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Money Management Tips for Young Adults

As a new consumer, you might not have much experience managing your money, but that’s okay. If you are looking to start good money habits now and make the most of your hard-earned money, use these money management tips to help you get started.

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How to Track Spending

Do you get to the end of every month with no cash left, struggling to pay the final few bills and frustrated because you can’t seem to stay on budget? Learning how to track spending can help you be more aware of where your money goes throughout the month and can help prevent you from having to scramble until the next paycheck.

A mature smiling man in his mid 40's takes a picture with his smart phone of a check or paycheck for digital electronic depositing.
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What Is a Money Market Account?

Are you ready to put your money to work for you to earn interest, but still have it readily available to access? That’s the basic money market account definition. Money market accounts offer you the option to maintain liquidity, while you watch your money grow.

Happy mother and son practicing saving money by putting coins into a piggybank.
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How to Save Money

Do you work hard every week, only to see your paychecks slip away like sand between your fingers? Saving money can be difficult. The good news is that it’s never too late to start saving and you can take baby steps while you learn how to put money away. As your nest egg grows, you’ll be motivated to find more ways to boost it up and can add even more money saving tricks to your repertoire.

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How to Budget

Making the most of your money isn’t always easy these days. Chances are you’re getting hit with expenses from all sides, which can be stressful if you don’t have a lot of money to go around. Regardless of how much money you make or what you’re looking to do with it, it’s always a good idea to learn how to budget. This will help you better manage your finances, so you can prepare for the unexpected. 

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The Power of Compound Interest

It’s no secret that compound interest can be a huge asset when it comes to your finances. But it can also be a recipe for disaster if you’re having trouble making monthly payments on your mortgage, student loans, or credit card bills.

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College Savings Plans: What You Need to Know

Whether you’re saving for your child to go to college or planning the next chapter of your career, you have several options to choose from when it comes to paying for school. The good news is that you’re thinking about your options ahead of time, which should help you make the most of your money as you prepare to further your education. 529 plans can be confusing but learning about these programs will help you save money over time as you finance your education, regardless of where you decide to go to school.

African Professional Chartered Accountant Woman Doing Tax
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Five Tips for Tax Season

Have you filed your tax return yet? If you're worried about preparing your taxes, use these tips to help get you ready for tax season.

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Do Youth Accounts Help Kids in College?

Read this article to learn how a youth account can help your kids succeed in college.

Family Savings. Cheerful Afro Mother Teaching Little Daughter How To Save Money Holding Piggybank Sitting On Sofa At Home
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A Parent’s Guide to Raising Money-Smart Kids

As a parent, you might struggle with when and what to teach your children about money management. Is five too early to earn an allowance? Should you share the family budget with your children? When should teens learn about credit? These are all important questions, and it’s often not easy to know the answers. Kids have different levels of interest in financial education. But research tells us that by the age of five most children understand money and what it can do. The information below offers more specific guidelines for different age groups. Again, these are just guidelines. What decisions you make about when and what to teach at home depend on your family situation, household budget and how comfortable you are in the role of teacher.

Close up of man holding pink piggybank while woman putting coin in it. Indian young couple saving money for their wedding. Close up of woman hand putting euro money in piggy bank to save for the purchase of an house.
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How-to Build Savings: Four Ways to Help Build Your Savings

Saving money can feel like a challenge. Even thinking about saving – when you’re trying to pay off existing debt – can be stressful. But, it doesn’t have to be. You can start to save more by using these strategies.

Pink Piggy bank on top of books with chalkboard in the background as concept image of the costs of education
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Financial Principles: Four Important Money Principles

If you could only learn four things about money, what would they be? Read this article to learn about four essential money principles that can help you take control of your finances.

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Want to be happier, healthier and more productive? Try learning about money.

We’ve all heard sayings like you can’t buy happiness or money is the root of all evil. While people may have negative feelings around money due to bad experiences in the past, that doesn’t mean that money can’t be a positive part of a person’s future. Money isn’t the most important thing in life, but it can help someone achieve their goals in other areas such as providing for their family, having more freedom around lifestyle choices and taking care of their health.

A graphic that shows the four money personalities described in the article.
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Managing Money Personalities

Money means different things to different people and can motivate people in unique ways. When thinking about how to manage your personal finances, remember that there is not a perfect, one-size fits all strategy. Adapt plans to your personality so that they are easy to follow through on and rewarding. While money is important, it is a tool meant to make your life better and shouldn’t rule your life. The first step to having a better relationship with money, is to first know yourself. Take this quiz to find out your money personality.

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Spare Change Calculator

Most people have a cup, jar or piggy bank full of change that you fill each day when you empty your pockets or clean out your purse. How much do you have? Count it up and take a look!

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Savings Goal Calculator

Whether you are trying to save for big screen television, a new car or for a down payment on a new home, time, money and rate of return will all be determinant factors of when you will meet your savings goal.

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Video: Living on Your Own

Watch this video for some tips on how to be financially prepared to live on your own for the first time.

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Household Cash Flow Tracker Calculator

Getting your spending under control and in line with your income is an essential element to building a healthy financial future. Analyze your spending (including what you put on a credit card) each month to make sure you are not spending more than you are bringing in. Once you have got that under control, consider placing what 'extra' you have every month in savings. You will never know when you will need it and it is better to take money out of a savings account to pay for unanticipated expenses rather than adding it to a credit card balance.

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Video: Rule of 72

Watch this video to learn more about the rule of 72 and how you can use it to help plan your savings goals.

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Video: How-to Make Money Online

Watch this video for ideas on how to earn extra money online.

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Video: Tips on How to Manage your Money in College

Between classes and studying, Ent gives you seven tips to help you manage your money during your college years.

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Savings Impact Calculator

If you are already a saver, you might ask yourself the question "what if I save more"? Increasing your current savings rate by even 1% can yield significant results. Save even more, and the results are even better. The more you can save, and the longer you can save will open your savings up to the magic of compounding, or the ability to earn interest on your re-invested earned interest.

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Debt Pay Off Calculator: Credit Card Repayment & Loan Payoff Calculator

Setting a goal for paying off a mortgage, auto loan, credit card or personal loan makes sound financial sense. Some loans, such as a mortgage or car loan have defined repayment periods. Others do not. To reach a debt repayment goal, you will need to know what you need to pay each month. You also might want to compare it to your current repayment schedule to see how helpful reaching that goal might be.

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Emergency Savings Calculator

It is always a good idea to have savings tucked away for a rainy day. Emergencies such as legal or medical bills or loss of a job can all force you into 'rainy day' mode. Planning can make these types of events easier to handle. Determine how big your rainy day savings need to be by factoring in emergency spending needs and essential spending needs if your source of income is interrupted. Once you know what you will need, put together a plan based on your current savings, monthly savings and the number of months you want to take to build your rainy day fund.

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Net Worth

Determining how much money you are worth is like having a personal balance sheet. On the asset side are things you own: homes, cars, investments and personal property. On the liability side are your debts: what you owe on your home mortgage, outstanding loans, and credit card balances. Over time, you want to be reducing your liabilities by paying down debt and building your assets by saving and allowing your assets to work for you by earning interest or building value.

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Save a Million Calculator

Everybody wants to be a millionaire, but few have the savings discipline to get there. Your current savings, additional monthly savings and the rate of return you receive all go into saving to be a millionaire. However, it may not stop there. If you want to have a million dollars worth of purchasing power, you have to factor in inflation into your savings plan. That means that depending on the amount of time it takes you to save a million dollars you might have to have saved even more to have a million worth of purchasing power.

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Video: Learn to Save in Six Easy Steps

Want to start saving - but don't know where to start? Learn to save in these six easy steps!
 
 

Video: Avoiding Lifestyle Creep

This video gives young adults the advice they need to make the most of their next raise or bonus.

Video: Building a Budget

This video introduces the popular 50/30/20 budgeting system.

Video: Emergency Fund Boot Camp

This video describes what an emergency fund is and is not, why you need an emergency fund, how much money should be in it and tips on putting that money aside.

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Certificate Comparison Calculator

A certificate of deposit (or CD) is a savings instrument offered by a bank or credit union that has a fixed date of maturity and a fixed interest rate. A credit union might use the term Share Certificate, Term Certificate or just Certificate to refer to the same product. Most CDs require a minimum deposit amount and may offer rates contingent on the size of the deposit. Certificates of Deposit are insured by the FDIC for bank deposits, or by the NCUA for credit union deposits, up to $250,000 per individual depositor. As a CD depositor, you are committing to leave your funds in the CD for the term of the CD. As a result of that time commitment, rates offered on CDs are typically higher than traditional savings or money market accounts. Keep in mind that an early withdrawal of funds will likely come with a financial penalty.

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Compounding Interest Calculator

How interest is calculated can have a great impact on the interest earned by your account and how your savings grow. Compound interest arises when interest is added to the principal and when the interest that has also been added earns interest. You will see your account balance grow more quickly with accounts that pay interest more frequently. The "Annual Percentage Yield" or APY is the effective annual rate of return once the effect of compounding interest is factored in.

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College Savings Calculator: 529 College Savings Plan Calculator

Saving for a college education requires advanced planning and knowledge of what the cost of a college education will be when your student begins their college experience. You will first need to know how long it will be before your student sets foot on campus, what the cost of that education is today and how much the cost will increase between now and then. You will need to know how many years of college you will be paying for, which is dependent on the degree program being pursued. Once you have that information, you will be able to know how much you will need to save. Putting together a plan will depend on what you currently have saved, how much you can save each month and the rate of return you will receive on those savings.

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Budget Calculator: Spending Habit Calculator

How many times have you asked yourself "where does our money go?" The first step is to categorize your spending into each particular category. If you have got multiple monthly bills under a category, you can use the worksheets linked to the right of the input field to enter each separately. Once you see where you are spending your money, it becomes easier to look at reducing spending in particular categories.

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Video: Know Your Checking Account

Watch this video to learn about the basics of a checking account.

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Save or Pay Off Calculator

Having savings is important, especially when the savings are part of an emergency fund or a hedge against a loss of income. However, when you also have debt, in the form of an outstanding credit card balance or loan, you might want to consider whether you are better off using the money you have in savings to pay down debt. Whether it makes sense or not is determined by the interest rate you are earning on your savings versus the interest rate you are being charged on your outstanding loan balance. The difference between earning interest and paying it should give you a good indication of where you can get the best return.

Video: Pay Yourself First

This video shares a simple but powerful behavior that will help young members prioritize their savings goals.

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Video: Income Essentials

Watch this video to learn more about the different factors that affect your income and earning potential throughout your career.

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Video: How Does Compound Interest Work?

Watch this video to learn about how compound interest works and why's it's so important for your finances.

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Checkbook Calculator: Online Checkbook Balancer

Balancing a checkbook is easy. Start with the balance from your last checking account statement. Then subtract all checks that you have written that were not listed in this last statement, or any previous ones. Then add back all the deposits that you have made into your checking account. The result should be the amount you have in your checkbook as your current balance.