Leaving home is a big step in the life of any young person. There is increased responsibility and freedom, and yet the support system that you’ve relied on throughout your younger years remains vibrant. Leaving the nest is a massive change, but it’s incredibly exciting and can be managed with grace and ease for those who have prepared for the lifestyle shift.
One area in which this change is seen most prominently is in the financial wellness that Americans, Canadians, and all others chase after as individual consumers, savers, and borrowers. In the United States, the average consumer owes more than $6,000 in credit card debt with a limit of over $30,000. This adds up to a big responsibility, not just in repayments but also as a borrower with the potential to utilize far more credit. Whether you’re looking for advice and information on credit card management and other spending habits or the use of investment resources, this is the guide for you.
Tips on How to Manage Your Finances after Leaving the Nest
Investing in great assets is easier than you might think
Investors are all unique. Each person has their own specific financial goals and makes investment decisions that share some commonalities, but often include significant differences in pursuit of these objectives. The actual performance of any given investor’s portfolio can be hard to judge from an unbiased perspective because of these facets of the investment and savings landscape. A portfolio that has grown at a steady yet slow rate might be perfect for one kind of investor, but lack the speed and risk-infusion that another may be seeking for their investment portfolio. With CI Direct Investing (formerly Wealthbar), investors are taking advantage of robo-advisor options that are becoming more widespread throughout the marketplace.
Robo-advisors make for a unique and highly lucrative option for investors who are just starting their financial journey. By purchasing and automatically readjusting holdings within a variety of ETFs, index funds, and mutual fund options, investors can tailor their experience to their unique needs while taking advantage of a service that can provide both instruction and high-quality management services at the same time.
Ensure that your consumer needs are met with discounts and smart spending habits
In addition to savings and investment products, it’s crucial for anyone seeking to manage their finances to implement smart spending habits into their lifestyle. One great way to do this is with digital and brick-and-mortar brands that you trust and can employ loyalty rewards and other programs with. A pharmacy that can provide you with the medication and other personal healthcare needs that you have is an essential partner in this endeavor. Health requirements are a mainstay in the lives of millions of Canadians, and everyone has their own unique needs. A pharmacy that can help you with any questions, concerns, or consumer essentials that may come to form a routine in your life is a great asset that many people take for granted.
Likewise, finding discount or coupon programs is a great way to always get the most out of your shopping experience. Brands and retail outlets are always looking to bring in new clients that they can sell products to, and are typically willing to bend over backward to help you get the experience that you deserve.
As you leave the nest and start the next phase in your consumer lifestyle, you’re completely in charge. Many people find solace in the fact that they can still lean on their parents and other loved ones for guidance and help if they need it, but this time is marked by independence — which can be exhilarating. Take pride in your new direction.