It’s Never Too Early

When it comes to learning good money management tips; it's truly never too early to get started. In fact, learning how to save and spend wisely when you're young gives you great insight on how to best handle your finances and will help you build a solid financial future for years to come. 

By the time you graduate from high school and are headed to college or looking to begin a new career, you should be prepared to earn money as well as how to properly spend and save it. Here are some basic money management tips to help savvy young adults make the most of their income no matter how much money they're making.

Money Management Tips for Young Adults

1. It’s Never Too Early to Set Financial Goals 

When it comes to setting financial goals, the earlier the better! In fact, as soon as you start earning money of your own, you should begin setting long term and short term financial goals to keep you motivated, goal oriented, and to keep your spending on track. You don’t have to make a lot of money to set financial goals. Any money management plan you make is a good idea and a great lesson in finance.

2. A Budget is Your Friend

Learning good budgeting techniques when you're young will help you maintain your financial freedom as you build your life to buy a home, a car, open Individual Retirement Accounts (IRA’s) etc. Even with a part-time job while in high school or college, budgeting is crucial to ensure how to best save and spend your money so that you can afford everything you need and want. Budgeting can start as early as teaching your young children how to allocate the allowance they're given and teaching them the importance of saving a little money every month. 

3. Learn About Savings and Checking Accounts

By the time you graduate from high school, you should already have at least a checking account and should be considering a savings account as well. You should also have access to those accounts and know how to make deposits, withdrawals, and check the status, which is easy today with the variety of online tools that are available for managing your money. This is especially important if you plan to work or go to school away from home, where your parents may not be readily accessible when you need to access your accounts.

4. Get Comfortable Reading Account Statements 

It's a smart idea to review your account statements on a regular basis to ensure your finances are on track and there are no transaction errors. You can receive your statement as a printed version that comes in the mail or digitally online and it includes your account balance, loan due dates and payments, account transactions, interest rates and more. This will help you know exactly what is happening with your money and also alert you to any fraudulent transactions or errors that may occur. With technology today banking and keeping track of your activities is at your fingertips 24/7. Using tools like mobile banking is a great way to stay on top of your money management at any time.

5. Building Credit Now Will Help Frame Your Future

Recent grads should understand the importance of a good credit score and should start early with smart financial choices to ensure this. Paying your bills on time and creating an excellent payment history will allow you to reap the benefits of an excellent credit score for when it comes time to open a credit car, buy a care or home. The better your credit score, the better interest rates, and loan opportunities you'll have available for when you need them.

6. Save for Emergencies

Learning at an early age to save your money for unexpected emergency situations could really pay off in the long run. It's ideal to have three to six months’ worth of expenses in your savings account to rely on should unexpected things come up. This will avoid running up balances on a credit card and will go a long way to get you out of a bind when you need it most.

7. Don't Be Afraid to Ask for Help

Don’t be afraid to speak up and ask questions or for help when it comes to advice on financial and money issues. Asking your parents, a trusted friend or even someone at your local credit union who has experience in paying bills, getting loans, and building a strong credit history can give you great money management tips that can help you develop priceless skills to help you achieve financial success.

A bright financial future is in store for savvy young adults who take charge of their finances now by learning how to properly save, spend, budget as well as understanding credit. Smart planning and a better understanding of money management in your younger years is one of the best things you can do for yourself because it will help you achieve financial independence and meet your money goals now and later on in life. 

America's Credit Union is the perfect place for your child to learn about money management. Our Kids Club Savings was created especially for young savers ages 0-12 and teaches youth good financial habits that will last a lifetime. Our Smart Start Savings Account teaches children ages 13-18 how to manage their money. 

If you have questions about which account is right for your child or if you are ready to open a kids savings account for your child, contact us today!


Membership in America’s Credit Union is open to anyone who lives or works in Dallas, Rockwall or Collin Counties, Texas, and their family members. Employees of select employers may also be eligible. See our Membership page for details.