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Learn MoreWhat should you do with your money in your 20s? Depending on who you ask, you’ll get very different answers.
If it were up to us, we’d say it all ties back to building your financial literacy.
Not sure where to start? Money doesn’t have to be complexicated. We can help you take the next step on your financial path — wherever you’re going!
Here are 10 financial tips for young adults to help you understand your next steps:
When you think about the big picture, what do you want to achieve?
Do you want to…
Goals are easier to achieve when you have a concrete idea of what they are. Sit down and write them all out so you know exactly what you’re working towards.
Learn more about how to set financial goals.
Making a budget is one thing – sticking to it is another.
Your budget will shape each financial decision that follows, because it reveals how much income and how many expenses you’re dealing with each month.
Let’s get the numbers straight so you can move forward with a clear direction! To make a budget that works for you, check out our blogs on the 50/30/20 rule or zero-based budgeting.
With a credit card, you can:
Using a credit card for everyday purchases can help you build a healthy credit history and take advantage of these benefits. Find out how to improve your credit score.
Saving a down payment doesn’t happen overnight (…but wouldn’t it be nice if it did?).
Instead, it typically takes years of saving before you have the funds to buy your first home.
To start working towards it, try to set aside money each month that you can put towards your down payment. Every little bit helps. Find out how you can open an FHSA to make saving for your first home easier.
Once you’re ready to take the next step, we can help you get the right mortgage and the right advice for buying your first pad.
While you can’t predict the future, you can do the next best thing: Prepare for it with an emergency fund.
This is a savings account dedicated to covering those bigger, unexpected costs that life throws our way sometimes.
A period of unemployment, a change in your living situation, a car repair – you name it, your emergency fund can cover it.
We recommend saving 3-6 months’ worth of expenses through your emergency fund.
By keeping your emergency fund in a Cambrian Premium Savings Account, you’ll earn interest on your savings every month! Open your account and watch your cash grow. No minimum balance required.
For costs that go beyond your emergency savings, we can help with that, too. With a line of credit, you can access money when you need it – and only pay interest on the funds you use!
Which investment style is right for you? Maybe you’d prefer to work hand-in-hand with an advisor, who can help guide you along your journey. Or maybe you’d like a more independent approach through a DIY-style of self-directed investing.
You can invest how you want – because money hits different when you get to call the shots. Explore your online investing options.
There’s no doubt about it: Tuition costs are steep. If you plan to pursue post-secondary education, then you know these expenses are on the horizon.
When you’re a Cambrian member, we can help you cut down tuition costs.
Through our scholarship program Learning for Life, we support continued education by awarding bursaries to Cambrian members who exemplify leadership, community service, and academic success.
Learning for Life opens annually in April and is open to any Cambrian member who will be attending a recognized post-secondary institution in Manitoba.
Right now, retirement seems like a lifetime away. But when you’re young, you’re in the best position to start preparing for it.
Make your money work for you by investing in your retirement fund. Through compound interest, you earn interest on your money – and then that interest starts earning interest, too.
If you start saving for retirement at age 25 and retire at age 60, that gives you 35 years to grow your money in the market and take advantage of compound interest.
To see it in action, try our Compound Interest Calculator and watch your savings multiply!
One thing that most of these financial steps have in common? You need to save up before you can achieve these goals.
As a Cambrian member, you can save money on service fees every month to reach your financial goals faster. Bank for free until age 23 with a Cambrian Connect account.
Over 23? Simply unfee your account with a monthly direct deposit.
You have a clear idea of the financial steps you want to take in your 20s. Now you just need to figure out how to get there.
When you meet with a Cambrian Advisor, we’ll walk you through it. From making your first investment to opening your First Home Savings Account (FHSA), we’re here to help you every step of the way with financial advice for young adults.
Think of us as your banking bestie. Book a meeting today!
Disclaimers:
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We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
