It is not uncommon for schools these days to focus their teachings on academic achievements, rather than to demonstrate financial life skills.

Take the high school mathematics curriculum for example, they are more likely to deliver lessons in complicated calculus, whilst neglecting to teach such fundamentals as how to balance your savings accounts or provide education on taxation.

It is no wonder that many young adults these days stumble into financial problems, even falling deep into debt or even bankruptcy.

Financial issues are tough to deal with when you have too little money or even too much of it. There will be many people around you trying to advise you on how best to maximise your funds or invest them for the future; which voice should you trust?

Well, here are some tips so you will not be led astray.

Budget:

Creating and following your own personalised account can be a massive and daunting undertaking, especially when you are just starting out. Don't panic!

This does not always have to be done immediately. Firstly, you will want to know how much you spend each month and what you spend it on. There are numerous financial tracker apps that can help with this.

Otherwise, you can be retro and use ink and paper. Doing this can help to track your expenditure and determine if you are spending too much.

Once that is done, you can look at your habits and cut back on unnecessary purchases. Entertainment, especially, is something that you can save money on.

Once you get an idea of how much you need per month, you can then draw up a realistic budget based on the different aspects of your life: Food, bills, rent, and the like.

Now that you have your budget, follow it religiously. It is okay to splurge on yourself once in a while, but make sure it is made up for elsewhere in the budget. Self-control is key here.

Avoid Debt:

With increasing cashless options for payment, it is only too easy to lose sight of how much you are spending, since you cannot see or feel the money going out.

If you have a credit card, it pays to know just how frequently you are using it and the amount you charge to it each month. Keep on top of those payments as interest can easily cripple you.

If you are already facing debt, either from student loans or car loans, you have to be diligent in paying them off. It may seem like a mountain to climb, but if you start chipping at it early, you will feel great relief once it has been settled.

Savings Account:

While you will require a large chunk of your salary for daily necessities, it is a good idea to first set aside money for savings. This can be a small amount to start with; it does not have to be a good half of your paycheque. Of course, it is ideal that this amount increases over time.

Put this money away in an account that accrues interest. Do not just keep the money lying around as it becomes a temptation to spend it. You can also set goals for yourself as to how much money to put away each month.

Emergency Fund:

In addition to a savings account, it is vital that you also have an emergency fund. Life is not a constant; unexpected things happen all the time. Too often, these occurrences cost money.

To avoid being overwhelmed by some sudden mandatory spending like car repairs, have some money squirrelled away for rainy days. Put some money away each month to build up this fund.

Unlike your savings account, which is for the future, this does not have to be an increasing amount. A few months worth of your salary should be enough to tide you through whatever emergency that you encounter.

If you find yourself in need of the cash from this sum, be sure to build it back up again as soon as possible.

Plan for the Future:

If you feel like you have found your feet financially, it still is not time to relax yet. It is never too early to invest your money for the future. The economy is always in flux, so whatever you can save now will surely pay off later on.

Meanwhile, you should also be doing some more long-term planning. Yes, I'm talking about retirement. Having a plan for retirement means that your job will soon become less of a necessity than an option.

Your company may already have retirement plans in place for you, and that is great! But it is a good idea to get a clear understanding of how they work. Your government will likely have retirement programmes as well, additional options will never go amiss.