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6 Tips to Become a Financial Guru in 2020

3 February 2020 No Comment

So you only make about 30K and you’re still living in your parents’ basement? Guess what, there are still ample opportunities for any 20-something to achieve financial stability in 2020. From coupon-ing to budgeting better, read on for six strategies you can implement in your daily life. 

1. Save! (Yes, You Can)

Think you don’t make enough money to save? Think again. Every dime adds up, so sign up for a savings program through your bank that automatically diverts money into your savings account every month. 

Many employers also offer competitive retirement savings programs that reward aggressive savers with matching contributions. So behold the power of compounding interest and watch your savings grow over time.

2. Look for Promo Codes and Coupons

Cutting coupons from a newspaper and stashing them in a drawer isn’t really the picture of coupon-ing in 2020. Instead, it’s all about finding and stashing digital coupons and promo codes. 

Sites like RetailMeNot and Coupons.com offer a one-stop shop for promo codes and coupons you can use when shopping online or in stores. And if you have the space available in your home, consider buying household essentials like soap and toilet paper in bulk as a subscriber from sites like Amazon or The Honest Company and save five to 20 percent per purchase.

3. Be a Fearless Budgeter

Don’t let your grandfather’s stingy attitude toward money scare you away from budgeting. Today, using a budget can often be as simple as tracking where your money goes so you can make small adjustments as the months go by.

For example, you might discover you spend $100 every month at your favorite coffee shop, so your next budget goal may be to make coffee at home instead of going out. Many budgeters use Clarity Money or Mint to organize and track expenses.

4. Don’t be Afraid of Investing

Investing in stocks can certainly be an intimidating prospect. Fortunately, there are easy ways to get started for free. Ally Bank and Robinhood offer no-fee investing, and the Acorns app can make it even easier by investing your spare change.

5. Use Credit Cards Wisely

Credit cards sometimes get a bad rap, but they can be really useful in building good credit, which is helpful down the road. For example, credit card holders who pay their balance regularly can usually score a lower interest rate on a home mortgage. 

Look for a card like USAA’s credit card that charges $0 annual fee and offers reward points on daily purchases. Many credit card rewards can be used for travel or cash back, which helps you reach your financial goals faster without dipping into savings.

6. Cut Unnecessary Costs

Once you start looking, there are many ways to save money on monthly expenses. If you haven’t already, nix your cable services for one entertainment subscription you can’t live without, such as Hulu, Disney Plus or Netflix. 

For the next level up, exchange your cell phone service for a much more affordable service such as Republic Wireless or Ting. If you’re a shop-a-holic, consider renting stylish, work-appropriate clothing from New York & Company, Express or American Eagle rather than making big purchases that will go to waste in your closet after only a few wears.

Make Your Financial Future Great

No matter your current financial status, there are many ways to ensure future financial success. From saving and investing to using promo codes and cutting costs, you can achieve your goals in 2020. With practice, you’ll soon be a financial guru. 

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