Your twenties could be a time of financial recklessness or a time to build a solid foundation for your financial future.
The trick to achieving financial goals, as with any other goal in life, is to start early.
Your twenties could be a time of financial recklessness or a time of building a foundation for your financial future.
The choices that you make at this crucial age will affect you and your family as you grow older.
Here are three important financial decisions you need to make in your twenties:
Start saving: It’s never too early to start saving for the future. Make the habit of putting some part of your income aside for a rainy day or even for your eventual retirement. The best way to establish a saving habit is to make specific goals you need to achieve at the end of the month or at the end of the year.
Create a budget: One of the most important financial steps to take in your twenties is learning to spend on a budget. Having a budget and sticking with it is key to being financially successful. The sooner you create a budget with which you control your spending, the better off you’ll be.
Get (and stay) out of debt: Being indebted in your youth can prevent you from achieving short and long-term financial goals. If you can, stay away from debt, if you have to borrow, create a repayment plan that enables you to be free from the debt as soon and as easily as possible.