GEICO reminds young adults about financial tips to help reduce debt while being on your own

Washington, D.C., April 8, 2013 – Graduation season is fast approaching and soon many young adults will be making life-changing decisions on their own. Good news is that they are now shedding more debt than older adults.* Bad news: they are carrying more student loan debt.*

While recognizing April as National Financial Literacy Month, GEICO is reminding young adults about good financial habits so they can effectively manage their credit and reduce their debt, such as student loans. A few of these reminders include:

  • Develop a financial plan and budget – Identify your long-term goals, establish a budget and save regularly.
  • Save your money – Set up a savings plan with your bank or credit union. Many financial advisors suggest saving up to six months of living expenses in case of an emergency.
  • Pay bills on time – You can avoid late fees and high interest payments, which can add up and make it harder to pay down the balance. Paying bills on time is noted by lending institutions.
  • Monitor your credit report – Credit scores are often considered when you apply for a job, an insurance policy, car loan, or an apartment, so it's good to monitor your credit report for any discrepancies or identity theft.
  • Choose the right insurance plan – Whether it's for your car, apartment, health or life, make sure you have the right coverage that will protect you and your finances.

GEICO provides a number of tips on how to be financially responsible. For more information, please visit www.geico.com/onyourown.

*Information provided by a 2013 study from Pew Research Center.

GEICO (Government Employees Insurance Company) is a member of the Berkshire Hathaway family of companies and is the second-largest private passenger auto insurance company in the United States. GEICO, which was founded in 1936, provides millions of auto insurance quotes to U.S. drivers annually. The company is pleased to serve more than 14 million private passenger customers and insures more than 23 million vehicles (auto & cycle).

Using GEICO's online service center, policyholders can purchase policies, make policy changes, report claims and print insurance ID cards. Policyholders can also connect to GEICO through the GEICO App, reach a representative over the phone or visit a GEICO local agent.

GEICO also provides insurance quotes on motorcycles, all-terrain vehicles (ATVs), boats, travel trailers and motorhomes (RVs). Coverage for life, homes and apartments is written by non-affiliated insurance companies and is secured through the GEICO Insurance Agency. Commercial auto insurance and personal umbrella protection are also available.

For more information, go to www.geico.com.