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Sep 05, 2014

Financial Lessons Every 20 Something Must Know

All 20 something would agree with me that this is the best age to not care about anything. It is in our 20s when we are allowed to just make lots of mistakes. Although I agree with this notion, I also believe that it is in our 20s that we must start taking financial responsibility. This is the appropriate age to start learning financial lessons which you should carry throughout your lifetime.

Enumerated below are some of the most helpful money lessons that I have learned in my 20s. Hope these lessons would help you too.

Take Financial Responsibility By Paying All Your Debts

We all make mistakes. That is part of being in our 20s. However, it does not mean that when we are ready to move past our mistakes, we can just forget about them altogether. Life does not flow that way. Debts, for example, have to be repaid. Unless you have paid all your debts, it would nearly be impossible for you to move on from your past money mistakes. The journey to financial stability starts with tying loose ends – making regular payments to all your credits until you have completely absolved all of them. By doing so, you can easily move on with your life towards financial freedom.

Set Clear Goals

Yes, every single goal starts with a decision but without planning, it would just boil down to nothing. Deciding to start taking financial responsibility would need you to make a clear plan on how you will meet such goal. Sit down and analyze what you would like your future to be. Make some achievable goals and list down strategies on how you can meet these goals. An example of a financial goal and its strategies are written below:

Financial Goal –  Getting Out of Debt

Strategies:

✓   Dedicate 5% of your monthly income for your debts

✓   Limit your regular monthly shopping

✓   Stop  cable subscription until your debt has been repaid

Start Having A Health Insurance Plan

Every adult must have an insurance plan. No matter how financially assured you are, without a perfect insurance plan, your financial goal would certainly be derailed when an emergency comes. Health insurance can help you stick with your financials goals by covering unexpected expenses that come along the way.

In case you have no insurance plan yet and you are burdened by an emergency finance, don’t panic as auto title loans in Grimsby can always help you.  By using your car as collateral, you can borrow loans as much as $35,000!