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Personal Finances Tips for Young Adults (And Parents!)

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Being Smart About Finances is an important topic to discuss as young adults are leaving home and starting out on their own! See our tips for young adults– and parents!! Let’s talk about H&R Block and How you can get parts of H&R Block Free.

Disclosure: This post was sponsored by H&R Block Online. However, any opinions expressed are my own.

Filing Taxes for Young Adults:

“Adulting” is usually a term thrown around without much of a positive meaning. It’s usually referring to something we dislike, or even dread doing! I know that when I was just starting out with my own place and job, finances were part of “adulting” that I did NOT look forward to!

Fast forward to the present day and my own children have left the nest. Personal finance and tax planning are one of the things they do cover a little better in schools now, at least. But the reality remains that most young adults don’t have a lot of real life experience with managing personal finances. It’s something important to discuss, ideally before he or she has their own place, job, bills and responsibilities.

Taxes receipts

Things like credit checks, deposits and down payments, and late fees are all things that will surprise you if you haven’t discussed personal finance.

If this is you, see a few tips below to help get the conversation started. Even if you’re not a pro at personal finance yourself, it’s still important to help teens and young adults make the wisest decisions now! Right now, save 20% with H&R Block Online with our exclusive offer. Click here to save.

Also if you are like my 2 children, they are fresh out of the house, they don’t have any deductions so they can file for H&R Block Free.

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Tips to Make the Tax Filing Process Easier:

  • Doing your taxes for the first time: Discuss with your parents when you are ready to file on your own.
  • Discuss what paperwork to save and how long: Important documents like W-2s, social security cards and even proof of addresses are good to have ready.
  • Make a list of any other income: Did you make money selling stuff online, dog sitting, or another side job? Sit down and make a list of any other income so you can report it accurately when it’s time to file your taxes.
  • How to file electronically H&R Block Online can make the tax filing process easy — and less overwhelming! Use a household name in tax prep and stay away from “bargain” tax filing tools.
  • Computer security and passwords– Be careful about using public computers! Do not store or save any personal information on public computers. Be aware of secure WiFi and make sure to use a private, password secured WiFi if possible. Use official links to websites like H&R Block.
  • Use your apps! With most young adults being app-savvy and more comfortable with smart phones, use your resources to keep your budget and financial tools at your fingertips. Use the H&R Block app for quick access.
  • Own your own business? Filing 4 times a year plus tracking important expenses throughout the year will help you in the long run. Do your homework on which items qualify as deductions for your business.
  • Budget, Budget! While spreadsheets might not be your thing, a budget spreadsheet or app can keep all your personal income and expenses listed in one place. Track your income and tax refunds to put them to good use! Expecting to pay taxes, a budget allows you to set aside money in order to pay your taxes on time and with less stress!

Tips for Parents of Teens and Young Adults:

This is where I am now, so I can relate to you well if you’re in this stage of life! It’s so important to pass on our life experiences in dealing with personal finance. While your son or daughter may take your advice or leave it, you’re a great resource for information! Here are some thoughts to discuss:

  • When to File Taxes – Tax Deadlines
  • Setting up and appointment for in-person tax prep vs. doing your own taxes: Which fits your needs best?
  • Save all tax prep information like W2s and 1099s in a secure place – file cabinet, safe or designated folder.
  • Does your son or daughter have their own business? Talk about business expenses and receipts.
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Thanks for Reading!

I hope these tips are helpful, especially for those who may feel overwhelmed and not sure where to start! Doing your taxes for the first time can be stressful, but with expert help out there and lots of tips available you don’t have to stress! Remember if you don’t qualify for H&R Block free you can use our links to save 20%.

See more lifestyle and money-saving posts from Consumer Queen Here

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