In youth, financial maturity comes slowly — and with a price. Quick, easy, impulsive spending seems to be a rite of passage into adulthood that can lead to financial distress. In younger years it’s easy to desire material objects and make purchases impulsively. Also, very few individuals have strong, healthy and informed financial education.

Early in life it’s still very important to think about the consequences your spending habits and patterns will have on your future.

Friends can help friends by talking through things like:

• Research the best interest rates when shopping for credit cards and loans.
• When you need to make large purchases such as an automobile, consider the best purchasing options.
• Make a monthly budget and learn to live within your means.
• Saving a small percent of your income is better than no savings.
• Prevent falling prey to excess charging on your credit card.
• Pay your bills on time – this will help you establish good solid credit.
• Review your expenses – cut cost where you can.
• If you have maxed out your budget for the week – don’t meet your friends at a restaurant; Invite them to your place for a get together and have everyone bring a drink or appetizer.

Money matters are traditionally one of the big issues in life we are taught not to discuss. However, when friends confide in friends, they may help you process your financial habits and assist you with making more wisely informed decisions. Always keep learning about money matters and financial spending.