The best time to set a strong financial course for the future is in your late teens and early 20s. But that’s also when young adults face some of life’s toughest financial challenges: tight budgets, college debt, even the expense associated with growing a family or buying a home.
Sara Parker, from Utah Central Credit Union shares the story of one young man who is already on the path to saving.
Utah teen Matt Cordery relishes the challenge and has already put away more than $10,000.
How he got there is a text book study that could inspire others in his generation to succeed in today’s tough economy.
“It’s all about your work ethic,” said Matt. “First you have to ask yourself, what are you working for? What’s your goals? And then regardless of where you’re working, there are always great lessons that will benefit you in every facet of your life.”
Matt wants to serve a religious mission for his church so needs about $10,000. To reach that goal, he’s been juggling three different jobs. The regimen sounds exhausting but Matt said each job has taught him skills that will benefit him wherever he goes in life.
To ensure that his money continually grows, Matt has taken advantage of a free service at Utah Central Credit Union where he gets timely advice from a financial Personal Coach. Based on their advice, he has opened two money market accounts that earn him higher interest than a regular checking or savings account.
He also has a checking account and a debit card account – but keeps the balance in his card low avoiding the temptation to overspend. Matt likes all the new e-technology like banking online, transferring his money back forth between accounts and keeping track of his balances either online or on his mobile.