Top financial tips for youngsters

If you’re young there’s no time like the present to start educating yourself about money matters. Having a better handle on money now could help you to avoid potential problems in future.

Here are a few things you can do to improve your financial outlook:

Make savings
If you’re not saving at the moment it’s time to make a change. Even if you’re currently paying off your credit card and juggling other bills it’s always wise to have an emergency fund to hand. No one likes to think of unexpected expenses hitting them, but if they do  teaching-kids-save-moneyoccur and you have made preparations it’ll be less of a headache. Try to put a bit aside every month and treat it as you would other non-avoidable expenses.

Improve your credit score
Deciding to apply for a credit card might be a good decision for your finances in the long term. If you handle it correctly it’s a great way to boost your credit score, which will improve your prospects of being approved by lenders for mortgages and other loans in future. Even if you don’t feel the need to use a credit card to supplement your income, using it to buy something occasionally and paying your bill on time and in full each month will show lenders you can be trusted. Be careful not to fall in to the minimum payment trap though, as this could lead you to paying out far more than you’d bargained for.

Increase your earnings
If you’re lucky enough to have a skill that is likely to be in demand by others it’s a good idea to make the most of it. For example, if you’re able to write well, why not consider contributing articles on subjects you’re comfortable with? Even if you work full time you might find dedicating a few hours each week to another task reaps financial rewards in the long term. In fact, if you think about it you’ll find there are loads of ways to boost your income.

Start a retirement plan
It might seem strange to consider to make preparations now for years in the future, but there’s no time like the present to start adding to a pension fund. Many employers offer a scheme where depending on how much you put in, they’ll increase the percentage they add. It’s well worth taking advantage of this, as it’s not every day you get something for nothing.

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August 10, 2013 – 1:39 PM - | Posted in Financial | No Comments »

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