Must-Have Financial Skills for Young Adults
Faith & Finance with Rob West
Year after year, the annual survey taken for the T-I-A-A Institute Personal Finance Index shows low financial literacy for the 18-to-25 age group. A majority of these young adults consistently fail to demonstrate a working knowledge of financial concepts like budgeting, saving, insurance, and investing. Think about what this means. Tens of thousands of young adults are going off to college or joining the workforce today without knowing how to manage their money, avoid overspending, or even build a solid financial future for themselves. These days, we have online banking and instant digital transactions. It’s so easy to use credit and transfer money that many young people live day to day without a plan…until they need a bailout from Mom or Dad! Young adults rarely handle cash, which also means they no longer have a physical connection to their money. When you don’t see and feel your money coming and going, you might not realize when it’s gone. This disconnect can lead to unintentional overspending and a lifetime of debt, not to mention a lack of motivation to save for the future. So, whether you’re a parent of teenagers or a “Gen Z” just starting out, here are a few must-have financial skills and how to acquire them.
Show Notes
Must-Have Financial Skills
The first “skill” is an attitude. The Bible says God owns everything, as in Psalm 24:1, “The earth is the Lord’s, and everything in it, the world, and all who live in it.” Understand that nothing belongs to you, even you. You are a manager of God’s resources, which should change your perspective on money and material things.The number two financial skill you’ll need is planning. “A dream without a plan is just a wish,” they say. And wishes won’t buy you a house. The fundamental planning tool we recommend is a budget, otherwise known as a “spending plan.” A budget keeps track of your income, giving, and spending, and gives you a picture of your progress towards meeting your financial goals. Download the free FaithFi app to get started.The following fundamental financial skill everyone needs is work! Maybe your dad always told you that “Money Doesn’t Grow on trees!” Annoying as that was, it’s the truth. So, start at the bottom if you have to, work hard, and develop your resume!Colossians 3:23 and 24 see the key to successful work: “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving.”The next skill is to open and manage a bank account. Then, make sure you develop habits of giving and saving from every paycheck. Watching your balance increase will encourage you to stick to your plan. Keeping track of your bank balance will also help you understand your limits. You can’t spend what isn’t there.
The following skill will also help you understand your limits. Learn about credit. Don’t fall into the trap of believing that a credit card equals permission to spend all you want. Instead, keep track of your balances, pay your balances in full every month, and watch your credit score.
Another essential financial skill you’ll need is an understanding of investing, including types of investments, risk, and return. Check out the great information at .You Might Also Like
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