25 Money Management Tips for Young People

4. Have a Debt Repayment Plan

Almost all young people now enter their20’s with at least some debt if not a significant amount depending on how he or she paid for college. In order to realize greater credit scores and overall lower interest payments over time, one will need to make an aggressive debt repayment plan early in life to help keep the debt load under control. If one has a student loan, one easy way to cut down on costs is to set the payments up on automatic which will cut up to 0.25% off of the interest rate for many people when done in this manner. Similarly, working out a solid plan to pay down o off credit card debt is another key to success in making and sticking to a budget for a young person.