Your twenties can be a really hard time, especially about finances, and that is why now you should listen to others and be attentive. Surely, when you get paid for your work, you want to get out and spend the money, because you’ve deserved it by working hard (or not that hard). It’s ok, but only if you don’t spend all the money you’ve got for the month. Though money management talks are really boring and tough sometimes, you still have to have a plan for your finances. Here are fourteen basic tips for you to follow, so that you don’t appear a bankrupt during your twenties.
1. Look for the ways to earn more
In fact, there are a lot of ways to earn money – you just have to look better for them. This can be promotion work in terms of the company you are already working at, or freelancing business like making photos for magazines or writing for different blogs. Though these may not bring you a lot and turn out to be a main source of an income, but having some extra money is always good.
2. Find ways to save money creatively
Saving money is not always a boring and depressing process – unless you make it so on purpose. Don’t be upset about the fact that you have to save some cash, and don’t feel deprived – make an experiment instead. For example, see, how long can you go out without spending a dime, or how long can you cook the food yourself. It can not only be fun, but also teach you some great things you can use in your life.
3. Don’t buy drinks for girls
Though you really want it, stop buying random girls any drinks – save money, as it isn’t worth it. In case you cannot refuse the habit at once, try going out sober – after several times you will get used to it and it will be much more fun.
4. Go out on the cheap
Even if you are trying to save some money, you shouldn’t stay at home on Friday night or weekend. Yet, try going out on the cheap and spend as little money as possible. Hard at first, it will become a norm for you after couple times.
5. Take a bus as long as you can
Of course, public transportation can be terrible experience, and it really is, especially for younger people who prefer to move faster than the usual bus does, but still, taking a bus can save lots of cash for you, and give you some time for studying, or simply listening music. Overcome your irritation of other people and take a ride.
Getting a car means you get a huge pack of bills to pay, starting from maintenance and ending with insurance and parking. Don’t get into financial trouble yourself – take the bus for as long as you can.
6. Hang out with people who share your views on money
In order to stay frugal and save money, you should communicate with people who do the same and share your views. Of course, it is impossible to save any money if your friends are willing to spend everything they’ve earned for the week or month. You are who you are hanging out with, remember this.
7. Don’t embarrass yourself to be cheap.
One of the important things for you is staying adequate about the money. Of course, saving is cool, but don’t turn into a fool or a maniac about it. Thus, missing friend’s birthday to save money is a thing you should never do, no matter how bad are your finances right now.
8. Be ready to the fact that you will not be ready for everything
No matter how professional you are and how wise you are about money, accept the fact that you will never be ready for everything that will supposedly happen in your life. Remember, that many people do something they’ve never done before right now, while you are reading this article, and somehow they manage to complete the task. And so will you. You can never be ready for everything, but if you really want it, you can overcome everything.
9. Watch how you use credit card
Generally, the concept of credit card is not that bad, and if you use your common sense while using it, you probably won`t have troubles. Yet, many young people get into crazy debts because of this little piece of plastic. Monitor the usage of credit card and try taking it out of the pocket only when you really need it.
10. Never spend money to use your money
It may sound vague, but we mean that banks are mostly trying to rip you off, and you are basically charged for everything. Nevertheless, you shouldn’t pay to use your money. Switching to free checking account can help you a lot about dealing with your bank account and having an access to your own money.
11. Don’t buy because of someone’s advice
Getting a home is a biggest decision in your life, especially in your twenties (the other big decision is, of course, getting married). And you should really treat it so, and not buy a home just because someone tells you that the time is the best for investing in real estate. Keep it real, stay cool and take you time on big decisions.
12. Don’t move in with the next person you flirt with
Of course, you shouldn’t stay alone for all your life, but moving in with someone you’ve met two days ago isn’t a best decision to make. Losing your deposit, the money you’ve saved, plus emotional stress – these are just few troubles you will have to go through when you break up. That is why be careful with your relationships and stay calm.
13. Rent as long as you can
There is nothing bad about staying a renter, and not an owner, and don’t let anyone convince you in the opposite and make you buy when you are not ready for this. Keep renting as long as you can and continue saving money. You can also get a roommate to split the bills or just look for more affordable options if your rented place is too expensive for you at the moment. You can try this link and see what offers there are on the market now.
14. Pay your parents back
Remember that your parents worked hard to support you and feed you. Make sure you pay them back somehow when you are relatively stable on your own two feet.