As you progress from child to adult, the amount of money you earn grows dramatically. From marveling over getting five dollars in a card from your grandma, ecstatic for your first minimum wage check, to finally earning the big bucks as you start your career, money grows alongside you. 

But as you grow up, how you spend your money needs to grow up too. When you were a child and a teen, you could blow your income on entertainment and treats, but once you become an adult, that all has to change. That transition to becoming an adult with your money requires a change in attitude, spending habits, and being responsible.
 

Budget Your Money
 

Few things are more adult sounding than managing your budget, and there is a reason for it. Responsible people utilize a budget to fully understand their financial situation and make plans for the future. 

So, how do you make a budget? The simple explanation is figuring out how much money you earn each month and compare it to money you spend each month. Ideally, you have more money coming in than you do going out. From there, you break down the money you spend into different categories like: things you have to pay to live, things you don’t have to pay to live but are very important, and non-important things.

Things you have to pay to live are expenses like your housing, utilities, a car, food, and more. These are items you have to pay for in order to stay alive and working. The things you pay for that are important are things that make you happy and content. You deem what is important in this category. It might be paying for entertainment, a hobby, or simple luxuries. Finally, non-important things are expenses you spend on that don’t make a big difference in your life but you still pay for. This could include eating out, paying for an Uber, contributing to a co-worker’s birthday card, and other items that don’t do much for you and you could easily go without spending on.

Pioneer members looking to build a budget can get free assistance through GreenPath Financial Wellness. Their financial counselors can help you build your budget and identify ways to save money and track your spending habits.
 

Start a Retirement Fund
 

Even if you are just starting out adulthood, you need to start planning for your retirement now.  It isn’t something you start when you are thirty, or later, but right now. If you have even just a little extra cash every month, put it towards retiring. 

The earlier you can start contributing to a retirement fund, the more time it has to grow. Regular deposits into it with lots of time for interest and investments to grow can make a massive difference when you are 65 and ready to retire in comfort.

If you employer offers a 401(k), and especially if they offer a percentage match, use it! Start contributing to it and build up your investments. A 401(k) is a type of retirement investment tool where your employer contributes to it, giving you basically free money.

If you don’t have access to a 401(k), you need to open an IRA. This is a place for you to invest money for retirement, but without the employer contributions.
 

Establish Your Credit
 

Growing up, you’ve probably gained a passing understanding of credit cards and loans, the base of it being someone lets you borrow money and you have to pay it back, sometimes with interest. But the world of credit is a bit more complex than simply swiping a card or going to a bank and asking for money.

Your credit score is important for your future as an adult. Credit scores impact a wide variety of things like:

• Opening a credit card
• Buying a home
• Buying a car
• Insurance
• Renting an apartment
• Getting a job

Having poor or no credit can result in having a much harder life. That means things like not getting a house or apartment you want, paying higher monthly costs on bills, or even missing out on a dream job.

Start and build your credit by using a credit card the right way. Never overspend and pay it off every single month. Pioneer Platinum VISA Credit Card is a perfect fit for just this. Plus, anytime you use the card, you earn Rewards points.
 

Upgrade Your Savings and Checking
 

Likely, you had some sort of youth savings account growing up. A place to learn the basics of banking and keep your money safe. Then, you might have upgraded to some sort of college or beginner savings and checking account when you turned 18. Now that you are fully becoming an adult, it’s time to upgrade again.

First, you need to find a savings account that works for you. Most savings accounts are the same, with tiny differences between interest earned and bonus features. The most important part is that it is safe and easy for you to access and track. If there is a perk you like with a saving account, like extra interest or waived fees, you should go for it.

Checking accounts are much more important. A good checking account should be convenient, rewarding, and fit to match your life. Don’t just settle for a checking account with only a debit card and a box of checks. In today’s world, you can earn extra cash or rewards just by using it. Pioneer has two checking accounts that do just that. The Reward U checking account lets you earn 3.00% APY* on a daily balance up to $10,000 and you earn Rewards points every time you use your debit card. The WOW Cash Back Checking earns %1 cash back on debit card purchases up to $15 per month. 

Open a Checking Account