Financial Guidance: The financial tools young adults need

There are many new activities and responsibilities that as a young adult you will be experiencing for the first time. It can become quite overwhelming and your goal should be to minimize the actions you need to take and automate as much of your life as possible. For the financial aspects of your new life, there are several tools that can help you accomplish these goals and help you minimize the problems that could occur. 

  • As you start out in life, having a budget or spending plan is a great idea to help you make smarter financial decisions. There are many budgeting apps that can help you create a workable budget very easily. 
  • One of the most important tools for keeping aware of your finances is to enroll in alerts for all of your financial accounts. The alerts should include withdrawals, low balance and even due date reminders.
  • Managing your cash or checking account is going to be easiest if you use a mobile banking app. Having easy and instant access to balances, transfers and even paying bills is valuable for day-to-day money management. 
  • If you are diciplined, using a rewards credit card that you pay off monthly will provide two important benefits. First, you will earnch cash on all your purchases. Secondly, you will build your credit score which will help you lower the cost of any loans you obtain.
  • Developing a savings habit so that you can build an emergency fund is important for short and long term financial stability. Setting up automatic transfers or having a portion of your check direct deposited to savings is a great way to make sure you are always building this fund. 
  • Everyone is going to make a mistake or have a low balance from time to time. Opening a line of credit to use to cover these times will help you avoid expensive overdraft or NSF fees.


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Financial Readiness

Being financially prepared in times of uncertainty and unexpected expenses can greatly reduce stress and improve your well-being. It's never too late to improve your financial situation. Even during times of reduced spending, there are easy ways to trim your espenses and make good financial decisions. 

 

Helpful blog posts:

Ask for help early and understand your options
Surprising ways To Spend Less
Dividing your spending with the 50-30-20 method
How to make a budget
Money moves to make during these financial times
Work on creating a SIMPLE strategy for financial issues
Tips for Your Next or First Renovation Project 


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