Young Adult/College Aged
Learn Self ControlPersonal finance is not a required subject in high school or college but it’s sometimes more difficult than you’d think managing your money when you’re out in the real world for the first time.
If you’re lucky, your parents taught you self-control when you were young. If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll be able to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money. Do you really want to pay interest on a pair of jeans or a box of cereal?
If you make a habit of putting all your purchases on credit cards, regardless of whether you can pay your bill in full at the end of the month or not, you might still be paying for those items in 10 years. Kingsport Press Credit Union offers a great low-rate credit card that will make it a little easier on you when an emergency comes up and you do have to use one.
Take Control of Your Own Financial FutureIf you don’t learn to manage your own money, other people will find ways to (mis)manage it for you. Some of these people may be ill-intentioned, like unscrupulous commission-based financial planners. Others may be well-meaning, but may not know what they’re doing.
Instead of relying on others for advice, take charge and read a few basic books on personal finance. Once you’re armed with personal finance knowledge, don’t let anyone catch you off guard—whether it’s a significant other that slowly siphons your bank account or friends who want you to go out and blow tons of money with them every weekend. Understanding how money works is the first step toward making your money work for you.