As a young adult, “getting your finances in order” is one of the most important and necessary things you should accomplish, if you are to achieve your goals and build the life you dream of having in the future. So whether you are desirous of owning your own home, being able to vacation to some of the more exotic destinations in the world, you simply want to “live comfortably” or all of the above, becoming financially responsible is key to seeing these dreams and any other become a reality.

As we continue to navigate through the uncertainties that come with the pandemic that is COVID-19, for many, financial responsibility can be the difference between staying afloat and sinking into the sea of lack and debt, at a time where food prices (among other things) are constantly increasing and income is not as easy to come by for many. In addition, being financially responsible now, allows you and your dependents (present or future) to be protected from turbulent circumstances. Here are a few ways that you can consider in your quest to become financially responsible:

1. Budgeting: Regardless of your monthly income, no amount is too little to budget. After you have received your weekly, fortnightly or monthly income, do the needful and jot down all expenses that are absolutely necessary. For example, rent, utilities such as lights, water and internet services, loans/ debt repayment, food, transportation expenses and so on. Leisurely expenses such as eating out and the cost of your daily coffee runs are secondary to your monthly necessities.
2. Save: In creating your budget, we understand that your priorities may change from month to month and that unforeseen challenges may arise. To ensure that you give yourself a better chance for survival and that you are better prepared for the unexpected, do remember to assign a portion of your income to your savings account and/or to your “rainy day emergency fund”.
3. Pay bills on time: We think it’s safe to say that no one likes paying late fees, paying your bills on time can help you avoid any overdue charges on your account and can help you to save in the long run. 
4. Ensure that you are getting the most value for your money: You’ve worked hard for your money and deserve to get the best possible value for it! So, before making any purchase, it is a good idea to shop around for the best deal on your “investment”. 
5. Learn more about money management techniques: Money management is not a one-size-fits-all thing, what may work for someone else, may not be ideal for you. By learning different ways in which you can manage your finances (of course with your individual financial goals in mind), you stand a better chance of achieving your goals, without added discomfort and uncertainty. 

At the Bank Employees’ Credit Union (BECU), we pride ourselves in educating our audience on viable ways of managing their personal finances, which in the future, will allow for an excellent quality of life. Follow us on Facebook, Instagram or LinkedIn to learn more and to find out about this year’s Inspired Web Series in collaboration with the National Financial Literacy Programme. This web series will feature a number of industry professionals and will focus on strategic approaches to money management.

Connect with us! Call us at 1-868-622-4035, WhatsApp us at 1-868- 394-1615, or email us at service@becuonline.com today!