Wednesday, June 11, 2014

Good Habits for the Young Adult

Too many people today don't seem to have a good grasp on how to manage their money. They fall into debt at an early age and can't easily get ahead, or simply stay on track. I think the key to staying on our feet financially as young people comes down to a few little rules. If we start forming good habits at an early age, as we get older, those habits are a natural way of life. There are three simple steps you can take to build good, life-long, money-managing habits.

Save save save. I can't emphasize that enough. You need to form a habit of saving money. If you don't already have a savings account, open one today (click here to find out more about credit union accounts with MCCU). Don't waste time, just start saving. Whenever you have money that wasn't used to pay your bills or buy food, put it in your savings account. Or just save $20 a week or anything you can. A simple way to help you save is to have your paychecks directly deposited into your bank account. The more you save now, the more you'll have later!

Work hard.
Have you ever heard that saying “A little hard work never hurt anyone”? Well, it's mostly true, especially when it comes to your savings account. If you don't work, you won't have money. A good work ethic is admirable to employers and will get you far in life. Make a habit of working hard. Get two jobs, work weekends, do what it takes to earn the money you need. If you are willing and able to put in the effort to make more money then do it! 

This is so important, whether you are just scraping up enough to pay your bills or if you already have a lot of money. Figure out how much money you bring in every month and track where you are spending that money. Then make a list of financial priorities. What needs to be payed first, second and so on. List your necessities, not the things you just want to buy. Know where your money is going and give yourself reasonable limits where needed. Spend wisely.

These are just a few basic steps to take. There is so much more you can do to help you manage your money, and some things work better than others for different people. But this can be a start for you. If you needed that bit of encouragement to get you going, hopefully this was it. 

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