Save Now Spend Later
We are always told how important it is to save for the future, but why is that? Surely in our 20’s we should be out having fun, being carefree and enjoying our lives to the max? Well, while it is always nice to go and out do something new if you are sensible with your finances in your 20’s you can set yourself up for the rest of your life. Find out how by reading on.
One way that you can save for your future in through investing your money. Of course, if you choose to do this you have to be aware that there is a chance that you could lose money as well as gain it. But most people invest over the long term and wait until they are in profit to withdraw their savings.
Investing can be complicated, though. You can choose to invest your own money, or have someone represent you can they will make this decision for you. Or you can even use apps like Money Box, which give you the option of whether to save or invest in low, medium or high-risk investments.
Other folks prefer to put their money in bricks and mortar and invest in property. Buying to rent is a good way to do this, as the mortgage payment are paid by your rental income, and you get the profit to keep when you decide to sell the real estate.
Transfer your savings out first thing
Another way of being super sensible with your money in your 20’s is to make sure that you transfer any saving amounts out of your account first thing. That means the day after pay day your savings to leave your account and are safety tucked away for a rainy day.
Then you know exactly how much you have left to spend for the month, and you can be safe in the knowledge that you are always saving a set amount.
Track your budget
Of course being sensible in your 20’s with your money entails working to a monthly budget. How can you know where you are with your money unless you track your spending? But some folks have a hard time doing this.
They can find it confusing or frustrating to track every item they buy and pay for. But this way ruin lies! Most overspending is based on the fact that people believe they have more money available, that then actually do. So by keeping on top of your finance tracking, you can make sure you never go past your set limits.
To do this why not invest is a simple app for your phone? Then you will always have it will you, and you can track, even small spends quickly and easily.
Skim your budget
Of course, if you are super-sensible you can also find a way to skim extra money of the top of your set budget. For example, if you have a certain amount of money set aside for clothes, look online for vouchers like these Amazon discount codes 2017.
Then you will be buying the things that you need but will be left with even more money to save or invest and set you up for the future.