Budgeting
- Follow the 50/30/20 rule (or something similar)
- Track and review your expenses weekly
- Have life goals and plan for them
- Don't stretch yourself financially and end up with unaffordable payments
Saving/Investing
- Build up an emergency fund
- Understand that saving is NOT investing
- Invest young; look into Roth IRAs
- Always have a diversified portfolio
- Don't pass up employer matches in retirement accounts
Credit
- Develop and maintain a high credit score
- Do not overborrow and keep balances low (no keeping up with the Joneses)
- Practice good spending habits with a debit card before getting a credit card
Loan & Debt Management
- Start by estimating your future salary to make sure you can repay debts regularly
- Understand loan terminologies like deferment, forbearance, default, and loan servicer
- Make prepayments if possible to avoid interest accumulation
- Learn about all repayment options before choosing one
