A major issue that is widely ignored by teens and young adults is long-term financial security. Sadly, many of us spend frivolously without thinking about the future. In a time where the economy is almost completely out of wack, nothing is guaranteed to those who don't make moves to prepare for the future NOW!

The following tips are for those who want to begin the journey to financial freedom. These are small adjustments that are sure to have a huge impact on your finances once they are incorporated into your daily lives.

1) Never forget to balance your checkbook. I know this seems like a thing of the past since the online banking features have become so popular, but it is still necessary. Think about it this way: the more you write down each time money goes OUT of your account, the more likely you are to avoid letting money go to waste on small things that aren't needed.

2) Create a budget and stick to it! This will come in handy for those who seem to find themselves living from paycheck to paycheck and wondering where all of their money has gone at the end of the week/month. It is a good practice to implement a budget that coincides with how often your paycheck comes. Allocate certain amounts for rent, bills, food, and, most importantly, emergency funds. Everybody has certain problems that may arise that need to be addressed as soon as possible, and knowing that you have prepared for such situations will eliminate a lot of the stress associated with the problem.

3) Explore the options your bank offers. These days, in order to prepare for the future and live comfortably during retirement, just having a simple checking account isn't going to cut it. Banks offer numerous options for saving and investing, and we all should look into them to see what is best for our situation. Start off with a savings account and contribute regularly. After a while, your next move might be Money Market accounts, Certificates of Deposit (CDs), bonds, and mutual funds. The possibilities are almost endless.

We must realize it's never too late to plan for the future. It's all about taking the time to explore our options and actually becoming disciplined enough to stick with it. By no means am I saying to never spend on things that make us happy or hold back from the things we love doing. However, I believe we must plan and make sure we can afford to do these things before we just go out and do them.