The period after high school can be a hard time. Most schools do not teach young adults enough about personal finance. I think there should be a class in high school teaching students how to write a check, pay bills, buy a house, pay for college and so on. Hopefully one day it is a requirement for all schools![no_toc]
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Below are some great personal finance tips for young adults:
Learn everything you can about credit cards.
So many people do not fully understand credit cards. Before you even think about using one, you need to understand what your interest rate is and what that means to you, how a credit card affects your credit score and so on.
If you are bad at using credit cards, then you might want to think about getting rid of yours altogether or keeping it at home and out of your mind.
Get a part-time or a full-time job.
Depending on the amount of time that you have free, get a JOB! It can be a great way to add to your resume, add to your network, make friends, and of course make some money.
No one will remember your clothes.
Yes, dressing stylish and cute can be great. I like clothes just as much as the next person. However, you don't need to spend your whole paycheck and add to your credit card debt for that next new outfit. Be realistic with your clothing needs.
Have a budget.
I don't know why more young people don't have budgets. Budgets are so important and can help you control your spending better.
Read: Creating a Budget.
Don't take out more student loans than you need.
I have heard of many people taking out the full amount in student loans just because they could. NO! Don't do that! Only take out what you need. Taking out just an extra $1,000 each semester adds up quickly.
What personal finance tips would you give to a young adult?
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