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If you’re a young adult just starting out in the “real world” after college, personal finance might be something of a mystery. However, it’s important to quickly get an idea of how to navigate the world of your finances. Here are some tips to help you get on the right track for a lifetime of financial wellness.
Consider Refinancing Student Loans
If you’re like the majority of American college graduates, you left college with student loans to pay off. If your student debt has a high interest rate or the payments are more than you can afford right now, consider refinancing them to potentially save thousands over the lifetime of the loans.
Keep Track of Your Money
This might seem like a no brainer, but losing track of money is a common problem, especially in young adults. Trips to the coffee shop or out to eat with friends quickly add up and can easily wreck your budget. To start tracking your paychecks down to the dollar, try out an app like Mint.
Save Where You Can
Auto insurance rates for young people are known for being sky-high. If you’re tired of paying too much for your current insurance, shop around for a better price for auto insurance in New York. You’re bound to find a better rate, and even if the savings seem small, they’ll still make a difference. Any money saved is a step in the right direction.
Skip the Fancy Car
Landing your first full time job is an exciting life event, and it feels natural to celebrate by upgrading to a new apartment or vehicle. However, purchasing a brand new car with a huge car payment is often one of the biggest mistakes that you can make. Unless you’re able to make double payments to get out of debt more quickly, the price of a new car is usually just too big for a young person with an entry-level job to justify. For now, settle for driving the car that you had in high school or college and enjoy the freedom of being payment-free. In time, you’ll be able to responsibly afford something much more grand.
Learn How to Coupon
Coupon clipping might seem like something that only families do, but it doesn’t make sense to overspend on groceries when there’s an easy way to save money. Check the website of the grocery store that you frequent to see if they have a couponing program, or do a little online research and sign up for a newsletter to find out the latest deals in your area.
Review Your Finances Often
To stay on track and get ahead with your finances, it’s important to stop and evaluate where you are. If you install a money-tracking app, you must use it in order to constantly understand where you stand. Finances are intimidating, but set aside time each week to examine your spending and pinpoint places where it’s possible to save. By staying on top of your finances, you’ll be able to meet your goals and set yourself up for success.