Money Management: What Young Adults Need to Know

Money Management: What Young Adults Need to Know

Money Management: Personal Financial Advice for Young Adult’s Starting out It’s fair to say that sometimes this generation of young adults get a bad rap. All you seem to hear about in the media is their social media addiction, spiraling credit card debt and them living at home for way longer than previous generations. As parents, we need to remember the world is different to how it was when we were that age. The cost of living and rapidly rising house prices and rental costs mean it’s not exactly a bed of roses for our kids. Add this to the challenges of finishing school, starting further education or taking on an apprenticeship or job and navigating their way through their finances can end up in the too hard basket. So how do you as the parent guide and advise your young adult on setting up good, stable financial habits and foundations for the future? Before it’s too late. If they’re just starting out, look at the basics and guide them on how to: structure bank accounts start small rather than not at all set up their superannuation sooner rather than later Once they have the foundations in place, guide them towards understanding: good and bad credit savings and spendings and how to get BOTH working for them compound interest If the worst has happened and your young adult is already drowning a little under the weight of financial pressure, you can help them fight back by: showing them how to get out of debt helping them understand mobile phone plans demonstrating how managing their spending is the key to...