It’s that time of year again – Graduation Season, and we at Achieva would like to congratulate you on completing high school! You’re officially on the path to adulthood, and even though the world can feel scary, it’s still your oyster.
Whether you’re headed to college, entering the workforce, or taking a sabbatical to enjoy your newfound freedom, you’ve got some big financial decisions to consider.
Thankfully, you don’t need to make them all at the same time.
Here are three financial tips to follow as you begin the next chapter of your life!
Financial Tip #1: Choose Easy, Passive Ways to Increase Your Funds
One of the best, time-tested ways to increase funds is to use your money to make more money. There are a few methods and accounts that you can apply for to get started on that path.
Firstly, a high-interest savings account easily increases your money. With this type of savings account, you earn a certain interest percent on your savings amount that will be awarded on a regular basis. The higher the interest, the more you get back. It’s an easy way to start small with savings you already have.
Secondly, if you’ve got extra cash you don’t need and want to earn passive income, consider buying a certificate of deposit. CDs are easy to manage, but you should discuss the decision with a financial expert before purchasing.
Thirdly, if you’re just looking for an easy way to get started in your finance journey, consider an Achieva Student Checking account for teens and college students. Our checking accounts are designed for every stage of life, and can help you boost your pockets with special features and perks like graduation and honor roll bonuses!
Visit AchievaCU.com or visit any Achieva branch to speak with a membership advisor to open an account.
Financial Tip #2: Take Care of Home
There’s no place like home. Whether you have your own space, share an apartment with roommates, or you’re saving money to eventually buy your own home, don’t underestimate the importance of properly managing where you lay your head.
An overwhelming majority of your expenses will likely be tied to your living situation. Bills. Groceries. Electricity. Water. The list goes on and on and on when there’s a lease with your name on it. You need to make it your top priority.
Learn how to categorize your expenses and create a monthly budget you’ll be able to stick to. If you want to do either one digitally, there’s an app for that.
Another underrated aspect of home management is learning to cook. You can save a great deal of money on food delivery services, as well as on dining out.
As you move on into everyday life, you’ll want to do everything you can to bolster your finances.
Financial Tip #3: Be Careful With Those Credit Cards
Finally, if you didn’t already know, let us tell you – credit is a CRUCIAL part of your financial health. Cash is king, but credit still counts.
Want a new car with a decent interest rate? You need good credit.
Want a good mortgage loan and rate? You need good credit.
Want the lowest barriers to qualify for a nice apartment? That’s dependent on your credit.
As you move through your life and career, you’ll always want to be working to improve your credit. Thankfully, we have more than enough resources to keep you on the right path.
To master your finances, you’ll want to understand what qualifies as a good credit score, how you can start building good credit, and you’ll want to utilize effective strategies for managing your credit wisely.
If you’re interested in gaining more financial knowledge, Achieva offers FREE online Cash Classes for all things related to consumer and business finances.
Congratulations on your achievements. Achieva is looking forward to seeing your impact!
Need more financial content? Continue following the Achieva Life Blog for additional money-saving articles.
