July 4, 2022

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Adulting 101: What to do in your 20s to set yourself up for financial success – CNBC

"Adulting" is hard. Budgeting can be harder.As a young adult just starting to live independently, it.......

“Adulting” is hard. Budgeting can be harder.

As a young adult just starting to live independently, it’s easy to make financial decisions, like racking up credit card debt or not saving enough, that come back to haunt you in the long run.

To help young adults in need of a crash course in “adulting,” TODAY is launching a new series, “How to Adult…” where younger viewers can get advice about various relevant topics. To start the series, Sharon Epperson, CNBC’s senior personal finance correspondent, shared her best advice about creating a budget, building credit, and getting your finances in shape.

Making your first budget

Epperson recommends that anyone who is just starting out make a budget and do everything they can to track their spending so they can develop healthy money habits and learn how to successfully manage their finances.

1. Stop using cash

Epperson recommends that for at least three months, you stop using cash or mobile payment apps like Venmo and Zelle. Instead, put all your purchases on a debit card or no-fee credit card, so you can record your spending by looking at your statements.

Debit cards ensure you’ll only spend the money you have at the time, but a credit card offers better fraud protection, so determine what’s most important from you and start using that. If you do use a credit card, make sure you pay your balance in full each month to avoid paying interest charges.

2. Make a physical budget

After you’ve figured out where you’re spending, print out a budget worksheet online or download one — there are plenty of free options! List out all of your expenses …….

Source: https://www.cnbc.com/2021/10/26/adulting-101-what-to-do-in-your-20s-to-set-yourself-up-for-financial-success.html