Skip to main content
765-284-1015|877-539-8505
  • Locations
  • Careers
  • Online Branch Login
Thrive Credit Union
  • Bank
    • Deposit Insurance
    • Savings Accounts
      • Share Certificates
      • Save to Win Savings Program
      • Club Accounts
      • Health Savings Account
      • Individual Retirement Accounts (IRA)
      • Money Market Account
    • Checking Accounts
      • Regular Checking
      • Ultimate Checking
      • Elite Checking
      • Debit/ATM Cards
      • Reorder Checks
      • Buzz Points – Debit Card Rewards
    • Kids, Teens, and Young Adults
      • Thrive Kids
      • Thrive Teens
      • Thrive Young Adults
    • On The Go Services
      • Online Banking
      • Mobile Banking
      • Mobile Deposit
      • Online Bill Pay
      • Bank By Phone
      • ATMs
    • Other Services
      • Identity Theft Protection
      • Traveler’s Card
      • Wire Service
      • Cashier Checks
      • Money Orders
      • Notary Service
      • Night Deposit Box
  • Borrow
    • All Loan Rates
    • Auto Loans
      • Auto Buying Resources
      • Guaranteed Auto Protection
      • Mechanical Breakdown Protection
    • Motorcycles, Boats & Recreational Vehicles
    • Home Loans
      • Home Equity Loans
      • Mortgage Loans
    • Personal Loans
      • Personal Line of Credit
      • Short Term – Small Dollar Loan Program
    • Visa Credit Cards
    • Student Loan Refinancing
    • Veteran Loan Discount
    • Credit Reports
  • About Us
    • Careers
    • Locations
      • Branches & Hours
      • Bank Online
      • Bank By Phone
      • ATMs
    • History, Vision & Values
    • How to Join
    • Meet Our Board
    • Contact Us
  • Resources
    • Routing Number
    • Calculators
      • Auto Loan
      • Mortgage Calculator
      • Simple Loan
      • CD
      • Simple Savings
    • Lost Debit or ATM Card
    • Fee Schedule
    • Forms
    • thinkThrive Blog
    • News
  • Member Perks
    • Thrive Cares
    • Veteran Loan Discount
    • Events
    • Financial Education
    • Get Thriven’ Mondays
    • Insurance Products
    • Zoo Tickets
FacebookYouTubeInstagramSearch
Toggle Navigation
  • Open an Account
  • Apply for an Auto Loan
  • Apply for a Home Loan
  • Apply for a Personal Loan

Simple Financial Tips Every Twenty-something Should Know

Published: April 6, 2016 Tags: budget, car, College, college graduates, college students, Credit Score, Credit Union, Finances, Financial tips, first loan, frugal, home equityf, loan, responsible, save, savings account, simple, teenagers, twenties, twentysomething, young adults

4 7 16 blog post

By: Sammi Coppedge, Marketing Assistant

When you are young, finances are scary, bills are overwhelming and overdraft fees sometimes become the norm. However, it doesn’t have to be like that. Finances in your twenties can be successful and prosperous. That’s where we come into help. We’ve put together our top 5 financial tips that we believe every twentysomething person should know.

Save a little bit at a time

What many twentysomethings fail to realize is that every penny saved really does count. Whether you are saving towards something specific, or you are just saving to save, the important thing is that you are not spending every dime that you earn. However, one great habit twentysomethings can start now is saving towards an emergency fund. This could be used in times of crises, such as when dealing with car troubles, an illness or if you are laid off from your job.

While the more money you can save the better, you should start out by setting smaller goals first. If you told people to save $20,000, they would never do it. However, setting a smaller goal like $1,000 is much more attainable. Whether you are able to put away $25 a paycheck or $100 a month, you will be likely to attain those goals quickly. Only bite of what you can chew.

Your credit score does matter

A common myth is that if you’re young, then your credit score doesn’t matter. However, no matter your age, you should care about your credit score, as it will affect your future.

One thing that twentysomethings can do is open a low limit credit card. Your first credit card should be used as a credit building opportunity, more so than anything else. First time credit card users should be particularly mindful of how much they put on the cards. One great way to make sure you are not spending more than you can pay back, is by only putting small purchases on the card, like gas or groceries. Set an amount that you should never go over each month, that way you are able to pay off your balance each month and not pay interest.

Building your credit now will help you in the future. Whether that be when you go to purchase your first car or home, the important thing is that your credit score will be high enough for you to purchase the things that you want. Don’t wait until you go to make your first big purchase to work on your credit score – do it now so you can have what you want later!

Be responsible and frugal with your money

Even if you are young enough that you don’t have a massive amount of bills, there is no time like the present to start learning how to be smart with your money. One way to do this is by creating a budget and setting maximum spending limits on particular items. If you know you’ll be going out to eat with your friends one weekend, go into it knowing that you don’t want to spend more than X amount. Predetermined plans will help with alleviating overspending.

Another great way to be more responsible with your money is by always being on the lookout for sales and coupons. At a majority of retail stores, merchandise will go on sale at some point. Just because you have fallen in love with the perfect sweater doesn’t mean you should by it on the fly. Through waiting for a few weeks, you will usually get the better end of the deal.

Also, get involved with company rewards programs. A lot of retailers have apps where you can track spending, current coupons, and redeem rewards. The best part is that more retail rewards programs are free of charge! Just be mindful of signing up for retailer credit cards that get you a certain percentage off. Although they are great, don’t sign up for every retailer credit card that comes your way, as it could get you into some trouble.

thinkThrive

  • 2021 Annual Meeting & Board Nominations
  • Open a Checking with Thrive and Donate $25 to Boys & Girls Clubs of Muncie
  • Strive to Thrive Financial Education Center

Member Testimonial

Why anyone would bank any place other than Thrive is a mystery to me! The staff is always friendly and ready to help you with your banking needs. We have been with them so long they are like family. We frequent the Wheeling branch, sometimes go to the one on the south end and have visited the newest location by Concannons. Love my Thrive Credit Union!!!

Anetta

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Accessibility Statement
© 2021 Thrive Credit Union|765-284-1015|4501 South Delaware Drive, Muncie, IN 47302

Equal Housing OpportunityNCUAExcess Share InsuranceFederally Insured by NCUA

Site By: Red Elephant Digital Media