Financial Advice for Young Adults (Part 1)

June 17, 2013

Young adults who are diligent about following this financial advice can achieve a strong financial standing that may benefit them for years and decades to come.

Young adults who are diligent about following this financial advice can achieve a strong financial standing that may benefit them for years and decades to come.

Whether you have recently graduated from college or are just getting out from under your parent’s roof (or you are a parent with a child moving into young adulthood), this financial advice can help instill smart spending and saving habits that may be able to help you:

  • Establish and maintain a good credit score
  • Stave off overwhelming debt
  • Sidestep the need to potentially file for bankruptcy in the future.

With financial habits, the old adage, an ounce of prevention is worth a pound of cure, certainly rings true, and young adults who are diligent about following this financial advice can achieve a strong financial standing that may benefit them for years and decades to come.

Financial Tips for Young Adults

  • Develop a budget – Before your spending potentially gets out of control, sit down and work out a realistic budget that outlines your income versus your expenses per month. While this can help you live within your means and not accumulate unnecessary debt, it can also help you identify ways to cut your monthly expenses by, for example, identifying frivolous or luxury purchases (like certain entertainment costs).
  • If you have student loans, begin paying them down – While some students are fortunate enough to get through college without having to take out loans, many others will come out of college with some debt to pay off. The good news is that these loans typically don’t have exorbitant interest rates and that students may be able to pay down a large portion of these loans when they are fresh out of college and don’t have other massive debt (like mortgages) to pay off.

If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Colorado debt relief and bankruptcy lawyers at the Law Office of Jon B. Clarke, P.C. Our experienced legal professionals are committed to providing each of our Clients with the debt relief assistance they need, and we will work tirelessly to ensure that our Clients’ cases are resolved as favorably and efficiently as possible. For a thorough assessment of your situation, along with expert advice regarding the best manner in which to move forward to unburden yourself from debt, call us at (866) 916-3950.

Categories: Bankruptcy, Blog, Finances, Financial Tips