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Finance Tips for Young Adults in North Dakota

As a young adult finishes college or enters the work force, he or she is faced with many questions concerning financial planning and financial responsibility.

Mark Schiffman is the Vice President of Public Affairs for the Association of Credit and Collection Professions. He is also a representative for the North Dakota Collectors Association.

Schiffman claims good financial habits begin early in life. There are many skills that young adults can learn that will help in the future, he said. 

“There are many life-long lessons that will serve them (young adults) very well as they get older. A lot of important decisions are made at that time, with credit cards, car loans, and bank loans,” Schiffman said. “It is really a time of introduction to personal financial responsibility.”

Schiffman said there are many tips that young adults should use when making financial decisions. These include setting a budget, saving a certain amount of money each month, communicating with bankers, understanding and using credit wisely, and protecting personal and financial information.

Schmiffman also mentioned that active military should remember they have special privileges when dealing with financial situations.

Schmiffman recommends for young adults to not be afraid to talk to their parents or other mentors for financial advice.