Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
10.26.2020 / Budgeting « Back to all articles
Money Saving Tips for Your 20s
Each phase of life has its challenges and rewards. While you are in your 20s, you have the unique opportunity to put into place money management practices that will make your entire life more successful and enjoyable. Spend less, save more, and get out of debt. Start in small significant ways and let them grow. The advantages are endless.
Make a Budget
If you don’t have a budget in place yet, now is the time to do it. By tracking your income, you will know if you need to pick up a side-gig to meet expenses until your career takes off. Writing down all your expenditures will help you to know where you can cut back. You will also avoid unexpected cash flow problems. Use an app or online program to help you get started.
Get Out of Debt
Make it a habit to pay off credit cards each month so that you don't have to pay interest. Use a card with a low limit or one that is prepaid. You may not have to repay school loans immediately, but it’s a good habit to make payments anyway into a separate account. Then, when the loans become due, you can make larger payments than required to retire that debt faster.
Share Expenses
Having roommates or friends share expenses is a good way to save money on rent, utilities, internet, and streaming services during your single years. Often married couples will share housing for the same reason. Eating meals at home together is less expensive than eating out.
Begin Systematic Savings
You can start with small amounts, but your savings should be systematic. Use an automatic savings plan to move money out of your checking account into savings regularly. Increase the amount as often as possible as you build an emergency fund. Aim for $1000, to begin with, and then add to it until you have three to six months of living expenses in savings.
Plan For Retirement
By starting now to make regular IRA contributions, you will see your wealth grow steadily over the years. Take full advantage of any matching program that your employer offers. This is also a good time to learn about investing in free courses and seminars. Even better, find a mentor who can walk you through understanding the risks and rewards of various investments.
Keep Learning
There are many opportunities available to increase your knowledge and, therefore, your potential to earn and save more money. Your employer may offer you advanced training or education. With more information and skill, you may be able to turn a hobby into a business. Communities and nearby colleges may offer free courses, and many are available online.
Credit Talk
10.26.2020 / Budgeting « Back to all articles
Money Saving Tips for Your 20s
Each phase of life has its challenges and rewards. While you are in your 20s, you have the unique opportunity to put into place money management practices that will make your entire life more successful and enjoyable. Spend less, save more, and get out of debt. Start in small significant ways and let them grow. The advantages are endless.
Make a Budget
If you don’t have a budget in place yet, now is the time to do it. By tracking your income, you will know if you need to pick up a side-gig to meet expenses until your career takes off. Writing down all your expenditures will help you to know where you can cut back. You will also avoid unexpected cash flow problems. Use an app or online program to help you get started.
Get Out of Debt
Make it a habit to pay off credit cards each month so that you don't have to pay interest. Use a card with a low limit or one that is prepaid. You may not have to repay school loans immediately, but it’s a good habit to make payments anyway into a separate account. Then, when the loans become due, you can make larger payments than required to retire that debt faster.
Share Expenses
Having roommates or friends share expenses is a good way to save money on rent, utilities, internet, and streaming services during your single years. Often married couples will share housing for the same reason. Eating meals at home together is less expensive than eating out.
Begin Systematic Savings
You can start with small amounts, but your savings should be systematic. Use an automatic savings plan to move money out of your checking account into savings regularly. Increase the amount as often as possible as you build an emergency fund. Aim for $1000, to begin with, and then add to it until you have three to six months of living expenses in savings.
Plan For Retirement
By starting now to make regular IRA contributions, you will see your wealth grow steadily over the years. Take full advantage of any matching program that your employer offers. This is also a good time to learn about investing in free courses and seminars. Even better, find a mentor who can walk you through understanding the risks and rewards of various investments.
Keep Learning
There are many opportunities available to increase your knowledge and, therefore, your potential to earn and save more money. Your employer may offer you advanced training or education. With more information and skill, you may be able to turn a hobby into a business. Communities and nearby colleges may offer free courses, and many are available online.
