7 Savvy Tips for Young Adults to Stay in Control of Their Finances
Ask any adult what their top source of stress is and they’re likely to tell you it’s money. Stressing out about finances may seem like just another part of growing up, but it doesn’t have to be. If you start now, before you even venture out on your own, you can build a stable base for your finance and have a lot less to worry about later on in life. That all starts with the following tips, which are presented to you by the pros at Stride Funding.
Don’t Settle for Costly Student Loans
One of the most common mistakes young adults make is taking out too many student loans. While loans can make pursuing your educational goals possible, you should know that there are alternatives to settling for a mountain of interest and debt. Keep reading to learn more.
Consider ISAs as a Loan Alternative
Income Share Agreements, or ISAs, from Stride Funding are a practical and affordable option. With an ISA, you gain access to the following financial perks and benefits:
● Payments that are tied to your future income.
● No stringent co-signer requirements for students.
● ISA’s paid off in five years vs. 20-plus years.
Try to Keep Education Costs Low
In addition to choosing more affordable funding methods, you should also try to minimize the costs of your education. Some simple tips for doing so include taking required courses at a community college, commuting rather than living on campus, and renting textbooks.
Consider Buying into Real Estate
You may be surprised by this tip, but owning real estate can provide you with some serious financial security. Now you do need to be proactive to make this work, but with a down payment, solid credit score, and a little savvy, you can go from renter to homeowner.
Save for Your Down Payment Faster
If you want to buy a home right after college, you’re going to need a down payment. Don’t let this requirement scare you! Although saving for a down payment may feel like an impossible task, these tips from Redfin can make it snap. These are simple moves, like taking on a side gig, living on a tight budget, and working on your credit. More on that last tip in the next section.
Use Credit and Credit Cards Wisely
You need an excellent credit score to buy a home, but your score can unlock more than just your path to homeownership. Good credit can help you avoid costly interest, reduce monthly expenses, and even land a decent job. This is why it’s so important that young adults look into credit and financial guides that can help you leverage credit cards and other debt wisely.
Start Saving for Your Golden Years Now
It seems odd to be thinking about the costs of college and retirement at the same time, right? In reality, you should begin saving up for your retirement ASAP. That is, if you want to have enough to live comfortably during your golden years. Financial experts predict that the average millennial will need a whopping $1 million in their retirement savings, so start early!
Financial stress can be a part of life, but it shouldn’t take over your life. Map out your financial future now, to avoid surprises and stress later, but also be more proactive about your credit, savings, and debt in the present. Then you can stay in control of your wallet and life.
It’s time to rethink how you pay for school by partnering with a company that’s incentivized to help you achieve your dreams! Stride Funding offers an affordable, flexible, and supportive way to pay for your education with Income Share Agreements (ISAs). Visit their website to learn more about ISAs and how this funding option can help you further your education.
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