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How can I establish strong financial health as a young adult?

By July 17, 2014 - 10:33pm
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I just graduated college and started my first full-time job about a month ago. For the first time in my life, I have full responsibility of paying all my bills (apartment, car, insurance, etc.). I want to establish strong financial health right now. What are some financial tips for a young adult?

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Hey Steph!

Thanks so much for these tips, they are great! I'm definitely going to try them out. I've been starting to use more cash lately and it makes such a big difference. I noticed that I'm definitely more cautious about how much I'm spending when it comes from cash.

Creating a budget is something I need to work on too! I think this will help me have better awareness of the main things I pay for each month and how much I'm saving.

Thanks so much for this great advice! :)

July 20, 2014 - 11:24pm
HERWriter Blogger

Hi Erin!
So glad you asked this question! Here are a few thoughts:
1. Open up an IRA account. Here is a link to some basic info on IRAs. http://money.cnn.com/retirement/guide/IRA_Basics.moneymag/index12.htm . An IRA is an excellent way for your to start building wealthy today, while enjoying some tax benefits! It’s amazing what contributing even $100 per month can do for you over time – especially if you start in your 20s! check out http://womenwealthywise.com/blog/put-your-money-to-work/#.U8qvb41dVhs
2. Establish an Emergency Fund Account and set a goal to save 6 months worth of living expenses.
3. Create a budget and, most importantly, learn creative ways to implement your plan!
4. Commit to using only cash. Credit cards debt will sabotage your financial health! If you have outstanding balances, come up with a strategy to pay them off.
5. Begin to familiarize yourself with basic financial terms and concepts -- knowledge is power!
Feel free to email me at info@womenwealthywise.com if you have questions or want some additional info.
-Steph Wagner, Founder and Financial Expert at www. womenwealthywise.com.

July 19, 2014 - 10:49am
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