8 Financial Tips for Young Adults

Start right now. The younger you are, the more your savings can grow.

1. Pay With Cash, Not Credit

Exercise patience and self-control with your finances. If you wait and save money for what you need, you will pay with cash or a debit card to deduct money directly from your checking account and avoid using a credit card.

A credit card is a loan that accumulates interest unless you can afford to pay off the balance in full every month. Credit cards can help you build a good credit score but use them for emergencies only.

2. Educate Yourself

Take charge of your financial future and read a few basic books on personal finance. Once armed with knowledge, don’t let anyone take you off track, whether a significant other who encourages you to waste money or friends who plan expensive trips and events you can't afford. Research professionals like financial planners, mortgage lenders, or accountants before utilizing their services.

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