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Good money management skills can be developed at an early age! As a young adult, you can master money management by closely following these ten financial rules.
1. Money spent must never exceed available income.
2. Save part of all the money you receive.
3. Put your money to work earning interest.
4. Avoid borrowing because interest charges are added to the original cost of the item.
5. Learn to distinguish between needs and wants.
6. Set investment goals.
7. Create a spending plan as a guide.
8. Research price and quality before making a purchase.
9. Buy quality, not quantity.
10. Reduce service charges and commissions when possible.
Afraid you’ll forget? You can download and print this list for quick reference: 10-Major-Rules-2021.pdf (yacenter.org)