According to a Gallup poll, the majority of Americans currently rate their financial situation as either "fair" or "poor." About half of the respondents indicated that their financial situation is worsening, compared to only 37 percent who noted it's improving. It marks the lowest sentiment about personal finances in 20 years, with the biggest worries being not having enough money for retirement, not having enough to pay an unexpected medical bill, and not being able to maintain an expected standard of living.

This poll helps highlight the importance of developing good financial habits early on. In this post, we'll discuss some key habits to start learning when young so that you can set yourself up for success in the future.

1. Create a Budget

Most Americans don't start budgeting until they get their first job in high school. Yet budgeting could be taught in childhood when you start earning that first allowance. Creating a budget forces you to take stock of your finances, account for any fixed costs, and then determine how you want to spend any disposable income. It can also be tweaked and adjusted over time based on the amount of money you make and the lifestyle you follow.

2. Start Building Credit Early

A good credit score is key to loan approval for big-price ticket things you'll need and want later in life, like a car, a house, or possibly even a business. The better your credit score, the better your interest rate will likely be on any approved loan. Credit history is one factor you can control and is a big part of your overall credit score. On this note, the sooner you can get a credit card, the better for your credit history. Adolescents can become authorized users on a parent's credit card or receive a secured card with certain limits. After receiving a credit card, be sure to use it and pay it off on time to begin building a positive credit score.

3. Don't Spend What You Don't Have

Building this habit will help you in life. It's all too common these days for people to swipe their credit cards without knowing how they'll pay off the amount. That's partly why the average credit card debt is over $6,350. Significant credit card debt will impact your credit score if your credit utilization ratio exceeds 30 percent.

If you're not financing a purchase, don't buy it unless you can afford it. Debt builds through indiscriminate spending. Spending wisely can be learned young by refraining from borrowing money from family and friends to make purchases. It can be difficult to wait to purchase something until you've earned enough to pay for it, but it's a habit that will likely help you in the long run.