Financial Tips Every Young Adult Needs to Know
Young adults graduate from high school and college with a number of important and valuable skills. Unfortunately, money management typically isn’t one of them. The good news is that it doesn’t take a degree or even very much effort to take control of your personal finances. If you want to do a better job managing your money, your O’Fallon credit union can help. These tips can also help you get started in the right direction.
Set a Realistic Budget
One of the most fundamental rules of personal finance is to make sure your expenses aren’t exceeding your income. The best way to do this is by budgeting. Setting a budget will allow you to see exactly where your money is going so you can find areas to cut back or eliminate so you can put more money aside each month.
Put Money Aside for an Emergency
Speaking of putting money aside, another key to good personal finance is to pay yourself first. No matter how much you owe in credit card debt or student loans, you can find some amount of money in your budget to save in an emergency fund each month. Having money set aside for an emergency will help you sleep better at night and can also help you avoid serious financial trouble later on.
Start Saving for Retirement Early
You’re never too young to start planning for retirement. The sooner you get serious (and aggressive) about saving for retirement, the more you’ll have later on in life to enjoy during your golden years. Take advantage of any company-sponsored retirement plans you have access to, especially those that match part or all of your contributions.
Everyone here at GCS Credit Union is committed to your success, which is why we offer all of the tools, products, services, and resources for you to take control of your financial future. Visit a branch in O’Fallon or call us at (618) 219-7091 to learn about the benefits of becoming a member at GCS Credit Union.