You know that feeling, where your heart starts beating faster, you feel like you can’t breathe and you just want to avoid the reality? I’m not talking about an anxiety attack, but about getting freaked out when checking up on your finances. You are definitely not alone, even if I’m the only other one with you.

Ever since childhood, I’ve had a very independent mindset. I have even held a job of some sort since the age of 10, cooked, cleaned, and looked after others, but was never fully financially independent.

I had a nice sum of money upon opening my first bank account which, of course, went quickly. Why? Because I didn’t know anything about budgeting or money management. I was never taught about the importance of checking bank statements and to watch your spending. Additionally, even before I started school there was a decline of home economics courses in conjunction with the feminist movement.

Shortly after receiving some money put aside for me by a wealthy family member, I was at negative $100 dollars in my bank account. I was able to get that taken care of, but from then on I had always feared that my balance would be too low and consequently I didn’t confront it.

So, for the first few years of my adulthood, I never checked my balance. I always assumed that either I had enough money to spend or suspected that I didn’t have any at all. Somehow I led myself to believe that I could budget properly this way. I had never previously applied for a credit card due to a lack of credit history, but at the age of 23, I finally decided to take control of things. I must say that it was a nerve-wracking experience, but still felt good to finally take the plunge.

Any financially independent adult will tell you that it is very important to keep an eye on your credit report. By law in the United States it is required that each credit bureau provide you with a free copy of your credit report each year. The only government-approved website to obtain these statements is Annual Credit Report.

Your credit history and overall score will determine your ability to be approved for a new credit card or loan. It is even used to verify whether a leaser can trust that you will pay your rent. It shows whether you have paid your bills on time, how much debt you have accrued and if other financial institutions have warranted you to be credit-worthy. Basically, whether or not you are worthy of many of the basic conveniences of American life is largely based upon your financial history.

Also, something to keep in mind is that each time you apply for a credit card, your score automatically drops a few points. So, it is very important to check your score prior to applying for credit. Since there are many credit reporting services online, you can contact your bank for their recommendations of some credible sources. This will conveniently narrow down your choices and keep you from working with any companies that may actually turn out to be a scam.

When money is tight, the last thing that’s considered is actually saving any of it for the long term. While that may be the case, it is unbelievably important to start saving at an early age. Expenses, minus college loans, are relatively lower before starting a family, buying a house, and incuring more regular responsibilities.

College students and young people in general need to begin putting money aside…and not touching it. The first step is to set goals for your savings plan. Determine what it is you’re saving money for, then figure out a time line for accomplishing your goals.

While finances may be scary, leaving the responsibility up to your accountant (or your spouse) to keep track of them, is not the best solution. Learn to take control of your finances by regularly checking the balance of your accounts, paying your bills on time before buying anything new and spending some time creating a budget plan that works for your lifestyle.

If you prefer to do it the traditional way, you can utilize accounting record books to consistently track your spending. But, I would encourage you to check out some of the great online resources that can help you take the guesswork out of planning your finances.

You can save yourself from debt, and get a healthy credit score in no time.

To learn more, check out Goal Setting for Saving Money on Debt Free U[niversity]. Another great resource for managing your money online is Mint, a McAffee secure and TRUSTe certified company.