5 Greatest Financial Tips for Young Adults

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It’s no secret to my faithful followers that I have a senior in high school.  Now could not be a better time for me to gain financial knowledge, develop investing skills, and understand credit education.  I’m anxious to learn and share that information and the practices I’ve implemented to improve my financial situation with not only my audience but my children as well. Especially my teenager getting ready to soon transition into young adulthood.  Although, I have a wealth of information to share,  below are the greatest 5 financial tips for young adults!

5 Greatest Financial Tips for Young Adults

1.  Use Credit Wisely

When I started college in 2001 and even still now, freshman are bombarded with credit card opportunities.  It was those opportunities that introduced me to credit card debt myself.  I’ve been educating my high school senior on good credit practices.  This includes encouraging her to avoid credit (as best practice) or to only charge what she can afford to pay back at the next bill cycle.

2.  Avoid Student Loan Debt

As my high school senior approaches college, and even before, I’ve encouraged her to avoid college loan debt as much as possible.  I’ve encouraged to take advantage of the early college option which would allow her to have completed all her college prerequisites by high school graduation.  Taking college courses is another option available to juniors and seniors at her school.  Finally, picking a major and determining if she can reach the same goals with an associates degree as opposed to a bachelors.

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3.  Save 

My daughter has been working for about 6 plus months now, after quitting her first job.  Originally, we encouraged her to save something from her paycheck and she would, like $5.00.  Afterwards we challenged her to save $500 by Christmas, which she has and wants to continue.  She decided that she would like to save as much as possible so she will not be restricted by money (or the lack thereof) in college.

4. Minimize Expenses

Approaching college, I’ve taught my daughter how to shop with coupons, plan as much as possible, and determine needs vs wants.  These are all imperative in minimizing expenses.  Beyond college, we’ve discussed moving back home as opposed to renting, and avoiding purchasing a new car with a new job during or after college.

5.  Be Patient

If you are wondering what patience has to do with finances, I’ll explain.  In my debt story, most of my debt (aside from student loans) derived from wants over needs, and satisfying those needs immediately with credit.  Emphasizing the importance of patience as a life virtue, will hopefully prevent my daughter from those impulse purchases and additional costly (and unnecessary) credit transactions.

Honestly, all of these financial tips could be learned and implemented at any point in life.  Hell, I’m just learning them within the last 16 months or so.  As a parent, we can appreciate our mistakes so that our children can benefit from the lesson!

If you have a child in college or on the way, be sure to begin a Target College Registry.  Target has all the college essentials to make the college dorm room feel like “their room” away from home!

What financial tips are you teaching your children?  What financial tips would you have liked to have learned earlier?

My Debt Total

 

My debt total
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Two hundred eighty nine thousand, ten dollars and fifty five cents. It even sounds like a lot typed out! That’s my Debt Total Number!

I’ve avoided this post for a while because I knew that once I discovered my debt total number, I’d become overwhelmed by it.  It would consume me.  I’ll now be saying things like:

” I can’t eat out, I’m in two hundred eighty nine thousand, ten dollars and fifty five cents worth of debt.”

“Ten dollars! I can put that towards my two hundred eighty nine thousand, ten dollars and fifty five cents worth of debt.”

This number will be engraved in my brain and attached to me like my social security number until it isn’t or until it is replaced with 0.

$289,010.55 is my debt total number! What's yours? Click To Tweet Continue reading “My Debt Total”

4 Tips for Parents with children in college or on the way!

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I wasn’t a “struggling” college student per se’ but definitely was not living the lifestyle I was accustomed to having my mother available to provide and assist as before.  I worked part time and received VA benefits made available by my deceased father.  The monetary benefit, wages, and Pell grant refunds still weren’t enough then (when I was the only one responsible) to live off of.

Although my parents have blessed me, and my daughter with having a college fund for my children to attend college, I still think it’s important to be able to provide for them and assist them whenever it’s needed.  Since I should still be working, while all but one child is in (and hopefully) finished college the steps below will be incorporated into my budget.

With a junior daughter and sophomore nephew/son in high school, both planning on attending college, I  plan on taking these below steps sooner rather than later.

1.  Develop a stock Pile.
I coupon, extreme coupon, as a matter of fact.  I usually use coupons to purchase soap, deodorant, tissue, paper towels, and some food items.  Conveniently, these items are also needed by college students.  Even if you do not coupon, pick up as much more as you can afford and put it up for the rising college student.  Little items like this add up and I’m sure will be greatly appreciated.
2.  Accumulate points.
Many retailers have point systems that can be redeemed for cash on future purchases.  Plenti, Walgreens, and Rite Aide are just a few that allows certain purchases to accumulate points that can be redeemed for future purchases and even prescriptions if needed!  I would encourage parents to open an account under that child or even just an extra one and allow the points to accumulate until they go to college and throughout!
3.  Stash gift cards.
There are just as many apps that allow you to redeem points for gift cards as their are retailers.  Also there are retailers that provide store gift cards for future purchases.  Target is a favorite of mine.  This year with couponing alone, I’ve accumulated about $220 in gift cards!  I save some of them and then others I use to make purchases when funds are low!  After this year I will begin saving them for my junior.
4.  Build a savings account.
Some parents are not able to build a college fund for their children but still wish to send them to college.  Even if your child has to take out student loans and Pell grants to fund college doesn’t mean that parents should feel down.  Parents could just as well build a savings account specifically for that child to make or pay their student loans.  I graduated from under grad with over $40,000 of student loan debt.  I would have loved having even $1000.00 to apply to my student loan debt.

College is already expensive, save with these tips and Start now! Click To Tweet

What additional ways do you plan on helping your college student? As a college student what assistance was most helpful for you?

5 Money Saving College Tips

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I wasn’t a “struggling” college student per se’ but definitely was not living the lifestyle I was accustomed to while living with my mother.  I worked part time and received VA benefits made available by my deceased father.  With that income, I still could have used these money saving college tips while trying to maintain my own.

Although my parents have blessed me, and my daughter with having a college fund for my her to attend college, I’m still responsible for my other 5 children.  I  think it’s important to be able to provide for all of them and assist them whenever it is needed.  I should still be working while all but one child is in (and hopefully) finished college the steps below will be incorporated into my budget.

With a junior daughter and sophomore nephew/son in high school, both planning on attending college, I  plan on taking these below steps to save on college expenses, sooner rather than later.

Money Saving College Tips

1.  Develop a stock Pile.
I coupon, extreme coupon, as a matter of fact.  I usually use coupons to purchase soap, deodorant, tissue, paper towels, and some food items.  Conveniently, these items are also needed by college students.  Even if you do not coupon, pick up as much extra as you can afford and put it up for the rising college student.  Little items like this add up and I’m sure will be greatly appreciated.
2.  Accumulate points.
Many retailers have point systems that can be redeemed for cash on future purchases.  Plenti, Walgreens, and Rite Aide are just a few that allows certain purchases to accumulate points that can be redeemed for future purchases and even prescriptions if needed!  I would encourage parents to open an account under that child or even just an extra one and allow the points to accumulate until they go to college and throughout!

how-to-save-money-for-college-with-little-income
3.  Stash gift cards.
There are just as many apps that allow you to redeem points for gift cards as their are retailers.  Also there are retailers that provide store gift cards for future purchases.  Target is a favorite of mine.  This year with couponing alone, I’ve accumulated about $220 in gift cards!  I save some of them and then others I use to make purchases when funds are low!  After this year I will begin saving them for my junior to take with her.

4.  Ask For Help

Friends, family, and other supports want to see children succeed.  As a result, most are willing to assist in that success even with college.  Don’t be afraid or too proud to ask for assistance with getting your child into college, help with college essentials, or college related expenses.  Target now has a college registry.

Target’s College registry allows upcoming freshman as well as upper class students to build a registry of essentials for college.  Take your upcoming college student to Target and build your registry and share the list with anyone willing to assist with the transition.

5. Build a Savings Account

Some parents are not able to build a college fund for their children but still wish to send them to college.  Even if your child has to take out student loans,  doesn’t mean that parents should feel helpless. You can  build a savings account specifically for that child to make payments their student loans or pay in full.  I graduated from under grad with over $40,000 of student loan debt.  I would have loved having even $1000.00 to apply to my student loan debt once I graduated.

College doesn't have to be expensive if your prepared. Click To Tweet

What additional ways do you plan on helping your college student? As a college student what assistance was most helpful for you?

My First Snowball payment

MySnowballPayment
I’ve made my first and last snowball payment on my Target credit.  Now I’m debt free!  Well technically, $500.00 free of debt.  I have officially paid off my Target card!!!! This is only a small accomplishment, however it’s accomplished.  What I’m more excited about is the fact that I now have $75.00 ($36.10 + the minimum payment on the next card) to roll over into my next snowball payment on another credit card payment! 

I posted my credit card balances here. At that time I only owed $36.10.  I worked this weekend and earned $100 in tips.  I immediately left work and scheduled the payment to be debited out of my account for today (because I had already cut the card).

Although it is only a small snowball payment (more like a snowflake payment) portion of my debt, the fact I have accomplished it makes my goal of becoming debt free more and more realistic!  I’m anxious to continue to see just how big my snowball payment increases to!

What did you accomplish this pass week or weekend? What is/was your first snowball amount?