the present and enjoy your earnings now in his article “5 Secrets to saving for the Future While Enjoying Life Now”.

Although it might be easy to obtain credit cards, it can be difficult to keep them in excellent standing. Having too many credit cards may lead to debt. Adding to that, one should not take out multiple student loans because in the long run, one will also have to worry about your everyday living expenses. Another recommendation to young adults to remain debt-free is to pay things on time. This will help establish a pleasing credit. In the article “The Top 10 Tips for Debt-Free Living” by Gaye Levy, suggests that we should “Avoid the temptation to buy stuff when money is short.” He also asserts to not buy things on credit so you can resist the urge to accumulate more debt.

Saving early at a young age will help one be ready for financial needs. Do not wait to save and invest. It may seem hard right now but putting aside a few dollars a week adds up and can help you in case of an emergency. From experience, I did not take “saving up” serious until I realized that I need to start providing for myself because I cannot be relying on my mom. Before purchasing anything, I ask myself, ”do I really need this or do I just want it?” Also, having a plan as a family will also help young adults see how any little penny counts. Attending a Nuvision Credit Union’s financial workshop explains thoroughly on saving money, gives you information on inflation, and ways on having an excellent credit score. I concluded that it is never too early or too late to prepare yourself for your future financial needs.