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8 Ways To Save Money In Your 20s
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I have a great contributed post for you today on money saving tips for young adults. Let us know your thoughts in the comments!
Sometimes checking that your bank balance remains healthy is the last priority on everyone’s list of things to do. Often this is because tackling financial issues can seem overwhelming, there is so much information on the Internet that it becomes very confusing and sometimes it’s difficult to decide what to do first.
Fear is another factor that stops people from actioning plans, this may be due to the fact that you don’t want to know how much debt you’re actually in or maybe you are afraid of swapping banks and finance products, as you have been with the same one for years.
The following money saving tips for young adults may help you get on track.
8 Money Saving Tips For Young Adults
Emergency funds
If you haven’t already started to put money aside for emergencies, start now. Easier said than done when you’re sticking to a tight budget, however putting a small amount away now will cushion any potential emergencies from occurring such as your car breaking down. If you haven’t any funds you’re more likely to spend on credit cards or loans, which will cost more in the long run.
Spend less than you earn
This sounds a simple concept in theory, but to make this work you need to budget carefully and to budget carefully you need to be aware of what you spend your money on and where savings can be made.
Pay off credit cards
If you have any savings, use them to pay off any credit card debt. Always make sure you are on the best credit card deals and take advantage of the many 0% balance transfer offers around. The interest rates on credit cards once deals end are high, so you could end up spending lots of your hard earned cash on paying interest.
Savings plan
No matter how little, or how much you earn try to develop the habit of saving 10% of your wage each month as a minimum.
Visualize the future
Try to have a plan of what you would like to achieve financially in the future. Maybe you wish to save for a deposit on a house, save for your retirement or save for a holiday of a lifetime. If you have a vision you are less likely to overspend getting there.
Increase your income
This could be done by increasing your hours at work or going for a promotion. It maybe possible to make money by researching making money on the Internet. This website teaches commodity trading, which although not without risk, can be potentially very lucrative.
Maybe you have lots of unwanted items you could sell to raise cash to pay off debts? Auction sites are a great way to clear clutter and make money.
Keep records
Keeping good financial records is essential if you want to be in control of your finances. You will be able to know exactly where your money is going every month and will highlight areas that you can make savings.
Get financial advice
Independent financial advisors will be able to give budgeting advice, as well as give advice on the best financial products to suit your situation. Be sure to choose an independent advisor who isn’t affiliated to any particular product.
What other money saving tips for young adults do you have? Please share your tips below.
About the Author David Domzalski
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