12 Finance Tips Every 20 Something Should Know

Your twenties may be a decade full of promised fun and an easier approach to adulthood, but it’s not. It is important to start saving money before it’s too late; finance tips are essential. Many people will tell themselves that retirement will be a long time away and that they can start saving until they land a BIG job. Whether you’re working a part-time job or just starting a career, you must save money regardless. Here are 12 finance tips every twentysomething should use: 

  1. Put a certain percentage of your paycheck into your savings

Put 10% or 20% of your paycheck into your savings. It would make a difference. Your earned money can be part of the first house you buy or even a car. 

  1. A job with a 401k plan could really help

The 401k plan is helpful in a way because it’s purpose is to help you save more for your retirement. As mentioned in this article, “time is on your side” when you have a 401(k) plan involved.

  1. Pay off your credit card bills every month!

It is very important to pay off your bills no matter what. If you don’t pay your bills, you end up with more bills because of overdraft and late fees. Don’t be like Lily from How I Met Your Mother. When she and Marshall were applying for a mortgage, the banker discovered the horrible credit score because of Lily’s debt and shopping addiction. She could’ve used some finance tips then!

  1. Do not participate in online gambling

You may have seen advertisements winning a big check, just simply by playing Solitaire. Don’t let these dreams fool you. Online gambling is more dangerous than casinos. You could end up getting lured by criminals to open an account or give them money with a false promise of a big reward. 

  1. Sometimes, it’s better to buy something costly than cheaply stuff

If you want shoes or clothes to last, do not buy them from the Dollar Store because they are not designed to last long. If you continue to buy cheap clothes and they keep falling apart, you’ll end up spending more money. There’s nothing with shopping for new things once in a while as long as they are guaranteed to last long. 

  1. But do not pull a Carrie Bradshaw by spending $400 on designer shoes

It’s one thing to spend money on clothes once every season, but it’s another thing to buy designer clothes and shoes. Carrie discovered that she spent $40,000 on shoes and that would have easily been her down payment for her apartment, but it didn’t happen because of her poor budgeting skills and expensive tastes. If you want to shop for designer clothes or shoes, but can’t really afford them, it’s better to shop at a Thrift store or Poshmark. 

  1. Have a no-spend day

If you are going to plan a no-spend day, figure out what you’re going to do for the day. You can start off by leaving your credit cards and cash at home. Make sure that you bring your own food and drinks. Do an activity that doesn’t involve spending money. 

  1. Buy groceries and learn to cook

Instead of buying soda from your local gas station every single day or coffee from your favorite coffee shop, make your own coffee at home. Spare a day to cook your meals and separate them into dinner-sized portions, that way they are ready to be microwaved everyday. Buy Lean Cuisines, ramen noodles, or Healthy Choice Power Bowls, if you don’t like to cook. 

  1. Every day, clear your pockets or purse; if there is change, put the change in the jar

Do not bother going to a coin machine in a local grocery store because it adds fees. You can get coin wrappers for free from your local bank. Wrapping coins is very satisfying. Bringing your wrapped coins into your bank and adding them to your savings really make a difference. 

  1. Choose a credit card with rewards

Spending money with rewards coming your way is a great feeling. Depending on the credit card and bank, you can use your credit points to pay for a vacation, your debt, or transfer the points into gift cards. Easy money to earn. 

  1. Cut down on unnecessary subscriptions

Determine how often you use subscriptions and how much money they are. Don’t get in a situation where you have a streaming service, pay $5 dollars a month, have it for 2 years, and only use it twice. That $120 total. 

  1. Determine Cheaper/Free ways to have fun

If you want to pre-game, don’t spend a ton of money by going out to the bars with your friends. Instead, pre-game at your house. Pack a picnic and go to the park with your loved ones, instead of a five-star restaurant. 

Saving money is not easy, but it’s not impossible. It’s worth giving all 13 of these finance tips a try and to help yourself out as well. These actions will thank you in the future. 

Photo by rupixen.com on Unsplash


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