Early career workers need to set up a financial foundation. This will assist them on the path to financial security. Like retirement, the idea is to start early and maintain throughout their careers.
Currently 56% of workers early in their careers do not have 3 to 6 months of emergency savings.
63% have less than $25,000 in retirement savings.
Regularly 21% of them spend more than they make.
A fifth of them are caring too much debt.
For those who are eligible, I have recommended that they get interest free credit cards and transfer the existing credit card balances to those new cards, then close out the interest cards. This way, for 12 to 18 months nothing but principal is being paid off and not 25% interest.
For others I have recommended that they go to the all-cash method. They pay their bills online and then withdraw the remaining amount, so they physically see the money disappearing from their grasp.
It is a different experience in the drive through lane when they have to cough up the cash to pay for their food.