ALMetro360

Money Management For Young People S TAFF R EPORT I T ’ S NEVER TOO SOON FOR YOUNG PEOPLE TO LEARN HOW TO MANAGE MONEY PROPERLY . hile money is an area where many people struggle, difficulties with money are particularly common among young adults. Here are vi- tal tips for helping young people manage money the right way: • CUT DOWN ON UNNECESSARY SPENDING. Wasteful spending is common among all age groups, but might be more prevalent among the young. Encourage young people to stop and think carefully before finalizing buying decisions. Buying items that have neither significant personal nor prac- tical utility is like throwing money away. • KEEP A BUDGET. It’s hard to practice monetary responsibility with- out knowing where money comes from and where it is going. Maintaining a budget is the way to ad- dress this problem. A budget provides a means to set spending and saving goals and ensure that there's enough money to take care of necessities every month. • TAKE CARE OF STUDENT DEBT. The biggest financial challenge young people have to face relative to other age groups is student debt. Anyone with student debt must track how much they owe and what the terms are for each loan. Reg- ular payments must be made. Loans with higher in- terest rates should be prioritized first. • AVOID TROUBLE WITH CREDIT CARD DEBT. As significant an issue as student debt is, credit card debt is still more likely to ruin a person’s life. It 16 AL/ Metro 360 www.almetro360.com MONEY MATTERS ......................................................................................................................... W Wise financial management, will help young people avoid financial difficulties and enjoy a happy, successful life.