Helping the Young Save Themselves : Budgeting: A large majority of Americans lack even rudimentary financial savvy. A consultant is trying to teach teens the importance of nurturing a nest egg.

It’s not how much you make but how much you keep that counts, according to an old financial saw.

That goes double for young adults just entering the working world, who might easily make more than $1 million in their working lifetime but might still have little concept of how to save for the future.

According to the National Center for Education Statistics, more than 80% of all Americans have never had even a rudimentary financial education.

Steven Sanders, a Philadelphia financial consultant, has been trying to fill that gap, traveling to inner-city high schools and vocational schools to talk to teens about budgeting and planning.

“In the lower-income brackets, people often feel that there is no way out,” Sanders said. “I actually show them how to take control, regardless of how little they’re earning.”

Over the past three years, with the backing of Citibank, Sanders has traveled to more than a dozen cities. He estimated that he has delivered his simple message to more than 8,000 students.

Sanders, 32, said today’s students typically know more about finance than he did when he was their age, perhaps as a result of a decade in which financial news has become increasingly prominent.

But he is still frustrated because “even though young people today are taking on more responsibility for financial matters, they don’t know where to turn when they have problems.”

By reaching these consumers early, he hopes to prevent them from falling into traps that prevent 98% of Americans from having the resources to retire comfortably at 65.

Sanders suggested a step-by-step plan for young adults that includes sound financial advice for people of any age:

* Plan your transition. If you still live at home, take advantage of the lower cost of living to save a good-size nest egg because you can expect your monthly costs to double once you move out. Consider living with one or more roommates in your first apartment and do not expect it to be your dream home.

* Open a department store charge account to establish credit. Make sure you have documents such as a Social Security card, and be prepared to file tax returns if you have not done so in the past. Welcome to the real world.

* Set your goals. Take time to write a “wish list” of all the things you would like to have and do in the next five years and try to put a price tag on each item. Then you can set priorities and put a realistic timetable on your goals.

* Start a “pay yourself first” budget. Take 5% to 10% of your take-home pay and put it aside in a sacrosanct fund, dedicated to achieving your financial goals. Sanders recommended building a reserve of up to six months’ worth of expenses before exploring investment possibilities. “Most people live paycheck to paycheck and never achieve their financial goals,” Sanders wrote in a pamphlet published by Citibank.

* Avoid spender disease. Many young adults fall into the habit of impulse buying or spending to impress friends and relatives, Sanders said. The cure is to keep long-term goals in mind and always pay yourself first.

* Join the financial world. Open checking and savings accounts, if you have not already, and form a relationship with your bank. Establish credit by getting credit cards or a consumer loan, but use that credit wisely and pay off your debts on time. Your total debt, excluding a mortgage and student loans, should not exceed 10% to 15% of your annual take-home pay.

* Get smart. Read newspapers, magazines and anything else you can find about personal finance. Ask basic questions. Familiarize yourself with the range of investment vehicles, including stocks, bonds, mutual funds and insurance.

* Stick with it. Many young adults get discouraged by the daunting task of saving for long-term financial goals. But by saving even $1 a day, you can make a big step right now toward those goals, Sanders said.

He also reminded students that “the more you learn, the more you earn” and urged them to take their education seriously.

“Money Matters for Young Adults” by Steven Sanders and other free pamphlets on finance are available by writing to Keeping Your Financial Balance, c/o Citibank MasterCard and Visa, 301 E. 57th St., Suite 300, New York, N.Y. 10022.