Starting Your Financial Journey – 3 Key Tips for New Adults
Starting your financial journey can feel overwhelming, like staring at a mountain of tasks. But it doesn’t have to be! Think of it like building with Lego: one brick at a time, you can create something amazing. Here are three key tips to set you on the right path:
1) Build Brick by Brick, Not a Castle Overnight
Becoming financially independent can feel daunting as you navigate taxes, retirement planning, investments alongside debts and other financial obligations. But remember, no one becomes a financial expert in a day! Take a deep breath and start small. Open a savings account, track your spending, or learn the basics of budgeting. These are your foundational bricks. Focus on mastering one area before moving on to the next. Financial growth is a gradual process, so be patient and celebrate each milestone.
As you develop these financial building blocks, your confidence in decision making and money management will also grow. We have seen this first-hand through the participants in Empower2Free’s Empowering Financial Capabilities in Young People’s program. Read more about their journeys here.
2) Diversify Like a Balanced Diet
Just as a healthy diet requires variety, so does a strong financial foundation requires diversification. Do not put all your eggs in one basket. Relying on a single approach can be risky, so aim for a mix of savings, insurance, investments, and even responsible debt management. This balance creates a safety net while also helping you grow financially. Learning the basics of each area will empower you to make informed decisions and build a well-rounded financial base for the future.
3) Stay Anchored to Your WHY
Money is a tool, not the destination. What do you want to achieve? Travel the world? Buy a house? Start a business? Defining your “why” gives your financial efforts purpose and direction. When you have clarity on your goals, it becomes easier to prioritize in spending, stay motivated, and make choices that align with your long-term goals. Remember, financial capability is not just about numbers. It is about empowering you to live the life you envision.
Looking for Guidance as You Get Started?
At Empower2Free, we are here to support you – whether you are building financial confidence or laying the groundwork for a strong and lasting foundation to financial capability. That’s why we are excited to introduce our financial coaching program!
If you would like some guidance in getting started, book a free chat here today. Our 1-1 coaching sessions provide a private and supportive space to explore your financial goals, identify and prioritise relevant financial building blocks while outlining key action steps. Whether it is saving, budgeting, investing or more, we will empower you to create a personalized plan for a solid financial foundation.
Starting is easier with the right support. Let us take the first step together!
