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Life as a young adult is tough. There are so many new responsibilities with which you have to become acquainted. Most importantly, you have to start thinking about money. Maybe you did a paper round or another part-time job as a teenager, but you probably didn’t have to make big financial decisions. You probably didn’t have to think about mortgage repayments, utility bills, debt, and other costs that most adults face in life. If it’s all new and overwhelming then here’s some advice for young adults on protecting your finances.

Lower your monthly bills.

Lowering your monthly bills is the first piece of helpful advice to take on board if you’re a young adult who’s trying to look after their finances. Obviously, cutting back on luxury expenses such as excessive nights out is important, but there’s a lot of money to be saved on your basic living costs if you take a closer look at your monthly bills. Think of ways that you could spend less money on the necessities in life without cutting corners (you don’t have to live on a diet on Pot Noodles). It’s possible. For example, you could save money on your monthly food shop by using coupons and online discount codes. Plenty of supermarkets also offer loyalty cards that give you redeemable points if you scan them at the checkout.

Now that you’re an adult, you’re probably going to have to use credit to help you afford the bigger expenses in life (e.g. a down deposit on your first house or car). You might want to do some research regarding how to get a lower interest rate on credit cards. That could save you a lot of money on debt repayments. Borrowing money isn’t always a bad idea, as long as you can afford to pay it back in regular installments. Certain costs are unavoidable in life, but there are always ways to lower your monthly bills if you do your research and shop around a little.


Every young person should invest. The earlier you start, the more wealth you’ll have available when you eventually retire. Obviously, that day is decades away, but you’ll thank yourself for making smart financial decisions when you were younger. You should take a look at the property market; that’s a good starting point for investors who are starting out. There are big returns to be made, whether you buy properties to lease or sell. You could also invest in a stocks and shares Isa if you do enough research to understand the market. This isn’t the kind of investment that can be used as a savings account; it’s the kind of investment that’ll slowly build you up some substantial savings for the future. It could serve as a nice little addition to any existing savings plans you have set up. But the following point will help you with that.

Start saving for your future.

As mentioned in the previous point, protecting your finances wisely is about thinking ahead. Obviously, you want to be financially secure in the present, but covering your costs today doesn’t guarantee that’ll you have enough money for tomorrow. You should start putting aside a tiny portion of your income on a regular basis. You don’t want to invest all of your disposable income. Some of it should go towards a savings account that gradually accumulates over time. If you always spend your earnings before you have a chance to save them then set up a standing order to automatically transfer 10% of your monthly income to your savings account on payday. That way, you’ll be able to start saving for your future.

*collaboriative post