Financial health check: young and relatively carefree

Getting a job, moving out of your family home, moving in with a partner, or starting university. Wherever you start out, getting on top of your money from your very first financial commitments can be vital.

Here’s a checklist to help you assess your financial health at this important stage:

Money Management

  • Starting a budget can help you spend within your means, and get into good habits that will save you money in the long term. Try MoneyHub, a really smart way to create a budget and track your daily spending on the go.
  • Electricity, gas, broadband, television and telephone costs vary greatly between providers. Shop around to find the best deal.
  • There are simple changes you can make that may reduce your energy consumption, shop around for the cheapest providers to suit your needs.
  • Moving in with a partner has implications for both people's finances. Read our guide for more information.
  • Are wedding bells going to ring? Read: getting married and your finances.


  • Set aside some money in an emergency fund for when sudden expenses take you by surprise. Try to have at the equivalent of least three months' salary in an easy-to-access savings account.
  • If you’re earning, consider starting to save for the future while you still have relatively few commitments. A pension is a tax efficient way to do so – but remember you won't be able to access the money until you are 55. Read our guide to pensions in your 20s and 30s for information on how to get started.
  • Comparing savings accounts can help you find the best savings option suited to your circumstances and needs.
  • Are you saving efficiently? If you’re already saving, check that you’re getting the best possible rate available, and consider using your annual ISA allowance to earn interest tax-free.
  • Use MoneyHub to automatically track your progress towards your savings goals, and see how much you need to put away each month to stay on track.

Borrowing and debt

  • How's your credit rating? Your credit history can affect your ability to borrow. Various things can have an effect on your credit rating, and there may be ways to improve yours for example by making sure you pay your credit bills off in full each month and that you’re on the electoral roll.
  • Borrow with care. Whether you’re thinking about taking out a loan, a credit card or a mortgage, make sure you fully understand all the terms, and can afford the repayments. Do your research to ensure you choose the best type of borrowing for your needs.
  • If you're thinking of taking your first step on the property ladder, read our guide to mortgages for first-time buyers to help you get started.

Smart financial planning technology like MoneyHub can help you budget for today, plan for tomorrow and work towards your goals to retirement and beyond.

Last updated: 02 June 2015