Money Talks: 5 Financial Goals Every 20 Something Should Have

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Your twenties are full of huge milestones and huge decisions, it’s when adult things start happening and you can no longer rely on mum and dad to sort it all out for you. As terrifying as that might sound the younger you are when you start to plan the better you will be in the long run. You may not want to even think about money right now and to be honest I wouldn’t blame you, Christmas may be the most wonderful time of the year but its also the most expensive! There are however a few ways to plan out your finances for the future which are stress free and incredibly simple, and could save you thousands in years to come.

‘ With my mind on my money and my money on my mind’



#1 Save, save, save

It can be as little or as much as you can afford, you don’t need to be earning a huge amount to be able to put money away and start a savings account. Whether it be as little as $5 a week it is still something and will all add up in the end. You also don’t even need to be saving for something specifically, life has a funny way of throwing things at you unexpectedly and knowing that you have a little safety net of money locked away somewhere can be incredibly comforting in times of need.

#2 Budget

Rather than hiding away from what you are spending by refusing to open those bank statements (I am guilty of this) it is very wise to sit down with a pen and some paper and work out how much you actually do spend each month. It can be boring and it can seem rather unnecessary but honestly if you find out where your money is going each month it makes it much easier to find out where you can cut back, which is never a bad thing.

#3 Set yourself financial goals

Whether this be how much you want to earn at work or by which age you want to have paid off your student debts, it’s important to confront financial issues that will most probably crop up during your twenties so that you can be prepared for them. You know you will soon have to think about rent and bills and all the other boring adult stuff so set a clear plan of where you want to be by a specific time frame and try your hardest to reach those goals. If for some reasons those goals seem unreachable, then you can think about ways of getting some extra income and how to take action.

#4 Eliminate credit card debt

We all know what happens in ‘Confessions of a Shopaholic‘ and there is a life lesson to be learnt there! It’s not that working at a finance magazine will land you your dream man it’s that credit cards are not really your friend. Credit cards can really get you into a lot of debt if they are not kept under control and paid off as soon as possible, high interest rates are never a good thing and so make paying off those cards your top priority.

#5 Invest in yourself

Set yourself career goals and write down where you want to see yourself by the end of your 20’s, a vision board will really help with this, if that’s in a large fancy house then you know you need to be in a career that can make that a reality. Learn new skills, meet new people and network, opening yourself up to new opportunities can often lead to financial stability and a much happier bank account.