by Bo, January 28, 2014
In a perfect world, learning how to manage your money is something that is either learned at home or it is taught in school. But for millions of Americans, neither happens. So learning how to manage and save money is left up to the individual. Many young adults struggle with the ins and outs of saving money. We thought we would run down some of what we feel are important yet easy money saving tips for young adults to get them on the road to financial freedom that we all wish for, regardless of our age. It is a great place to start your journey.
Top Easy Money Saving Tips for Young Adults
* Start Today – one thing to remember is that no matter how bad you are off financially today, starting a plan of action right now will help you find your way to better days and a fatter savings account in the future.
* Create a specific plan of action – Start your journey by crafting a plan of action for your savings growth. This can include your personal savings, retirement savings and emergency funds. Look ahead 10 years and visualize where you want to be and start crafting how you will make that a reality.
* Save a percent of every check – Even if you get a $10 check from Grandma, make a pact to save at least 15-20% from every source of income. By starting that habit now, it will serve you well in the future.
* Start planning your retirement today – If you want to live well in your retirement age, setting aside money today, either though your work IRA or your own fund, will help you live well later in life.
* Plan and track all expenses and purchases – Get to know how you handle your money. Plan for big purchases by saving money for it and track all of your expenses. Knowledge is power and saving on expenditures can help grow your cash reserves.
* Plan for emergencies - Know that emergencies happen. The sooner you plan for those, the better. Have am emergency slush fund that is easily accessed, yet out of sight. Many recommend 3-6 months of living expenses in it at all times.
* Pay Cash – for some reason it is harder to let go of cash when buying something than it is to scan a card. Pay cash as often as possible so you lessen the amounts you actually spend, which will add more into your savings plan.
Don’t gamble with your future. Start working your plan today and continue to work towards financial freedom in your adult life. You can do it starting with these easy tips.