When it comes to “adulting,” as millennials call it, it can be daunting, as many of the most essential ingredients for a successful modern life can be prohibitively expensive. What’s more, many essential items, such as an automobile, have extra criteria above and beyond cold, hard cash, like copays and credit checks. This may seem counterintuitive, that the corporate powers that be withheld necessities for ransom, and it is, but that’s the way it is. It can be hard, and impossible for many, to afford these crucial things, but it’s not impossible, even if it sometimes seems like it. There are ways to take your destiny into your own hands.
First and foremost, you’re going to want to save as much money as you can starting out. This goes without saying, sure, but we could all use a reminder now and again. We’d all go crazy working day in and day out and barely getting by without a few worldly comforts to keep us going, but just try to limit yourself in favor of saving. Another aspect of this is a savings account. You all but need a checking account to get by, but a savings account is a way to make money by saving it in the form of interest accrued each month. Interest is a tiny percentage of your savings balance, and that can make it seem far less useful than it is.
That tiny percentage adds up, and each time you get that interest, it slightly increases the interest the next month, and that’s assuming you don’t make further deposits, which you should do anyway. Savings accounts are also a sort of safety blanket in case of emergencies, and the interest on your account is just a nice bonus. Lastly, work on improving your credit. Lost of things affect credit, but the criminally simple version is that paying bills on time improves your credit, while missing deadlines will lower your credit score. The best way to improve credit is by using a credit card, but ONLY when you know you can pay off any and all charges. If you miss payments, you’re hurting yourself. Luckily, you can often consolidate your banking and credit needs under a single banner, so to speak, with companies like American Express to simplify this convoluted system.