Having Good Control Over Your Personal Finance From Now Until Retirement

Dealing with your finances can be daunting as a young adult when you might suddenly be piled on with many responsibilities such as rent, student loans, food, and more. By keeping up with your personal finance, you’ll be able to come up ahead in the future with money so you aren’t stressed about paying everything. While you should consider some personal finance lesson plans in the future to even be more knowledgeable, this will be a good first step. Follow these key principles that will be listed to get a good headstart.

Credit Card Debt

Credit cards can be very beneficial if used properly, but many Americans fall in the trap of a constant debt cycle. In a recent study, 47% of Americans were found to be carrying some credit card debt from month to month with an average 17.64% APR. Before utilizing credit cards in the case of need, go over what you can use first or sacrifice before resorting to potential debt if you can’t pay off a credit card before the end of the month. If you find yourself being able to pay off everything within the month, credit cards can actually be very beneficial if you find ones with the proper rewards programs. Many people who end up putting things on credit cards end up with a bunch of points that can be used at any time for flights, hotels, and more. Make sure you’re responsible in general before getting a credit card.

Credit Score

Another important part of personal finance is your credit score. A credit score is a number ranging from the 300s to the 800s that summarizes what companies think your responsibility is for paying off debt. Building a credit score is important for when you start looking into payment for larger purchases such as getting a mortgage for a house, or an auto loan. While you might still be able to get what you want with a lower credit score, you’ll often see higher interest rates that will cost you more money in the long run. Additionally, even if you’re not purchasing, renting an apartment still requires a credit check which could cause you to need co-signers if your credit score isn’t important enough. If you find that your credit score currently isn’t good enough to get a credit card that you need to start building credit, look into secured credit cards. Secured credit cards require a deposit equivalent to whatever credit line they give you at the time, but they build credit like a normal credit card does so you’ll be able to switch over to a normal one in no time. By building a good credit score now, you’re helping secure a better future for yourself.


Taking steps to make sure your credit is great is a good first step to make while working on your personal finance. While you might have some missteps every once in a while when it comes to money though, you’ll learn a lot over time just from experience. Once you’ve got a good grasp of everything revolving around personal finance, you’ll be set from now until retirement.