20 Financial Tips for Those in Their 20s – Part 4

Student Loan DebtDon’t miss part 1, part 2, and part 3 of this series.

We have finally made it to the last part! I know it can be hard to balance life when you enter your twenties, but staying afloat financially will make life a bit easier. Here are the last five tips for financial success in your twenties.

Give Back: Even if you do not make a lot, it is still a good practice to give a percentage of your paycheck back to charity. Giving back helps you put into perspective how much you have compared to others in need, and it is also a nice tax break at the end of the year. Still don’t have enough money to donate? Try donating your time instead.
Learn How to DIY: In the earlier posts, I mentioned how cost efficient it was to learn how to cook. This tip goes for anything else in life that you need to learn. Think about how many people you pay for services and such just because you never took the time to learn yourself. Some examples of time saving DIYs include the following:

  • Fixing a clogged toilet or drain
  • Doing your taxes
  • Cutting and dying your hair
  • Make your own coffee
  • Make your own gifts
  • Repairing clothes

The list could go on. Figure out what you are paying other people to do for you, and then research online and on Youtube if it is an easy task you can do yourself.

Break Apart From Mom and Dad: If you are still running to mom and dad every time you have a financial burden, stop! You are old enough to be financially responsible. If your parents are fine with you still living there, at least have the common decency to contribute to the bills or treat them to a nice dinner every now and then.
Don’t Lend Out Money: While I am supportive of giving a percentage of your income to charity, your bum friends should not be considered one of them. This tip may seem unfair, especially since your friend/family member is so trustworthy. However, in my own experiences, if they don’t have the money now, then they usually don’t have it later down the road. Either that or it takes them a year to pay off a debt, even with constant nagging. Honestly, lending money to friends and family may seem good for your relationship, but it can put a huge damper in it if they don’t pay you back.

Buy Used; Save the Difference: Technically this is an old Duggar slogan, but it is still a good one. No matter what you want to buy (aside from the obvious of food, underwear, etc), search for it used before you buy a new one. Want an iPad or new phone, do yourself a favor and search on Amazon, Ebay, and Craigslist first. You may even be surprised that you can get a new item for $20-30 less than in the actual store. This tip will save you a lot of money especially in the case of clothing.

There you have it – twenty financial tips for those in their twenties. Of course, most of these financial tips would be wise for everyone to follow.

What money tips do you have for those in their twenties?