Money Tips for Young Adults

Money Tips for Young Adults

What is the Money Date? A weekly time to check in. 3 things we review and update: 
1. Spending
 2. Earning
 3. Savings

In this week’s Money Date, Anna reviews tips for young adults.

Create a budget & start an emergency reserve (Curveball Account)
Live cheaply. Know where your income is coming from and where your expenses are going.
Setting up a Curveball Account is a must. 3 to 6 month of living expenses is a good baseline for an emergency fund.

Break up with debts
Debt is the reality of most young people today. It’s unreal how many graduates come out of college with huge debts. Your number one focus should be to get rid of college debt, or any other debt, as fast as possible. You don’t want to be bogged-down by still paying your debts off in your 30s, if possible.

Do your numbers
Figure out how much debt you have? How fast can you pay it off? By now you have a budget in place, which will allows you to understand what your basic needs are. Most of your discretionary money should be spent paying down your debt. Focus on paying higher interest rate balance first. Adding additional dollars, beyond what you pay monthly will save money on interest paid over time and speed up paying off the debts.

Begin building credit
This will help you establish a track record of making payments on time for when you want to buy bigger ticket items like a first home.

Pay yourself first
This simple, yet very powerful concept of Paying Yourself First is something you need to drill into your head! There is no other way to succeed. Once you make more money, there will be lots of temptations. Look around and explore how successful people treat their money.


Anna Sergunina
Anna Sergunina

I'm Anna Sergunina, CFP®, President & CEO at MainStreet Financial Planning, Inc. My passion lies in serving others through financial planning, helping clients achieve their dreams like buying a home, saving for education, or retiring early. With over two decades in the industry and a CFP designation since 2009, I'm dedicated to excellence and continuous growth. Beyond work, I cherish moments with my son Liam, prioritize self-care, and engage in content creation for my Money Boss Parent Podcast and Money Library blog.

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