Staying financially afloat in adulthood can feel challenging, even if you have been independent for a long time. If you have unanswered questions or need some guidance, it is time for a crash course in smart money management. Once you know about things like maintaining a budget and which bank has the best certificate of deposit (CD) rates, you will feel confident about your ability to comfortably afford your future.

The Most Important Financial Responsibilities for Adults

Creating a strong foundation is the best way to start any learning experience. Review the basics of financial adulting to set the scene for personal growth.

Understanding Monthly Income and Bills

Successful people track their income and bills every month. You can do this with a budget. Budgeting is only possible if you know how much money you make monthly and how much your bills cost. Add everything you pay regularly and list it next to your monthly income. Those two factors help people craft everything else about their finances.

If you have fluctuating monthly income because you have a seasonal job or do freelance work, estimate what you make based on your primary sources of revenue. The best part about tracking what you make is that you will get used to keeping up with those fluctuations as they happen.

Creating an Emergency Fund

An emergency fund can save the day. You should eventually start a savings account specifically for life’s unexpected expenses, like a roof replacement, a new HVAC unit or car repairs after an accident. Your fund should also cover a few months of bills if you lose your job.

The Federal Reserve found that only 55% of U.S. adults in 2024 had three months’ worth of bills saved in emergency funds. If you have not started that account yet or have not reached a desired savings goal, you are among many others still refining their adulting skills.

Saving for Retirement

Although people rely on social security checks to live comfortably in retirement, a 401(k) account could be your primary way of paying bills one day. The earlier you start putting money aside in a retirement fund, the more you will have when you eventually retire. You should especially consider opening a 401(k) if you work for an employer that matches your contributions, which could double your savings potential.

Starting a High-Yield Investment Account

Standard savings accounts typically have low interest rates, so people open high-yield investment accounts. They are secondary savings accounts with higher interest rates, meaning you will get extra money back. This can grow your savings faster, helping you reach financial goals more quickly.

High-yield savings accounts are not as necessary in adulthood as maintaining a monthly budget that pays the bills. You still might want to open one, though. They are an excellent financial security tool because you will accrue extra savings with higher annual interest rates.

Where to Find Guidance

After you know money management basics, you might feel like you still need some guidance. You will find experts at numerous financial institutions, depending on what is available where you live.

Banks

Experts are ready to help once you make an appointment with a bank. Banks hire people with diverse financial backgrounds to assist customers with budgeting questions, arranging mortgages, opening savings accounts and more. You may not have to pay anything extra for these services if you already have a checking account with the bank.

Financial Advisors

People often get financial assistance from advisors at independent financial companies. They will review your annual progress and chat with you throughout the year as questions about investment accounts or savings goals arise. In exchange, they take a small percentage of your yearly gains.

Credit Unions

Credit unions serve their members with things like advisory appointments. If you join a credit union, you can make appointments to change your long-term goals or start savings accounts. The best choice depends on what is closest to your home and which financial institution would provide the best interest or CD rates.

The Best Bank for Adulting Support: First Commonwealth Bank

Choosing from the many available banks might seem tricky, but you are in luck if you live near a First Commonwealth Bank branch. The institution is an excellent place to get financial support and start your adulting experience.

First Commonwealth Bank helps people set up checking and savings accounts before working on an optimal monthly budget for every client. The representatives also assist with setting long-term goals. First Commonwealth Bank experts can answer your questions without confusing financial terminology if you want to discuss topics like debt repayment, emergency funds or a retirement plan.

Which Bank Has the Best CD Rates in Ohio?

First Commonwealth Bank also has the best CD rates in Ohio. CDs are a low-risk way to grow your savings. Opening a CD account requires an initial deposit that remains locked for a set term. If you do not touch that money, it grows with a locked interest rate of 3%-4.20% with a higher deposit. Everything you put in that account has Federal Deposit Insurance Corporation (FDIC) protection as well, so you will get your money back if a drastic situation like bank failure happens.

Young, finance-concerned adults can trust First Commonwealth Bank representatives to assist them with their unique budgetary situation, answer questions and position them for long-term financial growth.

What to Discuss With a Banking Representative

When you are ready to meet with a financial expert at a bank, you should arrive with questions prepared to have a productive conversation. Ask about common concerns and anything else to start feeling confident about your money management skills.

How Do You Create a Monthly Budget?

There is no shame in asking how to set up a budget, no matter your age. Finance gurus are there to address your biggest and smallest questions without judgment. A bank representative can review your checking account statements or any other financial history documents to log your monthly income, expenses and any leftover funds. Their findings might even surprise you. You could be paying for subscriptions you did not realize you forgot to cancel.

What Are Your Financial Goals?

Everyone should have at least one financial goal. An advisor can brainstorm with you if you are unsure where to start. They will ask for your thoughts on your retirement goals and if you want to spend your money traveling. How do you picture spending your income once you are in a comfortable financial position?

You will also have to think about how you will grow your income. A banking representative might ask for your opinions on various savings or investment options. Ask for clarification if you are not sure how to answer. You should feel confident about how you are managing your money, regardless of your decision.

What Kind of Savings Account Should You Open?

There are many kinds of savings accounts to consider. Standard accounts have lower interest rates, but might be easier to open with smaller deposits. High-yield accounts average a 4% interest rate that could grow your investments faster, but might not be available where you currently bank.

CD accounts are another option if you have a bit more money to deposit initially. Places like First Commonwealth Bank lock in your initial interest rate, so your investments continue to grow even if the market fluctuates with global events. Once you know which bank has the best CD rates, you can confidently choose a specific type of savings account that fits your needs.

How Much Should You Save in an Emergency Fund?

The best emergency savings goal will align with your long-term financial interests. Someone opening a fund for their business might have a $20,000 savings goal because that amount covers three months of their bills. You might only have $3,000 in monthly bills and want at least one month’s worth set aside, so your initial goal could be $3,000.

A financial advisor can help you figure out the best emergency fund goal. Ideally, the savings will exist to cover life’s biggest unexpected expenses. You should be able to comfortably afford your lifestyle for a few months if you get laid off or cover structural repairs if you are a homeowner in a storm-prone area. The exact number depends on your lifestyle, bills, income and realistic savings timeline.

How Much Should You Put in a 401(k) Every Month?

Ideally, you will put a portion of every paycheck in your 401(k) to grow your retirement savings throughout your career. The account could also be a Roth Individual Retirement Account (IRA) or another arrangement best suited to your employment situation. A financial advisor can clarify which type of account is right for you.

Everyone arrives at their per-paycheck savings total differently. Someone making $5,000 per paycheck can put aside more than a person earning $1,000 every two weeks. Experts generally recommend saving 15% of your annual income, but you might set aside more if you want to retire earlier than the typical age of 65.

Your advisor or banking representative will help you determine the exact percentage for your situation. While there is no magic number for every person saving for retirement, working with an expert will give you the reassurance you need to become confident about your future.

How Do You Improve Your Credit Score?

Credit scores influence life’s biggest milestones. Your score determines if you can buy a car, rent an apartment or get a mortgage, so ask your financial representative about how you can improve yours.

They will show you how to run a credit check without impacting the score itself. When you have your result, discuss how your debts could affect it. Your debt repayment plans and timeline could positively affect your credit score. The timeline will also indicate the best times for you to make those significant life changes because you will know when your score will be in a good range for significant investments.

Tips to Manage Your Recurring Finances

If you leave the consultation with your banking expert or advisor and need resources to handle your everyday finances, use some popular tools to develop your money management confidence.

Explore Budget Formats

There are many ways to track a monthly budget. Give yourself time to explore different options. Some people prefer using budget apps that connect to their bank accounts to automatically log bills and discretionary spending. Others like working with physical monthly planners or custom spreadsheets.

Accounting software is also budget-friendly if you want advanced financial tools. Trying different options will show you what you prefer, so you are comfortable with your long-term budgeting arrangement.

Create Financial Review Reminders

In addition to establishing a budget, you should regularly sit down and track your finances. Bills fluctuate, income changes and you might treat yourself to splurges. Create a reminder in your calendar or to-do list to set aside time for reviewing your budget.

You should check if your income is the same and if you have overspent the limits you put on your discretionary spending. Have your grocery expenses changed? Are you driving more and putting extra gas in your car’s tank? You will make smarter money moves if you know how your monthly budget changes with each pay period. Your reminders could happen biweekly so you can refresh your spending estimates alongside paychecks.

Establish Recurring Advisory Appointments

Financial advisors are open to recurring meetings with their clients. They understand that personal finances change. Your long-term goals might need adjustments eventually, too. Consider if you would like to meet with a banking representative or advisor monthly, quarterly or yearly. They can provide input if you are unsure. They will consider your income stability, expenses and financial skills to arrange an appointment schedule that best supports you.

Improve Your Financial Adulting Skills

No one starts their adult life as a financial guru. You can refine your skills and get expert support whenever you are ready. Once you have contacted a trusted institution like First Commonwealth Bank and met with an advisor, you will feel more confident about putting your finances on track to build a comfortable future.