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Adulting Tips from Financial Educators
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Amanda (She/Her)
Certified Credit Union Financial Counselor
Posted November 11, 2021
You have probably heard the saying that hindsight is 20/20. This is so true when it comes to financial journeys through life. Let our Credit Union Financial Educators share financial tips they wish they had known when they were younger.
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“The money that you save and invest today helps in determining your financial future. Starting small with saving and investing at a young age adds up over time. The value of my time or my money is not made from someone else’s post on social media.”
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“Begin paying on your student loans while you are in school. Depending on the loan type, it will save you money before they come out of deferment, and it is much easier to begin paying on these while you are receiving parental support or are living with others. If you are already on your own, consider ways to make extra money to begin payments sooner, rather than later. This will also get you in the habit of paying on them after you graduate.”
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“I wish I would have known when I was younger that there would be spending leaks. Spending leaks are small purchases that we make throughout the month outside of our budget. They are usually five to ten dollars, and because they are so small, we don’t always remember to subtract them from our budget. At the end of the month, these items could total $100 or more. Be aware of spending leaks, know that they can add up, and eliminate unnecessary spending.”
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“Credit takes a long time to recover, so knowing how to establish positive credit from the beginning is super important. Once you graduate, it’s not like you can just pay off all of your debt and start fresh, so thinking about what you’re charging and how much student loan debt you have in the moment can make a huge impact on what you’re able to accomplish financially once you graduate.”
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“Budget yourself some fun! When you think about how you’ll spend your money, set some aside that’s simply for the purpose of fun. That way, you absolve yourself of guilt when you spend it.”
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 “As soon as you can, start saving for your retirement. If you leave a job, roll it over to the new place or open an IRA for those funds!”
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“My biggest suggestion is to talk to your parents or your financial institution about credit cards and using them responsibly. I had great credit, opened up cards left and right to ’save money off my purchases,’ but I didn't know opening so many back to back would hurt my credit.”
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“Savings can be a tough habit to form. Start small, even if it is only $10 out of each paycheck, set that money aside. Setting up automatic transfers will make this even easier. Over time, with consistency, your savings will grow. Once that savings begins to grow, it will get easier and easier to maintain the habit.”
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