Money management skills can be developed at an early age, and Young Americans Bank is here to help! As a young adult, you can master money management by closely following these financial rules:
- MoneyMoney spent must never exceed the income available.
- Save a part of all the money you receive.
- Put your money to work earning interest.
- Avoid borrowing because interest charges must be added to the original cost of the item.
- Learn to distinguish between needs and wants.
- Set investment goals.
- Create a spending plan as a guide.
- Research price and quality before making a purchase.
- Buy quality, not quantity.
- Reduce service charges and commissions when possible.
Remember, good money management takes practice. If you follow these rules, you’ll be in great financial shape!