Personal Finance Tips for Students and Young Adults

The younger you start knowing how money works, the faster you can achieve financial freedom.

Unfortunately, personal finance is not a required subject in most high schools or colleges. Yet, it is one of the most important and impactful aspects of our lives.

Here are a few finance tips to get you started.

  1. You are in charge. You are responsible for your finances, and you should act accordingly by creating a realistic budget or plan and sticking to it.
  2. Watch Spending. You control your money, determining how you spend or save it. Pace spending and increase savings by cutting unnecessary expenses like eating out or shopping so that your money can last throughout your next semester or pay period.
  3. Use Credit Wisely. Understand the responsibilities and benefits of credit. How you handle your credit now could affect you well after your twenties are over. Shop around for a card that best suits your needs.
  4. Utilize Your Bank Account. Banks are more than money in a vault. They offer valuable services that you can benefit from like check cashing, debit cards, online banking, balance alerts, personal loans, direct deposit, financial education and some offer identity theft protection.
  5. Lookout for Money. There’s a lot of money available for students and young adults, you just have to look for it. Apply for scholarships and look for student discounts.
  6. New is Out. Consider buying used books or ordering them online. Buying books can become expensive and often used books are in as good of shape as new ones.
  7. Entertain on a Budget. Make your “hang out” fund go further. Share the cost with others by having a potluck dinner. Host a movie night instead of going out. Play backyard games or host a watch party for the big game.
  8. Don’t just trust anyone with your money. Be skeptical of classmates, friends or salespeople that have ideas for your money.
  9. Save. Things happen, and it’s important that you are financially prepared when your car or computer breaks down. No matter how small the amount you should start putting some money away immediately.
  10. Ask. This is a learning experience, so if you need help, ask. Your parents or your banker are a good place to start and remember the sooner the better.

Learn About our FREE Smart Start Checking services for teens and young adults – Click Here

Sources:

ABA (American Bankers Association)

Forbes

FDIC Money Smart Program

We are dedicated to providing resources and tools to help people make informed financial decisions. One excellent and FREE resource we provide is the Money Smart education program provided by the FDIC. This is a set of online games designed to help people of all ages build knowledge and confidence in their financial abilities.

Protect Your Mobile Device

Your mobile device provides convenient access to your email, bank and social media accounts. Unfortunately, it can potentially provide the same convenient access for criminals. The American Bankers Association recommends following these tips to keep your information — and your money — safe.
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