Personal Finance for Young Adults

If you’re a young adult and preparing to start living on your own for the first time, it can be daunting with all of the new responsibilities you start to have. You’ll have to take care of your own space meaning that you’ll have to do your own laundry and purchase your own groceries. Additionally, you’ll have to be balancing everything around your personal finance so you can make sure that you’re able to afford your space every single month. Keep in mind all of these different factors in your personal finance that you’ll need to pay attention to that are typically found in any Millennial Money Blog.

Credit Cards

Credit cards are dangerous for many who are young and old. You might start off slow by getting a credit card that has a low limit but you’ll find out that only in a couple of months, your credit score should jump up a lot which means you’re going to start getting a lot more credit card offers and you might get the limit on your existing card boosted. This can lead people to spend money that isn’t their own because they think they can pay it off when reality it would take them a long time. If you don’t think you can practice self-control very well when it comes to credit cards, consider using a secured credit card which uses your own money that you deposit to create a credit line in which you’ll be limited but it will still report to your credit score. Make sure that you are careful with credit cards when dealing with your personal finance.


At some point in time, you’re likely to hit some pitfall when it comes to money. This could be from being injured meaning you can’t work for some time or you simply get laid off. By not having enough money in your savings, you’re risking the ability to stay afloat while you are waiting to recover or looking for a new job. Ensure that you have enough savings by following the 50/30/20 rule. This rule means that 50% of your monthly income should be going directly to your necessities such as rent, bills, and food. 30% of your income can be going to whatever you enjoy like your hobbies and entertainment with 20% going to savings. 20% of your income doesn’t seem like a lot but this adds up over time to the point where you should be able to stay self-sufficient for a bit while you rely on this money. Ensure that you have enough savings all of the time so you can stay ahead in any situation.


Being smart about your credit cards and savings is a very good first step to making sure that you are great about your personal finance for the rest of your life. Make sure to keep up and don’t get in the mindset that you can start slipping at some point as you might be making more money then. Always keep looking into what you could be doing to make your personal finance habits better.