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New Year .. Fresh Start .. Good Old Fashioned Financial Tips for 20 Somethings and Others

January 2, 2017 by OSYB Staff

Welcome to 2018.  A great way to start the year, for new graduates, new business owners or the person just interested in starting the new year right is with a sensible  financial plan.  Sophia Bera, Financial Planner shares:

  1. Save for emergencies – slowly work up to having an emergency fund that covers your expenses for three to six months
  2. Have health insurance – being young doesn’t preclude you from illness or injury, save yourself 4-5 digit medical expenses and get health insurance
  3. Get renter’s insurance – renter’s insurance is reasonable and will cover your personal belongings and your landlord’s insurance will most likely not cover your losses.
  4. Manage your credit card debt judiciously – work on minimizing your credit card debt it as it balloons uncontrollably over time
  5. Payoff your student loans aggressively – pay more up front and shave off years of monthly payments
  6. Build-up your credit – work on building up a good credit score, it will help you to secure future loans
  7. Start saving for retirement – yes, it may seem like a long way from now but starting with a nest egg early is something you will not regret
  8. Don’t succumb to the pressure of “Keeping up with Joneses” – make wise long-term financial choices that will benefit you in the long run, definitely don’t fall in to the pit of buying fancy expensive stuff to impress others, and you can still have FUN without falling into massive debt

Your youth gives you the advantage of having the time to save for your future.  You will not regret having the opportunity to make different choices down the road because in your youth you were wise enough to manage your net worth.

For more details:  8 Money Mistakes to Avoid in Your 20s’

Image Credit:  Deposit Photos

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