Skip to content
Online Banking|
Search 605-334-2471
    Online Banking
    9 Things You Need To Do To Be A Financial Adult

    9 Things You Need To Do To Be A Financial Adult

    Financial adulting is an important aspect of becoming a responsible and independent individual. It involves making wise financial decisions and taking control of your financial future. By embracing financial adulting, you are taking the necessary steps toward financial independence and a secure future.

    Credits & Debits

    1. Open A Bank Account
      If you don’t already have a bank account, get one. You should have at least a checking account, and preferably a savings account for short-term savings goals and emergency fund.

    2. Use Credit Wisely
      Used well, a credit card can help you earn rewards a build your credit score. Just be sure to pay them off monthly. Credit is still a loan and it can quickly get out of hand if you spend more than you earn.

    3. Check Your Credit
      A good credit score will serve you well throughout your life, so get familiar with it now. Learn how to pull your free credit report and your credit scores, and check for any potential problems now before they get out of hand. You can get your free credit reports once a year from AnnualCreditReport.com.

    Income & Debts

    1. Work On Your Student Loans
      If you’re on the verge of adulthood, chances are you have some student loans. Take the time to understand your payment plan options, and keep making monthly payments even when times are tough.

    2. Pay Some Bills
      Maybe you don’t have a mortgage to pay yet. That’s OK. But you could start by paying at least some of your bills. Get a cellphone in your own name. Making on-time payments is an essential part of financial adulthood.

    Income & Debts

    1. Save For A Goal
      One of the hallmarks of adulthood is delayed gratification — the ability to wait to get what you want. Saving is a great way to practice this skill.

    2. Build Up An Emergency Fund
      Even a few hundred bucks in savings can go a long way in a minor emergency, like a car breakdown. And if you’ve already done #1 on this list, you can use your savings account as a way to track your progress.

    3. Start a Retirement Account
      Again, every little bit counts. Even if you can only save $10 a week, it’s a start. And the earlier you start saving, the bigger effect compounding interest will have on your nest egg.

    4. Learn About Investing
      As soon as you start your first retirement account, it’s time to learn more about your investments. Do some research about your investing options, and look to the future, too.

    NEWSLETTER SIGNUP

    Download Our Mobile App
    Apple App Store
    Google Play Store
    National Credit Union Association
    Equal Housing Lender

    Triangles

    Routing Number: 291479974

    NMLS: 441310

    If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 1-800-568-5711 for assistance. All products and services available on this website are available at all Levo Credit Union branch locations.

    © 2014-2024 Levo Credit Union