Mila Joshua Yona
One of the most critical periods is the transition from youth to adulthood. The passion to have fun and spend some luxurious lifestyles comes in hard.
Am not saying it happens to everyone, rather it depends on your personality and your beliefs. When you poorly handle money, that trait can make you broke all the time.
You will always be spending to the last penny without having a clue of what is constructive
Nevertheless, the youths in their 20s experience so much financial trouble.
Here are few tips to help you not to get broke in your 20s.
1. Live below your means
People have different ideologies about this whole concept of living below your means. They don’t like to be seen as having anything among their peers.
They will simply tell you to fake the lifestyle until you make it.
But the truth if you live a life of lies, you’re simply giving way for more exaggerations to come. You may end up stranded and begging every time.
In case you’re a salary earner, you don’t have to spend like the stakeholders. Know your class until you make it there. It’s called being realistic to yourself. This trait can accelerate personal growth.
2. Set a budget
Establishing a budget for yourself can keep your finances in check. The most common rule out there is the 50/30/20 percent rule. It doesn’t matter what budget pattern you choose so long as it’s effective and works for you.
You realize that you cannot track your expenses and incomes when you spend frugally all the time.
3. Understand a want and a need
One of the reasons most people are affected by impulse buying is because of the failure to differentiate between a want and a need.
A want is something you can do without and yet a need is something you can’t live without, take for example food.
Understanding the difference can help you not to let your emotions shadow your judgment when making financial decisions like purchasing items.
4. Plan prior for nights out
When you have an important event coming up, you need to properly plan for it. For example, you may start saving for it as early as possible. That way you will be free from randomly spending to cover costs that will arise and rather make hay while the sun shines.
In case you’re going out with friends, you may jointly collect a certain amount to cover the costs of drinks for the entire night.
5. Prepare most of your meals
Preparing meals can be tiresome and vague sometimes if you’re the type that loves purchasing everything from the groceries.
However, preparing your meals by yourself comes with huge benefits. One of them is saving and also getting the opportunity to choose what you want to eat.
Most foods purchased are junky foods and expensive at the same time.
6. Get a mentor and study the habits of financially stable people
Unless you’re a freak, learning will always be your top priority especially when you’re less knowledgeable about something. There are people who have gone through the challenges you’re facing and are always willing to offer advice and inspiration where possible.
Reach out to one or two of the people in your life that you admire and ask them to show you how they do it. How they made their way to the top and some of the challenges they overcame.
Such insights will allow you to learn and adventure. Remember to be open-minded.
Finally, remember that opinions may vary depending on your beliefs and personality. Borrow a leaf from these tips and save a penny in your pockets.
