Monday, 22 May 2023 01:48

4 financial tips everyone should follow in their 20s

Written by Evelyn Alas

Not everyone gets financial advice in their 20s, and this can lead to a chaotic 30s with debt, and plenty of questions about taxes and investments.

1-Don't spend your salary: It is quite common (and sometimes inevitable) that, when we enter our first job, we start to develop bad financial habits, such as not creating a budget and end up spending our entire salary in a short period of time, whether on personal treats, meals out or of course weekend parties.

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2-Set a budget: This is the best financial advice for anyone regardless of age. Setting a budget is keeping track of all your income and separating it for the different needs you have.

Establishing a budget can define monthly expenses for necessities, such as food, household products, while also setting aside a figure for savings and establishing a number for personal expenses, which will really limit us and help us to maintain good financial health.

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3-Invest in yourself: This is one of the tips experts give when talking about investing at a young age. Let's say you have a few savings or have a little bit of money. A smart way to use it is to invest it in yourself, but this doesn't mean spending on things you like, it means investing in your education or professional growth.

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4-Distrust fast money: Another of the financial tips that everyone should follow, but it is particularly important if you are young as many "opportunities" can be seen as essential, when in fact they represent risks that could make you lose investments.

 

Translated by: A.M