Because we are a virtual accounting firm, we always love to pass along quick money management tips to our readers. This is especially timely as many young adults will be heading off toward college or have graduated college and are heading into the workforce.

We offer these five quick money management tips that will help you plan for your future:

  1.  Start saving now for your future. Even if you’re just starting out in a new job and don’t think you’re making enough money to be able to afford to open a savings account, think again! You can’t afford not to start saving. A financial cushion is crucial to your peace of mind and ability to remain independent.
  2. Invest in your future by making ongoing education in your career field. Just as technology becomes obsolete, so too do your professional skills.
  3. Save now for your retirement. It may seem silly to save for retirement when you’re in your 20s but that is the best time.
  4. Be cautious with credit. A bad credit rating can impact not only your ability to be eligible for financing but can impact your ability to find a job. Use credit with caution and use it to help build up your financial standing.
  5. Contribute the maximum amount offered by your employer to your own Individual Retirement Account (IRA). Many firms offer a matching amount, which helps your nest egg grow. When you leave your current position, take your IRA with you and roll it over into a new employer-sponsored account – this will prevent you from being taxed on the money as you would be if you simply withdrew it.

Even though you may have decades of work years in front of you, the time to plan for your future is now!

 

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