Whether you choose to live with a roommate, or fly solo, you’ll first need to decide what you can afford.
IM DONE ADULTING FREE
Big Ticket Purchase (Or Lease)īefore you can fly free from your parents’ nest, you’ll need to find a place to live. If you have no clue what these things are, it’s probably a good idea you find an financial advisor who has a fiduciary responsibility to provide advice… because it’s never too early to start dreaming about life after retirement. They are also able to guide you on things such as retirement and health savings plans (IRA, 401K, HSA). They are fee based, rather than commission driven. It’s also not a bad idea to seek out “one-stop shops”, offering both accounting and future planning advice from a fiduciary financial advisor.įFAs will be able to invest your money for you, as conservatively or aggressively as you’d like, and are held to very high standards to ensure your investments hit certain benchmarks.
IM DONE ADULTING SOFTWARE
You’ll need to purchase the software or license agreement, but it can be done from your computer or smartphone… which is convenient. If you feel as if things are pretty simple, you can always try online filing. So if you’re over 24 and finished with school, you’ll need to take care of this adulting 101 step yourself. Some couples are still able to claim their child up to age 24 as a dependent on their taxes, but only if they are a full-time student. Money savings tips like these are best obtained by utilizing an accountant or enrolled agent to help you prepare and file your taxes each year.īasically, if you’re getting a 1099 or W-2 for work and are over 19 years of age… you will need to file taxes. Whether you are working in an office or remotely, you are entitled to deduct a portion of work related expenses from your income.Īnd did you also know that any interest paid on student loans is an eligible tax deduction up to $2,500 each year? Now that you’re working, you may have work related expenses. government or bank loans, and credit cards) to try and either consolidate it or negotiate lower interest rates… putting more money in your pocket each month. There are some terrific money saving apps that make budgeting and saving a cinch, so you really don’t have to think about it too much. Whatever you want to save for is your business, but I highly suggest having at least one month’s cushion saved up… just in case something happens.
It could also be saving for a trip or new car. This could be an emergency or rainy day fund. Lastly, decide on how much money you want to keep untouched in your savings. Then set aside how much money you’ll give yourself each month for these things. Things like student loans, transportation, groceries, rent, etc….Īfterwards, you can start making a list of extras… like going out with friends, ordering takeout or buying a new pair of shoes.
Once you know how much money you have to work with, you need to first make a list of your monthly expenses. Hopefully, you (or your folks) put some of that money away to get you started down the road to independence. And you’ve probably gotten money for birthdays, holidays and other big moments. This means creating a budget to help you curb spending and put some money into savings.Īt this point in your life, you’ve likely held at least one job… maybe more. Now that you’ve set up your accounts, you’ll need to fund them properly.
IM DONE ADULTING FULL
You should also try and pay the full statement balance each month to avoid unnecessary interest charges. I suggest starting out with only one, as to not get into trouble with overspending. The limits will not be as high and some even offer rewards. There are a few good credit cards out there, designed to help you build credit when you’re just starting out. A debit card won’t always do, unless it is one with a mastercard or visa logo on it. You need to apply for and obtain one credit card.īusinesses such as hotels, car rental agencies and restaurants often require a credit card to hold reservations. Payments such as student loans and credit cards… which brings me to the next item. You may not actually write too many paper checks, as you’ll likely use the debit card in most instances but, you still need a routing and account number for automatic payments. The bank account is where you’ll keep your money and pay bills from. Open A Checking Account and Get One Credit CardĮvery person venturing out on their own needs two things to get started… a checking account and a credit card. Hopefully your parents or a teacher went over the basics of saving, spending and budgeting… balancing a checkbook.īut if not, never fear… I’ll walk you through it. Communicate verbally and non-verballyįinancial savvy is a key component in Adulting 101.
Resume Writing, Interviewing and Negotiation Skills
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