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Young people today face a challenging economic climate. However, it is possible to take control of your finances, whether you’ve just graduated from college or are considering purchasing your first home. As a trusted provider of financial services in Ford City, PA, Armstrong County Building & Loan Association offers the following advice to young adults looking to boost their savings in the near future.

3 Savings Tips for Young Adults From a Financial Services Company

1. Keep a Record of Your Expenses

How much money do you spend on a daily basis? Chances are it’s a lot more than you think, which is where problem spending can become an issue. Begin tracking every time you spend money throughout the day, whether buying a cup of coffee or paying a utility bill. This will allow you to see just where your money is going, as well as help you identify any areas in need of improvement.

2. Utilize a Shopping List

Financial ServicesWhile grocery shopping is a must, it can be a tempting place to make impulse purchases that will only increase your final bill. That’s why shopping lists are so beneficial; a list allows you to determine exactly what you need, which will prevent you from roaming the aisles aimlessly in search of goods. Once you’ve created your list, be sure you stick to it while shopping.

3. Set a Savings Goal

You’ll be more inclined to save money when you have a tangible goal in mind. For instance, if you want to take a vacation next summer do some research into how much money you’ll need and begin saving now. If you’re currently without a vehicle, consider creating a savings fund for the deposit, which will result in lower interest and monthly payments when you go to get a loan.

For young adults, establishing a solid savings fund is often the first step to home ownership. Armstrong County Building & Loan Association can offer support in this case based on more than nine decades of experience. When applying for a mortgage loan for the first time these knowledgeable professionals will guide you through the process step-by-step, while also helping you find the lowest rate possible. Visit the website for the full listing of financial services offered in Ford City. You can also call (724) 763-7137 to speak with a friendly and knowledgeable representative today.

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