Your 20s are a time when you think you need to enjoy your life to the fullest, party all night, and chill with friends!
You, me, all think the same.
But the question is: are your 20s really limited to partying and having fun?
You see many successful people around you in every field: business, entrepreneurship, and more!
Do you know what they were doing in their 20s?
Well, they were hustling and bustling themselves to make money and, even more, to save money. Billionaires like Warren Buffet, Jeff Bezos, Oprah Winfrey, and many others were busy making more money in their teens!
The age you are at right now is the most exciting!
So why not make the most of it?
Hello everyone, it’s Finance Nerds here!
We’re helping hard-working people like you get the most out of your hard-earned money by showing you how. About all!
It’s about making the most of your early years and some of the best ways to manage your finances, which is nothing short of an art!
And so, we are here to help you master this art and make you self-reliant, which is the need of the hour.
It’s a basic survival skill, just like cooking, and we’re here to help you master it!
The post will give you some really simple yet helpful tips that you can incorporate into your daily life.
We are not giving you big and heavy lectures about investments, the stock market, etc. Just a few hassle-free tips that you can easily incorporate into your life!
1. Budgeting
When I was a little kid, I remember my mom making a budget every month. She used to list things and prioritise them. When you prioritise your things, you find it easier to manage your finances.
Let’s take a look at Ed Sheeran, one of the most popular and famous musicians in the world!
You all know how rich he must be, but are you aware of the fact that despite being so rich, he used his Barclays student account and didn’t upgrade because he didn’t want to spend too much money and gave himself an allowance?
“You never want to be wasted,” he told the Irish Examiner, “and it’s absolutely true, Sheeran.” Trust me, budgeting may sound like an old philosophy, but budgeting makes you more organised in the same way that a study schedule makes you disciplined.
Try it now and see the difference. You will be able to manage and use your money in the most efficient and effective way.
2. Target financial goals.
To be successful in life, we all need to set some goals, long-term, medium-term, and short-term.
So why not try setting some goals for your finances?
Your goals may vary.
For example, your long-term goal might be to start saving money for a trip or vacation, your medium-term goal might be to pay your fees, and your short-term goal might be to buy a gift for a loved one.
Can!
And let me tell you something very interesting: there are many online savings calculators available to tell you how much you need to save each month to reach your specific goal.
Isn’t it charming?
All you need is discipline and persistence, and there you go—manage your money!
Goals can be the ultimate way to use money wisely.
If you’ve gotten some of the tips so far and want more, share the post and show us your support.
3. Be good at deals.
You love shopping! let’s go…
But wait!!
Don’t you think the best time to shop for your favourite brand of clothes is during sales?
Sales when your favourite brand is giving you a 70% discount! Or when you’re out grocery shopping, you come across this amazing deal of buy one, get one free!
Well, it sounds a bit cliché, but let me tell you, this is a tip that most of us overlook!
Now look at this: You budgeted $50 for your clothing purchase, and then you find this great sale where the brand is giving it to you, and you’re able to save $20 of that $50! This adds an additional $20 to your savings.
And now you can imagine how much money you can save if you pay a little attention!
So, from now on, instead of just shopping, “shop smart”, and there you go, winner: making the most of your money and saving it too.
4. Read, read, and read.
It may sound strange, but yes, reading can help you be more successful in making and managing money!
Do you know what Randall Bell says about socioeconomics?
He refers,
“Reading is dramatically associated with higher education and income, as well as overall happiness.”
He also says,
“People who read seven or more books per year are 122 percent more likely to become millionaires than people who never read or read only one to three [books].” Read.”
Bill Gates,
One of the world’s richest men reads about 50 books a year, and Warren Buffett spends about 80 percent of his day reading. Reading makes you wiser and wiser, and a wise mind always makes the right decisions!
It motivates you to do better and better and makes you thrive! When you have a good and positive mind, you always make wise decisions regarding money or even other things. Like reading books, give it a shot.
- “Why didn’t they teach me that in school?”
- “Rich Dad, Poor Dad”
- “The Millionaire Next Door.”
You can read books other than finance and money related books, but spend your time with books. Try it yourself and feel the positive results!
5. Never forget to “pay yourself first.”
Last but not least, you should always pay yourself first!
Whenever you earn money, give some of it to yourself immediately and keep the rest to pay your bills and work!
Paying yourself first should be your priority!
I remember that whenever my father received his salary, he would immediately transfer some money to another account to save the money.
He never withdraws money from this account!
It was his savings account, and I really liked it. So, from now on, make sure that before paying your bills and pending payments, you pay yourself first and continue this practise.
You will be happy about the money you managed to save in the end!
Get started today and witness the transformation!
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Also, if you’re interested in learning more about managing your money in your 20s, make sure you check out the description, where we’ve also linked related posts.
We hope to see you in the next post!