For many young adults turning eighteen, money is a main focus of their thoughts. Young adults are thinking about college, or their next career options, these all have to do with money; and being financially stable should be a key point for all young adults. However, not being able to spend money can be a challenge. The best way young adults can become better savers is placing a percentage of money they receive in a saving account so the money can accumulate interest. If every time the young adult was able to put 50% of the money they receive in the correct savings account, by the time they actually need to use the money they will be well endowed.
In addition to young adults becoming better savers and remaining debt-free, is for them to create a money managing system. If they were to create a monthly or weekly plan of their necessities and the cost, then they will be able to budget accordingly. This information was also talked about in the Nuvision workshop, choosing between necessities and wants. There is major difference in spending money on things that you need such as dress clothes or school supplies; rather than spending it on expensive shoes, clothes and jewelry. Having a monthly budget will help young adults stay in their price range. I have personally experienced this, when I received money from my internships I made a monthly budget of the maximum amount of money I could spend per week. Not only did this help me save a lot of money but it also allowed me to become more organized and precise with handling my savings account.
Overall, managing money can be a challenge and will differ in for person to person. However, if young adults create a monthly plan and save as much as they can as soon as possible, they will become better savers and have the best chances of remaining debt-free.