Finances, are probably the first adult issue everyone will encounter once they start crossing the line into adulthood. I think it might have actually helped launch the hashtag, #adulthood or #adulthinghard. We millennials, including myself, have so many apps such as: Square Cash, Venmo and Paypal that make it easier to pay for things. We hate going to the bank. Yet, sometimes we do need to talk to those “bank” people to get our finances in order. Now,I am not a finance expert, but I have encountered many of the issues young adults will face while trying to get their finances in order. I have decided to pass on some general advice that I have picked up along the way.

Pay Your Debt-Then Save: Now, this may sound crazy. But if you are have $10,000 in credit card debt, and have $12,000 in savings, pay off your credit cards, and then cut them up. Then focus on rebuilding your savings. Remember, if you carry $10,000 in credit card debt for a whole year, you will probably end up paying an additional $1500 to $2000 that year in interest alone. That is over $100 per month, and that will eat into whatever money you managed to save, or give you less discretionary money to spend going out and taking vacations.

Lose The Credit Cards: We all have heard that we have to keep credit cards open because we will get a ding in our credit score if we close them. But I believe you just need two good credit cards. So keep only the 2 with the lowest interest rates and fees, and highest perks, but lose the rest, and yes, your credit score will go down a bit, but it will come back up again.

Don’t Pay Silly Fees: We tend to pay fees, because it’s the status quo. But banks want you. So if you have been a loyal customer, call them and ask them to waive those silly ATM fees.

Make A Weekly/Monthly Budget: It’s easier to save if you know your spending limit. Exactly, how much can you spend a day, a month, etc.

Include “Fun” Stuff In Your Budget: Do you like getting your nails done every two weeks? Do you like attending art events? Do you like to shop? How do you treat yourself? Include that in your budget. That way, you can still live the life you want without suffering.

Always, keep an eye on your finances even if the image is hard to take in. Educate yourself and ask questions. Don’t worry, it won’t be like this forever.

Hugs and Smiles,
Nicole