What is the best way for long and short terms saving for new adults?

Short term: live in cheap rent neighborhoods with roommates or live with your parents. Rent is by far the biggest monthly costs and you can save significantly by not spending 50% of your income on an apartment.

Long term: set up a budget for yourself, whether it's a monthly budget or a yearly budget, it helps keep expenses in check and provides yourself a target to work for in terms of how much savings you want to have at the end of the year. It's also helpful to set up a monthly automatic savings withdrawal plan BEFORE you pay your expenses. This way, you prioritize savings before spending, which is another way to help build that safety nest.

First, its important to have an emergency fund, a bit of money saved for any unexpected expense. Many financial professionals recommend saving enough money to cover 3 to 6 months of living expenses. Some recommend saving more than that but it all depends on your own situation. I know that saving can seem hard (especially when things are tough financially) but try to start small, whatever you can afford, and then build your way up.

Also, you want to keep track of your expenses and spending habits. Spending money without thinking is easy but it can definitely get expensive! But once you see where your money goes, you can take steps to change your spending habits for the better.

Next, create a budget and stick to it! Pen and paper, Excel, free budgeting apps (like Mint or Fudget) are all good ways to do this. If you spend more than you earn, cut out any unnecessary expenses or try to increase your income.

Think of some goals for yourself: short-term (12 months or less), intermediate-term (1-5 years) and long-term (5+ years). Come up with something motivating! The only way I can talk myself out of making an impulsive purchase is to remind myself of my goals. Of course, future me would rather go on a vacation instead of having spent money on countless coffees from Starbucks! :-)

If you have credit card debt, try to pay the balance in full each month. If that's not possible for you at the moment, try to pay as much above the minimum payment as you possibly can - especially if your interest rates are high. If you really can't make a payment, call your credit card company to negotiate...some companies let customers skip a payment once per year. If you usually make all of your payments on time but accidentally missed one by mistake, call your credit card company. For first-time offenders, they're usually able to waive the late fee and the interest charge.

Also, think about starting to save for retirement. When you're young, it may seem like such a far-away problem but the sooner you start, the better off you will be! If you're employed, find out if a company-sponsored account is available to you. If not, you can open an IRA on your own. Of course, different account types exist, each with their own restrictions but the important point is that they all provide a way for your money grow along with various tax advantages. And the earlier your start, the longer your savings can compound tax-free, the more your money will grow, the more you'll have in retirement!

Lastly, it may not always be fun but learning about personal finance will greatly increase your chances of success...even more so, if you'd like to be rich one day! Whether you'd rather take a class, read a book, attend a seminar or just talk to a financial professional, learning how to manage your money will be a huge benefit to you for the rest of your life.

I hope this helps! Good luck!