1 - Foundation

Entering the work force is usually the first step toward financial independence. It is also the best time to develop sound financial habits by preparing a budget, establishing a saving pattern, setting financial goals, and following a wise borrowing strategy.

Young adults face the task of learning how to manage spending and saving within the constraints of their income levels.  Here are some approaches to consider:

1. Learn how you are spending your money to identify ways to save - prepare a household budget.
2. Use a wise borrowing strategy. Borrow for things that provide long-term value. Control the use of credit cards.
3. Establish a saving pattern. Consider an automatic savings program so that some amount is deposited into a savings account each pay check.
4. Set some savings goals. Whether it is accumulating a deposit for a home, paying for a car or saving for a vacation, connecting a tangible goal with your saving can provide the motivation and discipline you need to save.
5. Make sure you have adequate insurance.
6. Take advantage of any Government schemes.
7. Take advantage of employee benefit plans offered by your employer.