Do you often make impulse purchases? Have you ever used a credit card thinking you'll pay if off later? If so, you're not alone. Now is a great time to stop and consider how you're handling your money matters, how those decisions will impact your future and what changes you should make now to make sure you don't end up moving back in with your parents after graduation.
Recently, Stowers Innovations, Inc. conducted an Internet survey of people interested in learning more about financial matters. The survey showed many of today's young adults are not preparing for their financial futures.
In fact, according to the survey, less than 10 percent of 18-34 year-olds surveyed have a specific plan for retirement at a specific age. You can take steps now to make sure you're among this 10 percent.
Although retirement may seem a long way off now, the truth is, the sooner you start saving, the sooner you'll be able to accomplish your financial goals. Likewise, the earlier you begin to invest, the greater the likelihood you have of accumulating wealth. It takes significantly less money to accomplish what you want when you have time on your side.
Retirement is not the only thing you should take time to consider. The survey found short term savings are also an issue of concern, with 48 percent of young adults admitting they do not have an emergency fund to cover three-months of living expenses should they face financial crisis.
Remember, the only person you can count on for financially is you. So, take control of your finances now and begin planning and thinking long term. The following six tips will help you analyze your current financial situation, pay off debt, save for the future and stay out of your parents' basement....
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