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Money To-dos for our 20s

Money issues are shared by all ages. However, what period in life can affect our financial situation differently, whether in our 20s, 30s, 40s, etc.

For those of us in our 20s we are freshly out of college, or newly in the working world; either way there are bills and debts to pay off, and money is not at our dispense. It is important for someone in their 20s dealing with budgeting money to keep in mind these tips to handle money:

1. Take care of credit card debt. When we are young we like to think that charging expenses is fine, because we will start making money and we can pay them off when we are older. However, that is not the case, because usually once you start making more money the expenses you have become more expensive and increased expenses on top of pervious debt won't end up well.

Take it slow make and repayments back realistically; do not try and make large repayments all at once without making sure you have budgeted that into all your other expenses. If this happens than more debt can be created and that means increased financial issues that will prevent you from buying a home, or even paying for your car. So stick to a monthly, realistic budget.

2. Keep an Emergency Fund. Take a little bit out of your paycheck each week, month, however, you see fit, and put it in a savings account. Using direct deposit is a great way to not even realize you're putting the cash away for safe keeping. The goal of the emergency fund is to save about one month salary and build off from there. Don't forget while saving an emergency fund to keep paying bills and debt.

3. Remember to save for retirement. You're in your 20s, you just started you first "real" job, why think about retirement? It is beneficial to start small deposits into a retirement savings in your 20s, because it will add up in the long run. A small payment of $125.00 is fine a month is a good way to start. You can always make a big payment anytime during the year.

You can start contributing part of your pay check; however much you feel is sufficient. Sometimes employers have a match on the amount you deduct from your pay that is put toward your retirement savings, so take advantage of that if possible.

Keep these tips in mind as you're trekking through your 20s. They will benefit you in later years and keep you on a good financial track.

Work cited:

3 Crucial Money To-Dos for Every Decade of Life (The Huffington Post)

By: , LearnVest. http://www.huffingtonpost.com/learnvest/3-important-money-todos-f_b_6075662.html?utm_hp_ref=money&ir=Money

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