Financial Resolutions You Should Make if You Are in Your 20s

If you are in your 20s, then you know how difficult it is to manage your money. Between paying for your college loans, finding a place to live and earning money, you find no time to think about how you could improve your financial situation. Here are the financial resolutions you should make if you are in your 20s.

If you have recently graduated, then it would be a good idea to move back home, even if you don’t agree at all. Let me explain. Around 85% of the American graduates move at home temporarily at least. If you live at home, then a lot of expenses will be spared, and a lot of bills as well. You should take this time to try and figure out a plan to pay your college debt and apply for some jobs.  When it comes to paying your loans, make sure to be specific about the sums that you are going to pay every month.

Increasing your income will be a great way to pay your debt and live a good life. You can either take a second job temporarily or you can take jobs only on weekends or on occasions. You could waiter at weddings or parties, or you could ask for more hours at your current job.

Spending less money should also be on your resolution list, as it is a great way of saving money, although it can prove to be difficult for a lot of people. Make a list of the things you spend most of your money on and try to reduce some of those expenses. If you were used to buying two pairs of shoes every month, reduce it to one pair. If you bought your lunch every day from Starbucks, try using a cheaper place. I assure you that you’ll find food as good in places that are not as popular, or as expensive.

Opening a savings account is another great idea if you are in your 20s. It is hard to put money aside when you have to pay rent and college loans, but you will be able to do it with just a small effort. Even though it sounds a bit ambitious, try to put into the account at least 10% of each month’s salary. If you already have an account, you can open another one with the sole purpose of buying a home one day for example. Or you can keep it just for rainy days.

You can also make long term goals, like buying an apartment, a car or going on a tropical holiday.  With those goals in mind, it will be easier for you to go to work or give up some of your usual expenses.

These are the financial resolutions that you should make if you are in your 20s. Even if it will be harder in the beginning, you will be rewarded for your efforts.

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