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Sep 01, 2014

Top 3 Money Lessons You Should Learn In Your 20s

The more mistakes we make, the greater lessons we learn. It is during our twenties when we encounter very many poor money management skills. From the ups and downs of employment to being a compulsive buyer, these are just some of the very many pitfalls all “twenty something” will experience. That being the case, we have narrowed the money lessons you should learn while in your 20s. These lessons are what the other people in their twenties have shared. Hope these lessons can guide you.

#1 You Don’t Have To Follow Your Parents At All Times

If having a joint account is what works for your parents, you don’t have to emulate that. Sometimes, having a joint account for spouses can be a root of all arguments. Take for instance one of the couples I know of. The wife was a spender while the husband was a saver. During their first year of marriage, they made a joint bank account because that was what their parents did. Unfortunately, it was a constant cause of their arguments. So on their 2nd year of marriage, they maintained a separate account. The wife got all the freedom she needed to spend while the husband felt comfortable with the security the separate bank account gave him. It is thus crucial to manage your money the way it works for you not how it works for your parents!

#2 Save Now

If you want to have a happy retirement, you must start saving today. Having automatic transfers from your bank account to your savings account will control your urge to spend. Hence, you can be able to save more money than you think you could. Such savings may not only be used for retirement but also as cushion during financial crisis such as sudden loss of job, increase in bills and emergencies.

#3Consider All The Credits You Take

Of course, there comes a time when you will need to borrow money. But before you do so, make sure that you are borrowing money for the right reasons. For instance, you cannot just secure Bradford West Gwillimbury auto title loans just because you want to show your Facebook friends that you are financially capable of having a “Europe Trip”. Live within your means and spend only when you need to. You can always delay your dream vacation to the point when you have enough savings. Resort only to emergency financial solutions like auto title loans in Bradford West Gwillimbury when there is indeed an emergency.