5 Financial Literacy Tips Every Young Professional Should Start Now

To help you get started, we spoke with Thomas K. Rudzewick, President and Chief Executive Officer of Maspeth Federal Savings—and proud recipient of the 2025 Spirit of Service Award at St. John’s University. A seasoned banking professional with a passion for empowering young adults, Mr. Rudzewick recently led a dynamic session at the St. John’s Financial Literacy Seminar, where students explored how budgeting, identity protection, and mobile banking can boost financial confidence. 

In this blog, he shares five essential tips to help you build smart money habits that last. 

1. Protect Yourself from Identity Theft. 

Your financial future starts with staying secure. One of the most overlooked aspects of financial literacy is personal cybersecurity. 

“A password should be at least 12 characters long and include a mix of uppercase and lowercase letters, numbers, and symbols,” he advises. “Avoid personal details, and don’t reuse passwords across platforms.” 

This advice is more critical than ever: Impersonation scams were the top reported scam to the Identity Theft Resource Center, rising 148 percent year over year. In most cases, criminals pretended to be a general business (51 percent) or a financial institution (21 percent), tricking people into handing over sensitive data. 

Try this: 

• Use a secure password manager to store and generate strong passwords.
• Turn on two-factor authentication for your banking and payment apps.
• Never share login info, even with friends. 

Related Blog: How You and Your Bank Can Prevent Identity Theft  

2. Know When to Say “No” to Scams. 

As more financial activity moves online, scams are becoming more sophisticated and frequent. According to Pew Research, nearly 73 percent of US adults have experienced some kind of online scam or attack, and these incidents span across age groups. 

Mr. Rudzewick emphasizes the importance of slowing down and verifying before responding to suspicious messages or phone calls. 

“If someone asks for sensitive banking details, hang up. Then call the number on your debit or credit card, not the one they give you,” he says. 

Try this: Bookmark your bank’s official website and avoid clicking links in messages or pop-ups. If something feels off, it probably is.  

3. Build a Budget That Actually Works. 

A good budget doesn’t restrict your spending—it gives you control over it. Mr. Rudzewick suggests the 50/30/20 rule to help new earners build a simple and flexible framework: 

• 50 percent essentials (i.e., rent, groceries, and bills)
• 30 percent lifestyle (i.e., eating out, travel, and hobbies)
• 20 percent savings and debt repayment 

“You can improve your financial wellness by creating a budget. Once you see where your money goes, you can make better choices. It’s about being intentional,” Mr. Rudzewick explains. 

Try this: Free apps like Mint, YNAB, or even a Google Sheet can help you track spending in real time and set financial goals.  

4. Use Mobile Banking to Your Advantage. 

Managing money doesn’t require standing in line anymore. Mobile banking apps allow you to stay on top of your finances wherever you are, and they often come with tools to help you avoid problems before they start. 

“Set up alerts for large purchases, low balances, or suspicious transactions,” Mr. Rudzewick suggests. “That way, you catch potential issues early.” 

Some apps also include free tools for monitoring your credit score or tracking your spending by category. Learn more about Maspeth’s mobile banking tools. 

5. Keep Debt in Check—and Understand Your Credit. 

Student loans and credit cards can be manageable when you have a plan. Mr. Rudzewick recommends getting into the habit of reviewing your statements each month and paying more than the minimum whenever possible. 

“Manage your debt by tracking your credit card statement to ensure you do not spend more than you can pay, creating a plan to pay off debt earlier, and reviewing your credit report,” he says. 

Visit AnnualCreditReport.com to access your free yearly credit reports from all three major bureaus. 

Ready to level up your money skills? 

Want to learn more about how college students can manage their finances? Watch St. John’s University’s Financial Literacy video designed specifically for students. It covers budgeting, saving, and smart spending—essential building blocks for anyone preparing for life after graduation. 

Frequently Asked Questions  

Why is financial literacy important?  

Financial literacy gives you the tools to make smart decisions with your money. The more confident you are in managing money, the more prepared you’ll be for everyday expenses and long-term goals. 

How do I know if an app is safe or not? 

Look for apps with strong reviews, security features like two-factor authentication, and clear privacy policies. Avoid apps that ask for unnecessary personal info or pressure you to link your bank account.  

What age should you start budgeting? 

As soon as you start earning money—whether it’s from a part-time job, a summer gig, or even an allowance—it’s a good time to start budgeting. Building these habits early helps you learn how to prioritize spending, plan ahead, and save for what matters. 

How long does it take to learn financial literacy? 

There’s no set timeline. You can start learning the basics—like how to track spending, use a budget, and avoid fraud—in just a few weeks. Like any skill, it builds over time with practice and real-life experience.

See The 5 Must-Know Financial Literacy Tips from Thomas Rudzewick Video