Grenadian Young Adult Financial Foundation Guide ages 18

This Grenadian Young Adult Financial Foundation Guide for ages 18–25 is about building structure early so financial independence comes naturally.

Start with developing a work ethic, soft skills, and credibility. Open a basic savings bank account in the Grenada Co-operative Bank with its $50 start-up and Connex access. Once you’ve saved $500–$550, join a credit union like Ariza for better loan rates and long-term support.

Follow the 3 savings levels: begin with 1–10% of net income, build to 11–20% of gross income, and aim for 21–30% of gross income, or the golden range.

Finally, maintain a steady income, contribute to NIS, and build a 6 to 9-month emergency fund.

This isn’t about fast money; it’s about discipline, consistency, and preparing your future the right way.

1. Build experience and work ethic

• Experience/Work Ethic: Gaining a job in any field demonstrates reliability and builds a reputation for future endeavours, whether in entrepreneurship or a new job
• Skills: Focus on improving communication, critical thinking, work discipline, teamwork/collaboration, adaptability, time management, and responsibility. This will trickle over into your personal life and create a structure that is critically needed for success
• Networking and mentorship: Every early job or entrepreneurial endeavour builds the habits and skills that provide opportunities to connect through networking and mentorship. This credibility will be a benefit later in your career or business

“Work is about more than money; it’s about mastering reliability”

2. Open a bank account and start the flow of income

The recommended bank of choice is the Grenada Co-operative Bank Ltd (“The Bank of the People”). They offer low startup deposits from EC $50 and accessible savings options. More details here .

Since the bank operates through the Connex ATM network, which is one of the largest on the island, this ensures excellent coverage and accessibility for depositing and withdrawing monies nationwide.

Tip: Use e-banking or mobile banking to track your account balances, pay bills and make payments.

3. Join a credit union:
Community financial services that grow with you

• Once you have saved roughly $500–$550, open a credit union account (starting amount varies by credit union)
  • More details here on joining Ariza Credit Union
• Credit unions such as Ariza Credit Union and Nexa Credit Union also participate in the Connex network, giving you the same ATM access as banks
• Advantages of a credit union account:
• Lower interest rates on loans
• Profit-sharing through dividends
• Support for education and small business growth
• Financial counselling and budgeting advice

“Credit unions provide not just financial services, but education and community development”
– Eastern Caribbean Central Bank, 2023

4. Developing strong financial habits: 3 levels of savings

Building a safety net happens in stages. Work toward advancing through each level as your income grows:

Level Savings Range Based on Purpose/Goal

Level 1
The Foundation 1–10% of net income
(after NIS, health & life insurance) After all deductions are made from income This establishes a habit of consistently saving
Timeline: 4–6 months

Level 2
The Growth 11–20% of gross income Before deductions from gross income Strengthen financial discipline and prepare for larger goals
(educational investment, emergency funds)
Timeline: 6–12 months

Level 3
The Golden Range 21–30 % of gross income Before deductions Ideal for long-term investment, home ownership, business savings, transportation
Timeline: 12 months and beyond

“Savings are a measure of discipline, not wealth”

4. Build long-term stability

• Maintain a steady flow of money or income through employment or entrepreneurship; this job and income history build trust with lenders
• Ensure to always contribute to the National Insurance Scheme (NIS) early, since it secures retirement benefits when you’re unable to work at retirement age
• Ensure to build a 6–9 month emergency fund for further financial security to cover all expenses for that period of time

This isn’t about chasing quick wealth. It’s about structure, patience, and preparation. Every small deposit, every habit — they are bricks in the foundation of your future independence.

Download the sample budget and savings plan here .

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