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Money Saving Tips for in Your 20s

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Today many people in their 20s are finishing college, starting careers or planning their futures. By making the right financial decisions from the start, you are able to build a solid foundation that will last you a lifetime. For most, the earlier you get started the easier it is to continue. By following these tips, you will be able to save money while still being able to live happily.

1. Emergency Fund

Life is unpredictable and a job may not always be there. By creating an emergency fund you are guaranteed financial security during a crisis. Depending on your profession, you should be covered if you save up to 3 months of expenses. If your job is less predictable than most, saving up to 6 months of expenses may be necessary.

2. Purchasing a Home

Renting or buying depends on how long you plan to live in one location. It is not in your best interest to purchase a place if you do not intend to stay there for over 5 years. The reason behind this theory is due to not being able to break even on the closing costs, legal fees and brokerage commission that you typically pay when buying a home.

3. Going Back to College

Before you take the leap, make sure going back to college is the best option. The biggest thing you will need to consider is if it is worth acquiring student loan debt. Going back to school should only benefit you if you know that you will be able to pay off the debt after you graduate.

4. Paycheck

According to Jonathan Clements, financial journalist, "A common rule for people to follow early in their careers is to keep fixed living costs to 50% or less of their pretaxed income." Typical fixed living costs include car payments, housing, groceries and utilities. With this rule in mind, you will be able to pay for your expenses and still have the opportunity to save money.

5. Retirement

The sooner you save money the better off you will be during retirement. According to the Chicago Tribune, "If you have a job that provides a matching contribution to 401(k) or 403(b) plan make sure to put in enough money to get the full match and if possible even more."

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: Tampa Bay Times | Finance

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