Thursday, May 18, 2017

Top 7 Financial Rules To Live By In Your Twenties

early financial rules
With your teen years behind you, it is easy to feel that you know it all in your early twenties. This is when being an adult really starts. This is also when you have to take charge of your own finances. The decisions that you make now will affect your financial situation for years to come so get some advice if you need to and be cautious. This is how you set up your finances for life by setting the strongest foundations in your twenties.

Get skilled up

Your finances will never be in order if you are nor earning anything. If you can develop a career rather than staggering from one job to another you will give your finances a fighting chance. To do this you need skills and qualifications so if you failed to get them in your teens, now is the time to start. Continuously look out for more highly paid jobs and money-making opportunities.

Set a realistic budget

Avoid running back to the bank of Mom and Dad by setting a realistic budget. If you want to make a big purchase you could save up for a few months. If it is urgent you can use visa platinum to buy it and then pay for it over the coming months. Just make sure that you know exactly how much you have to spend each month.

Control your accommodation costs

Don’t try to live beyond your means when it comes to your accommodation. These are costs that you will have to pay every month. Buying and renting property can be a minefield so get some expert advice to lead you through it. This is your biggest monthly outgoing so get it right.

Think about your reputation

Missing loan repayments in your twenties is something that you could regret in your forties because it will damage your credit rating. Just don’t do it. It can take ages to recover your credit score once it is damaged.

Call in the security

You don’t want to get scammed out of your hard-earned money by fraudsters so clean up your internet security. Change your passwords regularly and share them with no-one. Avoid using on-line banking on shared computers.

Set up a filing system

You cannot keep track of your finances if you have bank statements and bills strewn all over your home. Set up a filing system and keep your documents in date order. This makes it so much easier to find that vital piece of information when you need it.

Think to the future

Living for the moment is a great approach to life but it can leave you in financial hot water. You have no choice but to think about the future when you are in your twenties. Will you want to start a family soon? This is also a time when you need to think about how you will provide for yourself in your retirement.

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