It's not good enough to simply "intend" to do something; you must have a specific plan and a reason for committing to doing all that will be necessary to reach your desired goals. In this article, I'll identify three smart money moves you can make right now to put you on the fast track to financial success!

Take Advantage of the Power of Compound Interest

Learning the importance of saving a little of everything you get is a powerful practice. Unfortunately, many people realize this too late. Time is a precious commodity that can't be bought, sold, or given away, and it's on your side. The span between your 18th and 30th birthdays could bring you thousands of extra dollars in your pocket thanks to compound interest.

Here's the secret to compound interest: It's not how much you have, but how soon you start saving (even a little) and how long you leave the money in an interest-earning account. The longer it's left untouched, the more time the money has to work for you and the bigger it will grow. The time value of money says; a dollar earned and saved today will be worth more tomorrow than a dollar earned and saved in the future.

Monitor Your Spending

A person making $60,000 per year and spending $65,000 is in a worse condition than a person making $30,000 and spending $28,000.  Why? While the person making $60,000 might seem to be having more fun spending on lavish dinners, tech toys and clothes, when the reality hits that his monthly minimum payments are more than his income the party will quickly stop.

It's hard to get out from under the weight of debt once it starts to pile on, and while you don't have to literally quit cold turkey on credit, you will have to curb your spending to fix the problem. You're only wasting money by paying interest charges on your credit card balance. It's like pouring water into a bucket with a hole in the bottom. No matter how much you put in, the bucket will never fill up if you don't stop the leak first.

Visit youngmoney.com/calculators and use the Credit Card Payoff calculator to learn just how long it will take for you to pay off your outstanding credit card debt. Next, put a plan in place to reduce your debt, monitor your spending and put more money in your pocket.

Protect Your Credit Rating

Many college campuses still use Social Security numbers as student IDs. This practice sends a false message that this vital information is nothing more than a common identifier to throw around. While many advocate groups are lobbying to change this practice (especially in the military) there is something you can do right now.

First, request a different ID number - one randomly generated by a computer or a nine-digit number of your choosing. You should also consider putting a fraud "shield" around your Social Security number, which will alert you every time someone (including you) tries to use it to establish credit or otherwise access your personal information.

Whatever you do, guard your credit rating fiercely, as you would your favorite outfit, your car, or whatever else you hold sacred. Don't let anyone or anything that could leave a spot on it come close.

Here are a few more ways you can protect your credit rating:

• Pay your credit card balance in full, or at least, pay the minimum payment and the finance charges. (Paying just $25 more a month on a balance of $1,000 can cut your repayment time in half!)
  
  
• Mail your bills in with sufficient time for "snail mail" to reach its destination. A good rule is to put the check in the mail at least seven days before the due date. Better yet, start paying your bills online. You'll still need to pay the bill at least three days before the due date to allow time for processing but you save postage fees.
  
  
• Leave plenty of room on your credit card for real emergencies. If you exceed the amount allowed, you will be charged over-the-limit fees if you spend more than you have available. That mistake also looks bad on your credit report.
  
  
• Call your credit card company and ask questions about what's on your statement. If in doubt, find out. Ignorance is no excuse; and there are often deadlines imposed for contesting charges against your account.
  
  
• Request, at least twice a year, a copy of your credit report. Get your free (no strings attached) credit report online at annualcreditreport.com or by calling toll-free 877-322-8228 (one complimentary copy per year).
  
  
• Opt-out. Remove yourself from unsolicited creditors' mailing lists by calling 888-567-8688.
  

Sanyika Calloway Boyce is the author of four books. She travels nationwide to educate, empower, entertain and enlighten students about money, credit and debt. This former debt-strapped college student shares real and relevant money messages that young adults can relate to and understand. Visit her online today at financialfitnesscoach.com.

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