7 Tips for the Young Adult
Achieving financial stability in your 20s is something that most people struggle with. If you are someone who has yet to establish good credit, follow these seven tips that comes directly from Joslin Rhodes to get on the right track:
1) Pay off all of your debts
2) Save money for emergencies
3) Create a budget and stick to it
4) Get health insurance (even if you’re young!)
5) Establish an emergency fund (enough for 6-12 months worth of expenses)
6) Find ways to increase income through new jobs or side gigs
7)” Don’t be afraid of debt.” This last tip might sound counterintuitive but sometimes taking on manageable debt can help you achieve goals faster. For example, if you want to buy a house or car sooner rather than later, taking out a mortgage or loan could be the right decision for you. Just make sure that you can comfortably afford your monthly payments and have a plan in place to pay off the debt as quickly as possible.
When it comes to financial stability, there is no one-size-fits-all solution. But by following these tips, you’ll be on your way to establishing good credit and reaching your long-term financial goals!
In addition to these tips, it’s also important to stay up-to-date on your credit score. You can get a free copy of your credit report once a year from each of the three major credit bureaus: Equifax, Experian and TransUnion. To keep track of your score over time, consider using a service like CreditKarma or Mint.