While money matters don’t start in your 20s, there are life skills you can learn during this time, that can make all the difference. Even if you disregard all money tips; remember these.
Think about retirement
There’s no better time to start saving for retirement than when you are young and in your prime. Set a realistic stash of moolah aside every month for your retirement. This will not only help out when you are old, but can teach you to cultivate a lifestyle of saving for rainy days.
Even as a young peep, you need to find a financial mentor that can help you with accountability. This can be a family member who handles money well or a professional financial advisor who can help you with different portfolios and products to consider. Don’t just jump into investments because of social media, first consult your trusted financial coach.
While most can’t live without some form of debt, you need to identify good debt (such as debt for paying for a student loan) and bad debt (using credit to pay for fancy clothes you don’t need). Furthermore, your debt needs to be in control. This is the season in your life to learn to pay-off debt timeously.
What if you fall sick or there is a car crash? There are several insurances out there – from health insurance, to life cover and car insurance (and many more). Insurance helps you out when you need it most. Even though things can be rosy now, that’s when you must think about insurance.
Whether it is mastering budgeting or learning about getting an extra income from a student job; there are tips to learn without delay. There is no better time than now. Your future is bright and will be influenced by the manner in which you deal with your money. You can make it count. Start saving today.