Erlloisse Magan Offers Her Top Financial Tips for Young Adults

Erlloisse Magan

March 18, 2021

Erlloisse Magan Offers Her Top Financial Tips for Young Adults

Finance expert Erlloisse Magan recently offered her top financial tips to help young adults succeed.

Personal finance is just as important for young adults as it is for older adults planning for families or even retirement. It is also not a skill that is taught in most public school systems. Financial expert Erlloisse Magan recently discussed the importance of personal finance for young adults and how financial planning can help them succeed later in life.

“Your young adult years are formative,” Erlloisse Magan said. “This is an essential time to learn the skills of personal finances, so you can carry them with you throughout life.”

Magan explained that many young adults know little about managing their money, staying out of debt, applying for credit, and more. She first stated that one of the major keys to financial success is learning self-control. This is an area that is especially difficult for young adults, as they’re often thinking about the present as opposed to the long-term. Magan suggested that young adults forego using any kind of credit card. However, if they must, it’s essential to pay the credit card off entirely every month.

“Young adults need to understand where their money is going, and this can be done through creating a clear budget,” Erlloisse Magan said. “Fortunately, the current generation of young adults is extremely savvy with smartphones, and there are numerous, quality budgeting apps available.”

Erlloisse Magan suggested that all young adults keep track of their finances through some kind of budgeting application or program. This can help them understand how much they’re spending on entertainment, food, and other items that tend to accumulate quickly without much notice. She recommended keeping expenditures low to promote saving over time. For instance, saving money by living in a modest apartment as a young adult can result in the freedom to choose a flashier apartment at an older age.

Magan added that it’s just as important for young adults to protect their wealth as it is for their parents and grandparents. This can be through purchasing insurance policies, like renters insurance, or through enlisting the help of a certified financial planner. Choosing a fee-only advisor means he or she will always be looking out for your best financial interest. They can help you choose the investment opportunities that will benefit you the most in the long-term. Putting a portion of your income into investment accounts with a financial expert can result in superior financial freedom in the future.

“Learning to manage your finances at a young age doesn’t require a master’s degree or incredible amounts of research,” Erlloisse Magan finished. “It comes down to self-control, staying out of debt, and enlisting the help of experts when needed.”