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3 Things Every Adult Needs to Know

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Being a young adult in this day and age is harder than ever. Between fast-evolving industries and the constant barrage of marketing and conflicting information, it can be hard to figure out what is important and what you can safely ignore. Here are three simple things every adult needs to know to help clear up the confusion.
1. What's the Deal with Insurance?
Buying insurance for the first time can certainly be intimidating. You want to get the best deal, of course, but it can be hard to figure out what that is between all the deductibles and premiums. What is a deductible and what is a premium? Well, your deductible is the amount of money you will have to pay before your insurance coverage takes over. For example, imagine that your car was damaged in an accident, and the damage will cost $2,000 to repair.
If your deductible is $500, you will have to pay the first $500 and your insurance company will pay the remaining $1,500. If your damage is less than the $500 deductible, you pay the entire amount yourself. A premium is the monthly amount you pay for your insurance coverage. The higher your deductible is, the lower your monthly premium is. So if you have a deductible of $1,000, you will pay less per month for insurance coverage than if you have a deductible of $500.
If you have enough money in savings or enough available credit that you're confident in your ability to pay a higher deductible in an unexpected situation like a car accident, a higher deductible might save you money in the long run by lowering your premium. But if you aren't sure you would be able to pay out as much money in an emergency, it might be a better financial decision to choose a plan with a higher premium and a lower deductible.
2. Get Me Out of my Parents' House!
Moving into your own place for the first time is daunting, but there are a few things you can do to make it easier. Firstly, make sure you have some kind of credit history. Many banks offer credit-builder loans, small loans that you pay into for a certain amount of time to build up a credit history. Secondly, don't be afraid to comparison-shop. Websites like Apartments.com are a great way to check out the options in your area, and they also contain a lot of helpful tips for first-time renters. Finally, always try before you buy. If the landlord won't let you see the actual unit you're going to rent before you sign the lease, it's a sign that something isn't quite right.
3. How do I Keep from Going Broke?
When you're living on your own, working full-time, and seeing the paychecks roll in, it can be all too easy to overestimate how much you can spend and wind up broke. Here are some great tips on how to start a budget. Things to remember: no more than one-third of your monthly income should be spent on your rent. That means if you are making, for example, $2,400 a month, you should look for a place that costs less than $800 a month.
Try not to spend more than one hour's wage on food per day (including both groceries and eating out), or seven hours per week. So if you make $15 per hour, you should be spending a total of no more than $105 per week on food. Lastly, get all your bills paid before spending any money on nonessentials.
Stepping out on your own for the first time is more difficult now than ever, but it is by no means impossible. Do your research and take the leap, and before you know it you'll be tackling insurance, moving, and budgeting without a second thought.

Latest Activity: Jun 06, 2018 at 7:24 AM

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