Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

5 Money Saving Tips for Young Adults

When you’re young, saving money can seem like an impossible task. It’s easy to see your paycheck as a way to get by month to month and not a way to prepare for the future and save for financial difficulties. But putting just a little money aside each month can make a world of difference. These five money saving tips for young adults can help you get started on the path to future financial success.

Five Ways to Save Money as a Young Adult

1. Make a budget. You’ve heard it before. Creating and sticking to a budget is one of the best ways you can save money. Making a budget doesn’t mean you have to give up fun for the rest of your life. By creating a budget, you’ll be able to see where your money is going each month and allocate funds to saving, bills and entertainment. Try using MyMoney within online and mobile banking to get started.

2. Don’t wait to save and invest. Saving and investing may seem like a challenge right now, but putting away just a few dollars a week can have a big impact. Use your budget to see how much money you can put into your savings account each month. And as for investing, if your employer offers a 401(k) account, U.S. News recommends contributing just 2% of your salary and increasing it as time goes on.

3. Save one-third of your income. If you aren’t sure how much you should save, U.S. News also recommends saving one-third of your income if you can. By saving $1 out of every $3 you earn, you are making it easier on yourself to survive future financial difficulties, such as layoffs, car repairs, home repairs, and other surprise expenses.

4. Start an emergency fund. Another good way to save for financial hardship is to start an emergency fund. Investopedia recommends putting some money into a high-interest savings account, CD or money market account.

5. Pay off your debt. While putting money into savings is a good way to prepare for your future, you should also be concerned about paying off your debt. You should be aggressive about paying off your debt and careful not to let your credit cards spiral out of control.

For more money saving tips for young adults, check out First Bank’s* online Financial Education Center.


———

Sources:

Money Under 30: http://www.moneyunder30.com/really-simple-budget-worksheet

US News: http://money.usnews.com/money/personal-finance/articles/2010/10/12/6-best-money-tips-for-young-people

Investopedia: http://www.investopedia.com/slide-show/financial-tips-for-young-adults/?article=1

My Bank Tracker: http://www.mybanktracker.com/news/saving-tips-for-young-adults

Trending Topics

How to Get a Home Equity Line of Credit

If you are thinking about taking out a loan to finance a major expense, such as home repairs or college tuition, a home equity line of credit (HELOC) or loan could be a good option. With a home equity line of credit, you...

What is Personal Finance?

Are you ready to get a handle on your finances and prepare for your future? The first step is understanding personal finance. According to Investopedia, “Personal finance defines all financial decisions and...

Small Business Startup Loans in North Carolina

If you have a good idea and a little bit of business savvy, a small business startup loan can serve as the cornerstone to your fortune. Whether it’s a traditional business loan, credit line, commercial mortgage,...

Find the Best Banks in Charlotte, N.C. | First Bank

The best banks in Charlotte, NC, provide you with convenient ATMs and many helpful banking options. Whether you live in or around the Queen City, you always have access to First Bank.* We provide the convenience and...

Find the Best Bank for a Student Checking Account

Student checking accounts are a great way for college students to get their finances in order and prepare for the future. But finding the right checking account at the best bank takes some research. Deciding which bank...

Savings Account – South Carolina

If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated to helping you find the best...

Community Banks Near Me

Where can I find banks near me? When it comes to banking, customers want banks nearby that are part of the communities where they live, work and play. First Bank is rooted in a community focus that dates back to the days...

Banks That Offer Personal Loans – North Carolina

Have you been looking for a bank that offers personal loans in North Carolina? Are you tired of sifting through endless search results only to be disappointed by your options? With plenty of North Carolina banks offering...

How Much Should a 40-Year-Old Have Saved for Retirement?

Are you 40 years old and concerned about your savings? Just how much should you have saved for your retirement by now? There’s no precise answer to give you, but there are some savings recommendations based on...

First Bank is One of the Top Banks in the U.S.A.

When searching for the top banks in the U.S., it is often smarter to work with a small community bank over a national bank. Small banks often have deeper connections to the community and are invested in the success of...