YOUNG ADULTS: Financial lessons series - part III

Pay Yourself First: Simple Habit = Stronger Financial Future 

No, I’m not referencing all the Black Friday/Cyber Monday deals when I say Pay Yourself First. Put aside your holiday wishlist and forget about what’s on sale, the holiday budget needs attention. Gifts, meals, extravagant decorations—everything adds up quick. The festive season is an expensive one, and your wallet is probably feeling the strain. 

In fact, according to the Federal Reserve Bank of New York, U.S. credit card debt reached a record $1.17 trillion in November. Sprinkle in U.S. inflation peaking at 9.1% back in June 2022, and it's no wonder many people are relying on credit cards to cover basic expenses. 
The rise in holiday consumerism, fueled by social media comparisons, has helped many young adults create poor financial habits. By ignoring traditional financial wisdom and embracing unchecked spending, my generation is facing long-term consequences and high-interest debts that are next to impossible to get out from under.

The concept of paying yourself first is simple: when you get your paycheck, take 10% and pay yourself by moving it into Savings. Building personal wealth takes patience, time, and consistency. It is easy to get distracted by the promise of quick returns in volatile stocks or cryptocurrency, but true wealth comes from small, consistent habits. It may seem small, but compounded over time, this money adds up. Great things have small beginnings.

Start Now: Invest in your future. It doesn’t matter if you’re saving $50 or $500. The important thing is to start and stick with it. Envision where you want to be in a year and be accountable to that goal.

​Future You will thank yourself when you look back and experience what good habits can create for you. 

Empowering Generations,

Riley

Riley Hudack
www.financialsynergistics.com

P.S. To read Young Adults Series Part I entitled, Estate Building: Lessons for Every Generation, CLICK HERE. To read Young Adults Series Part II entitled, Time: Our Most Valuable Asset, CLICK HERE.

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