Managing money is something that comes natural to some, but certainly not to all. If you are someone who struggles to feel balanced with regarding to your financial health, you are not alone. Especially for young adults who were not raised in homes where money was a free-flowing topic of conversation, figuring out how to earn money, save money, invest money, and be smart with money in general can feel like Mt. Everest. The good news is however that it is never too late to pick up healthy financial habits and you don’t have to be a millionaire to benefit from certain money moves that will improve your financial health.

Keep a Clear Head About Debt

Some debt is labeled as good while other debts are labeled as bad. In some cases, things like mortgages would be considered good debt and credit card debt considered bad. Whatever you subscribe to, the most important thing is that you keep a clear head about your personal debt-to-income ratio and the debts that you have, continue to generate, and need to pay off. Student loan debt is a type of loan repayment that some people can become complacent about because the amount is so large, and the lifespan of the loan so long, they just figure they’ll pay what they owe month to month, and it will be done when it’s done.

This is not a bad strategy however it is not going to save you any money. If you want to get ahead of the rising rates you can refinance your current student loan into a new one and incur some serious savings every month. When you initially took out the loan the terms and rates were matched to that moment in time, and it is likely that things have since changed. Giving yourself an opportunity to spend less on repaying your debt means you will then have that cash on hand to allocated to other areas of your budget that will increase your financial health overall.

Always Shop Around

As a consumer you probably already have a set of habits that you might not even realize. One of the most common is not shopping around for things that you always need. Going to the same grocery store each week and always buying the items on your list without seeking out any coupons or price comparisons simply because you know you are buying them regardless. You can use the internet to become a better shopper and spend just a little extra time taking note of how much things costs in a few different places.  You might discover that you can save a ton of money every month that you would otherwise simply spend assuming you had no other choice.

Be Frugal About Some Things

We all like to spend our money in different ways and in terms of the finer things in life, no two budgets are going to look the same. However, being someone is consistently splurging as your baseline is going to wreck your finances long term. Instead, prioritize the areas that you really care to go big on, and be intentionally frugal in others. If you love traveling to luxury all-inclusive resorts, maybe you drive a used car every day instead of a brand new lease as a way to recoup some of those costs.