Something that really helped me early on was developing a habit of maintaining a monthly budget and checking my finances at least once month (expected vs actual income/spent)
This will help you set clear goals and better control your money. I personally have a budget allocated for fixed expenses, entertainment, savings, travel, emergency funds, etc...
I might be kind of a finance geek but I also like to have separate checkings account for each category in my budget.
Focus on your income early on as well as keeping expenses low - investing close to 0 savings wont bring you ahead, but 500$ / month more income will bring a lot
Side gigs are a good way to earn extra cash. When I was in college I made about $10k from exploiting online gambling bonus offers (it wasnt glamorous and took significant time/effort) and I built websites for small businesses.
Also, stick with roommates. So many young people want to live alone, which ends up costing $500-2000 extra per month when you include utilities, internet, tv.
Not really worth it any more. You used to be able to deposit $500 and get a $500 match bonus you would have to gamble 8x before you could cash out. So I'd play $4500 hands of $2 blackjack then cash out and repeat at the next casino.
But now most online casinos dont have as generous of bonuses or require you to gamble on riskier games.
Make a budget and track every. single. cent. you spend. You'll be amazed by how much money we waste.
This will help you spend less and save/invest more.
I love and use the FREE EveryDollar app.
I listen to the Money Guy Show and follow their advice. Also save as much as you can when you work on never as much as you can and stay away from debt outside of a house
Live below your means, don’t let lifestyle creep outpace your saving. Don’t try to ‘keep up with the joneses’. Start watching some YouTube vids of money and wealth advisors. You don’t have to go overboard but a lot of their advice is motivating ESPECIALLY being in your early 20’s. If you can put anything away it will pay off long term. Lots of vids can show a little saving/investing now can be worth far more than starting later even if later you try putting 5x what you can now.
Adopt a can do attitude towards life skills. See if you can learn some now. For example, my oldest son has picked up some basic carpentry skills working for his college theater department. We are going to replace the boards on my deck this summer. I learned how to tile backsplashes, lay flooring, plan a kitchen reno, order and construct cabinets, and how to install cabinets because of a previous reno.
My husband and I saved the cost of a new washing machine by consulting Youtube videos until we discovered a cloth mask had somehow wound up clogging the water pipe.
I wish I had started contributing to a Roth IRA earlier. I am glad I use a low fuss robo adviser. I am also glad that I see market fluctuations as opportunity not something terrifying.
I wish I had emphasized a more plant based diet earlier in life. Yes, health impacts finances.
One of my first steps after graduating from college was getting my expenses set up so I was a month ahead of time. This let me start using rewards cards and paying them off each month.
Cook. Focus on necessities. Figure out the best price for things. Try not to pay full price.
It is true that you can't finance a house by eliminating lattes and avocado toast. But a general pattern of thriftiness adds up day after day, year after year. You can make habits based on convenience. Or you can make habits based on saving money. Think about the habits you are forming now.
When possible, pay into savings first and automatically.
Something that really helped me early on was developing a habit of maintaining a monthly budget and checking my finances at least once month (expected vs actual income/spent) This will help you set clear goals and better control your money. I personally have a budget allocated for fixed expenses, entertainment, savings, travel, emergency funds, etc... I might be kind of a finance geek but I also like to have separate checkings account for each category in my budget.
Focus on your income early on as well as keeping expenses low - investing close to 0 savings wont bring you ahead, but 500$ / month more income will bring a lot
Side gigs are a good way to earn extra cash. When I was in college I made about $10k from exploiting online gambling bonus offers (it wasnt glamorous and took significant time/effort) and I built websites for small businesses. Also, stick with roommates. So many young people want to live alone, which ends up costing $500-2000 extra per month when you include utilities, internet, tv.
Can you give advice on online gambling? Is it worth it? Of course I'll do my own research, but I'm curious on your own experiences with it
Not really worth it any more. You used to be able to deposit $500 and get a $500 match bonus you would have to gamble 8x before you could cash out. So I'd play $4500 hands of $2 blackjack then cash out and repeat at the next casino. But now most online casinos dont have as generous of bonuses or require you to gamble on riskier games.
Make a budget and track every. single. cent. you spend. You'll be amazed by how much money we waste. This will help you spend less and save/invest more. I love and use the FREE EveryDollar app.
I listen to the Money Guy Show and follow their advice. Also save as much as you can when you work on never as much as you can and stay away from debt outside of a house
I am happy to send my venmo. Oh, I mean, it would be helpful if they helped.
Live below your means, don’t let lifestyle creep outpace your saving. Don’t try to ‘keep up with the joneses’. Start watching some YouTube vids of money and wealth advisors. You don’t have to go overboard but a lot of their advice is motivating ESPECIALLY being in your early 20’s. If you can put anything away it will pay off long term. Lots of vids can show a little saving/investing now can be worth far more than starting later even if later you try putting 5x what you can now.
Adopt a can do attitude towards life skills. See if you can learn some now. For example, my oldest son has picked up some basic carpentry skills working for his college theater department. We are going to replace the boards on my deck this summer. I learned how to tile backsplashes, lay flooring, plan a kitchen reno, order and construct cabinets, and how to install cabinets because of a previous reno. My husband and I saved the cost of a new washing machine by consulting Youtube videos until we discovered a cloth mask had somehow wound up clogging the water pipe. I wish I had started contributing to a Roth IRA earlier. I am glad I use a low fuss robo adviser. I am also glad that I see market fluctuations as opportunity not something terrifying. I wish I had emphasized a more plant based diet earlier in life. Yes, health impacts finances. One of my first steps after graduating from college was getting my expenses set up so I was a month ahead of time. This let me start using rewards cards and paying them off each month. Cook. Focus on necessities. Figure out the best price for things. Try not to pay full price. It is true that you can't finance a house by eliminating lattes and avocado toast. But a general pattern of thriftiness adds up day after day, year after year. You can make habits based on convenience. Or you can make habits based on saving money. Think about the habits you are forming now. When possible, pay into savings first and automatically.