3 Money Lessons I'm Thankful I Learned Early

We're approaching that time of year when we acknowledge all the things we're grateful for. There are the big ones, of course, like good health, loving family, and supportive friends. And there are the smaller things, like beautiful displays of fall color, a cozy reading nook, or one last surprise weekend of warm weather.

As I think of my own gratitude list this year, I've started adding a few new items that I never considered before, but that have made a big impact on me. Here's a look at the financial lessons I'm grateful I learned early in life.

1. Set aside savings first

I've always been a natural saver, so I was lucky that this one came easily to me. But it's still an important lesson to keep practicing. By setting some money aside in a savings account as soon as you get paid, you're not giving yourself the chance to spend it on something frivolous.

This can allow you to build an emergency fund, which is an important safety net to have in case of any bumps in the road. It can also allow you to put away money for a big purchase in the future, whether that's a long vacation, a down payment on a home, or funds for a business you want to get off the ground.

You don't need to gut your discretionary spending entirely, but you can set up a budget tailored to your earnings that allows you to put some money aside each month. Consider using the 50/30/20 rule to get started, where 50% of your take-home pay goes toward essential bills, 30% goes toward non-essential wants, and 20% goes to savings.

2. Fund a retirement account

I'll admit that I didn't jump on this advice right away when I began working, and I wish I had. That's because the sooner you begin investing money in a retirement account, the more time your money has to grow. And thanks to compound interest, the money you earn on your retirement savings will also grow, snowballing into what's ideally a generous nest egg when you're ready to leave the workforce.

According to the Economic Policy Institute, the median savings in both employer-sponsored and individual retirement accounts for all working-age households is around $95,776. That's a great cushion to have, and if you can reach a similar number earlier in your career, you're giving that money a chance to grow exponentially over your remaining working years.

3. Avoid unhealthy debt

Not all debt is considered dangerous. For example, taking out a mortgage on a home means taking on debt. But as long as you can afford your monthly payments, you should be building equity in a property that will gain value over the time you own it. That should leave you in a great financial position when you eventually own the home free and clear.

Using credit cards is also a way to take on debt. But again, as long as you're responsible with your spending so that you can pay off your credit card bill each month, you'll avoid paying interest. Credit card interest is what makes this type of spending so potentially dangerous. Interest rates on credit cards can be very high (the current average is 28.05%, according to Forbes) so if you carry over any unpaid amount month to month, it will make your purchases much more expensive in the long run. And credit card debt can be a difficult hole to dig out of.

Giving thanks for financial health

It may be considered tacky to discuss money around the holiday table, but sharing sound financial advice is always in good taste. No matter where your personal finances are this Thanksgiving season, take stock of the lessons you follow, or perhaps would like to start following, that can put you in a stronger financial position. Your future self will thank you.