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How to manage money as a Young Adult

Unfortunately, money matters and personal finance are looked upon as a realm for the grown-up adults. Young adults often don’t look at money and finance with much care as it seems like such a daunting task. However, if you make the right start as an adult, you’ll not only be financially sound but you’ll develop good financial habits.  

Read on to learn about some good money management habits that can help you develop a stronger financial future...



Start Saving Early


I know this is a lot easier said than done but it'll honestly be worth it in the end. No regular job is going to make you rich instantly, and you are likely to spend about everything you earn. It is a wrong notion that only older or those who are retired should save money. A huge tip I have is to get automatic transfers from your bank accounts to savings accounts so that you get less tempted to spend. That means if you face any problems in the future, such as your car needing repairs, then you're able to pay for the repair costs.



Look at your spending habits


It's so important to keep track of how and where you spend your money. Budgeting and small manageable changes can make a massive difference to your expenses. Develop a better understanding of your money and spending habits for better control.



Manage your Taxes Well


Taxes seem like such a daunting thing when you're a young adult so it's important that you understand the tax system and how those taxes work even before you get your first paycheck. Calculate how much money you are left with after meeting your financial goals. There are ways to determine your own payroll taxes and how much goes to taxes out of your gross pay.



Maintain an emergency account


It is essential to have an emergency fund to any certainty in life. It could be related to career, unforeseen expenditures, and health. If you have some spare money, you will feel confident of facing the emergency situation. There are options to get affordable loans in case of an emergency and one good option is loans from cashlady.com. However, this is only a last resort and you definitely should consider other options first.



Have Clear Financial Goals


Be more responsible financially, and one good way is to set some financial goals. Set a timeline as to when you would want to own a home, pay off a loan or start a retirement fund. The financial goals can vary, but if one works towards their agreed-upon objectives, they are inevitably going to see the results.



Avoid using the credit card


Use a credit card only when it is must, and there is no other option. Millions of individuals use credit cards and often end up having severe financial obligations. They are never able to shake off that credit card debt which is known as financial cancer. I definitely wouldn't recommend this to anyone let alone young adults so be careful as you don't want to end up in loads of debt!


Take care of your health and get health Insurance 


If you want to safeguard your hard-earned money, then take good care of your health and get health insurance. Even a few weeks stay at a hospital can leave a significant dent in your wallet. However, you need not worry if you have the health insurance. Unexpected emergencies can crop up anytime, and one can be left scrambling for funds.



* This Post is sponsored.

17 comments

  1. Some fab tips to help save up. I have an emergency credit card which is hidden away for emergency purposes only if anything does happen.

    Heather | x Highland Beauty

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  2. Some great tips! I am always struggling to save money lol - I would like to start seeing my saving account grow, and some of these tips might be helpful! thanks for sharing.

    Forkandveg.com

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  3. Some great tips! I wish I had paid more attention to my money as a teen and young adult!

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  4. Great tips
    I'm 25 and still don't have a grasp on my finances 😥 hopefully this will help! Thanks! 🤣

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  5. Some really good tips here. Its something I definitely need to work on, this will help a lot in the future :)

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  6. Really great tips! I had savings that all went when I moved out and starting to save up again is hard but it’s got to be done! Great post x

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  7. Some nice tips here especially health insurance one and avoiding credit card

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  8. Excellent advice and tips, Lauren. I started saving early in just the way you advocate and it made a huge difference when I had some unexpected bills. Also, I hate to mention it, but starting a pension as early as you can is a good idea too, the earlier you start the less you have to put in but the more you'll have in the long run! Fab post :) x

    Lisa | www.lisasnotebook.com

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  9. Great tips!! Such a handy post to have written

    http://imitationisthegreatestformofflattery.blogspot.com/

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  10. I cannot agree with you more! You have raised some excellent points! And I can only echo Lisa above: the earlier you start, the better :-)

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  11. Awesome post, Lauren!! I couldn't agree more with your points here, especially saving at a Young age. Before I moved out of my parents house at 21, I started saving to move out years before hand. And it wasn't even an obligation, I would just put money aside here and there whenever I had it and before you know it you'll have sufficient funds to reach your goals! Also limiting the use of credit cards is such a problem for young people. Thanks you for sharing!

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  12. Love these tips. Watching what I spend money on is so important to me. And maintaining an emergency fund is so so important. Thanks for sharing!

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  13. Automatic transfer from a bank account to a savings account works for me too. Also, when I was younger I never thought of putting some money for my retirement. I think it’s also a great idea to put some money into this as soon as you start working.

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  14. Great tips! I definitely think this is something they should teach at school!!!

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  15. I'm 24 so it's not too late, right? I just graduated and came back from visiting Europe for 3 weeks so my first priority is starting fresh with a new job (hopefully)! Until then, no spending till I get some money in the bankkk!

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  16. Loving this post. I'm 24 and my partner is 23. I tend to be the more responsible one in regards to money, so articles like this really inspire me as I'm trying to teach my partner more about financial control. :)

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  17. Aw such great tips! It's so handy to have savings there, I love the idea of putting a small amount by every month or week and having it add up over time :D I love the idea of having a savings account too, putting the money somewhere I am less likely to spend it (haha yes me! xD) xx

    elizabeth ♡ ”Ice Cream” whispers Clara
    (I would love to follow each other on bloglovin if you like :D)

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