By Destinee Whittington, Mayor Marian Barry Summer Youth Employment Program 

Many young adults pursuing higher education do not have the luxury of a college savings fund or a full ride scholarship. If you’re among the many people who will need to take out a student loan for your education, here are the answers to your questions. 

We’re halfway through the year. This month is a great time to check in on those New Year resolutions you set out to accomplish in January. It’s also the perfect time to assess your finances to make sure you’re on track to reach your financial goals by year’s end.

By Destinee Whittington, Mayor Marion Barry Summer Youth Employment Program

Saving money is usually not the first thing on a young person’s mind. Many young people enjoy the freedom of having no financial responsibility, so they spend money without thinking twice. As a young person, I’ve been told to save money but no one has ever taught me why it’s important to save. Here’s why saving money as a young adult is important.

Debt can be a heavy weight on your finances. It can hinder your spending in the short term and cause your savings to fall far behind in the long term. Fortunately, by making a few financially savvy decisions, it’s not impossible to pay off debt while contributing regularly to your savings.

Do you have enough savings to cover an emergency? If not, you’re among the 71 percent of people that don’t have enough set aside to cover six months’ worth of expenses. Having money set aside for unplanned expenses is essential, but, according to the Bankrate survey released in June, only 29 percent of adults say they have a large savings account.

Here are three easy ways to jump start your emergency savings fund.