Young adults (High School Grad +)

Pre-K to 2

3 to 5

6 to 8

9 to 12

High School

Growth Chart

At this point, you'll shift from caring for dependents to coaching and guiding freshly minted adults who are increasingly open to your advice and shared experience. Key money concepts for young adults are:

  • Budgeting.

    Every young adult should live by a budget. Think in terms of three-month periods and list all expected and possible expenses. Most important, have your child track expenses, then review them together and learn what's working and what isn't, and how to adjust. Encourage good habits, like saving 10% off the top.

  • Investing.

    Start with goals--short-term (several years off) such as buying a car and long-term (farther in the future) such as buying a house. Once your child is excited about reaching a goal, discuss how saving and investing can help him achieve it. Review the various investment tools and reintroduce the power of compound investing over time. You might even discuss IRAs, 401(k)s, and HSAs.

  • Insuring.

    Use a car purchase, apartment rental, or a doctor's appointment as your opening to show how big expenses can be reduced with insurance. Like buying anything else, purchasing insurance doubles as a working lesson in comparison shopping.

  • Resourcefulness.

    Help your young adult become financially savvy. For example, entertaining and recreating on a budget. When to buy used versus new. Where to "find" extra money (grants, scholarships, discounts). Who to trust, and the people and offers to be skeptical of.

For more information, see American Bankers Association’s: Top 10 Tips for College Students

Related Information


*This content has been compiled from various sources of information.


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