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Saving strategies for young adults USE CASHBACK APPS Young adults are tied to their digital devices. Why not make them work for you? Free cash back apps give you money back for various purchases. Ibotta and Dosh are just two cashback DETERMINE WHERE YOU SPEND apps available. Some can be linked diTHE MOST rectly to a credit or debit card to have Saving money on smaller purchases passive income deposited directly. With will add up over time, but to really others, you can cash out as a direct debuild a robust savings, figure out your posit or via a payment app like PayPal. biggest expenditures and how you can cut back to pad your savings. The SET ASIDE ONE-THIRD OF YOUR INCOME Logic of Money reports that the averMake it a point to put away $1 for age American spends more than 60 every $3 earned into a savings account, percent of their income on housing advises U.S. News & World Report. and transportation. Figuring out how That is a good measure for establishto cut costs in these categories can be ing a rainy day fund. If you don’t trust SET LONG-TERM GOALS It’s easier to save when saving is at- a great way to save. yourself to transfer the money, have tached to specific goals. While some a set amount automatically deposited When a person is young, saving money may be the furthest thing from his or her mind. After all, this may be a time to enroll in college or trade school, make a first big purchase, such as a car, or even get married. Thinking about establishing a solid financial footing for the future can take a back seat when life is filled with so many significant events. But it’s never too early to start saving — even when saving seems to be an impossible task. Young adults should keep saving in mind and look to various strategies that can set them up for long-term financial security.
may aspire to retire early, establish an emergency fund or to purchase a home, others may want to save for an overseas vacation. Motivation to save can make it that much easier to do so.
BRENT YEPSEN
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from your paycheck into a designated savings account. TREAT CREDIT CARDS LIKE USING CASH The “buy now, pay later” option is an attractive trap to fall into. Using credit cards often is a safer way to pay merchants, because you’re risking others’ money rather than your own with a debit card. However, using credit can make it challenging to visualize what you’re actually spending. Do not purchase more than you can pay off within each billing cycle. Set account alerts on your phone to let you know when you’ve hit your budgeted credit card spending limit. Resist the urge to open and use too many cards. MM22C517
DAVE YEPSEN
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