As children, one of the most critical things we are taught is to be literate. Many of us are also taught basic survival skills, such as cooking and household chores. But how many of us are taught the basics of money management and finance? These topics may seem complex in nature, but in reality, they form the foundation of our daily lives. Right from purchasing college textbooks, to paying your first rent, money is intrinsically woven into many of the things we do.
Financial literacy in young adults should not be taken for granted, even if they’re starting late. Whether you’re starting college or your first job– taking control of your finances early can set you up for major success. To add, young adults who are cognizant of their financial habits are hopefully more likely to pass them on to their future generations.
Here are tips and hacks young adults should be aware of to manage their money better.
Self-Reflect On Your Expenses
It’s easy to trigger happiness on shopping websites. Something is on sale, your debit card is already linked to your account, and voila with a simple click of a button you’ve ordered something straight to your doorstep. Yet, how many of us think how this seamless purchase fits into our larger budget? Do we consider how much we spend online versus how much we may be earning each month?
When managing your own money, it is first important to be honest with yourself. If you’re a newly working professional taking stock of your income, your expenses, and (potentially) debts is a good starting point. College students and even teenagers can compare what their expenses are versus their allowances. This will give …….