Financial success doesn’t happen overnight…it requires both patience and diligence. But managing your money doesn’t have to be overwhelming! Continue reading to learn four valuable financial tips, for young adults…
Use credit cards responsibly. Having a credit card is a great way to make large purchases…and pay them off over time! But it’s important to remember that you should still spend within your budget, and shop with a frugal mindset. While you might have a high credit card limit, it doesn’t mean that you can afford to make expensive purchases on a regular basis.
Pay more than just the minimum. When paying off your credit card or other loans, you should always aim to pay more than the minimum amount due. While you’re only required to pay the minimum…it will take longer to pay off the balance completely, and you’ll end up paying more in interest over time!
Build an emergency fund. Nobody likes to prepare for the worst, but it’s important to have the necessary funds to cover unexpected occurrences. Stop in to your nearest SeaComm branch location and open a Regular Savings account that will allow you to build up your money and earn dividends!
Start saving for retirement. While most young adults are just beginning their careers, it’s never too early to begin saving for retirement! Any amount, large or small, makes a difference. An Individual Retirement Account (IRA) with SeaComm is a great way to build that nest egg…with no minimum balance requirement or monthly fees! Click here to learn more, or call us at (800) 764-0566.