Here are some money tips and money mistakes 20-somethings people must know.
MONEY TIPS – If you are in your 20s, here are some important tips and mistakes about saving money that you probably don’t know yet.
Being in 20s, most can probably relate that this phase is among the most difficult to deal with. This phase is where you are still trying to figure out what you want to be, torn between going YOLO or saving up for your dream home, financing yourself and your family, and fitting in your monthly salary for all your personal expenses and for your family.
However, you cannot stay forever in your 20s, you get old and sometime, the mistakes you make in terms of handling your money is something you take when you turn into your 30s. These mistakes can cost you your dreams, your slim bank account, and even your relationship with your loved ones.
Check out some mistakes about managing finances that most of commit:
- Spending more than you make.
Always bear in mind that luxurious purchases don’t hold happiness and satisfaction. It is fake bliss and this is incredibly expensive. What you hear from most successful people with healthy bank accounts is putting their money into investments and living within your means. - Credit cards.
Don’t treat your credit cards as free money to avoid latter implications such as increasing debt. Buy what you need for the moment and pay for it regularly. - Neglecting the idea of budgeting.
Penny-pinching and living within a budget aren’t fun – at all. A crucial thing to do is budgeting but this one is really important. There’s this famous 60-20-10-10 rule where 60% go to your living expenses, 20% for your personal saving goals, 10% for your retirement, and 10% for giving back to the community. - Not taking opportunities to save up for retirement.
Warren Buffett once said, “The rich invest in time, the poor invest in money.” Would you rather start saving when you’re old enough or when younger where you still got a lot of time?
In handling your money, you decide what you want to happen in your life years from now. Would you want to be swimming in debt, 5 or more years from now, or not? You are in absolute control of this.
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