10 money moves you need to make in your 20s

Super good to have in case a water pipe bursts and floods your entire apartment. Smart Money Moves for Every Age. The information provided should not be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice.

1. Create a budget

When you are in your twenties, you are building a solid foundation for your financial future. Take the steps now to build a solid future for yourself and your family. Follow our six tips to help you successfully manage your finances over the coming years. And remember, it’s possible to enjoy your twenties while still planning for your future. One of the best things you can do for your finances is to stop using your credit cards. It is too easy to get into credit card debt and it can take years to get out of it. Break that habit .

2. Get that employer match

Those of you still fresh out of high school have an amazing opportunity: You may be starting your first job. You may have few bills. You may be so used to eating ramen noodles that it will be relatively painless to live lean and save a pile of cash if you’d like. Even if you’ve made money mistakes, those may be relatively easy to reverse. After all, at most, you have maybe a couple of years of mistakes behind you. Compare that to a year-old who could have 20 years of financial missteps to correct. To make the most of your fresh start in life, here are 10 money moves you should make.

1. Create a budget

When you are in your twenties, you are building a solid foundation for your financial future. Take the steps now to build a solid future for yourself and your family.

Follow our six tips to help you successfully manage your finances over the coming years. And remember, it’s possible to enjoy your twenties while still planning for your future.

One of the best things you can do for your finances is to stop using your credit cards. It is too easy to get into credit card debt and it can take years to get out of it. Break that habit. Stop using your credit cards, even for emergencies. Set up a good emergency fund instead. This will prevent you from having to pay off large amounts of debt, and waste a money paying. You may be young, but you need to start saving for retirement.

The sooner you start, the sooner you will be able to retire. And keep 10 money moves you need to make in your 20s mind that compound interest is on your side.

If you start contributing to your k when you’re young, your money will have longer to grow. This means you can contribute a smaller monthly amount, but still end up with just as much money — if not more — than someone who contributed a lot each month, but started saving later in life.

You would never go on a trip without a solid destination in mind. In the same way, it is important to have a solid financial plan so you know where you want to go financially. Then you can identify the steps you need to take to get. Your financial plan should include everything from buying a home to retirement.

As you get married and have children, you will need to adjust the plan. Do not put off creating a financial plan just because you are single.

You still need to have specific savings and retirement goals that you are working. As soon as you have paid off your credit card debt, you should start putting money aside to use as a down payment on a home. It doesn’t have to be a huge home or your dream home. But buying a home can help you build equity, which will come in handy later in life. Don’t worry if you still have student loans. You can buy a home and pay your student loans at the same time, as long as your budget accounts for it.

It can give you peace of mind that you will be covered in the case of a large unexpected expense, like a car accident or illness. But as you pay off debt, you’ll continue to add to that fund, until you have 6 months of living expenses saved. You can put your emergency fund in a money market savings account that offers slightly higher interest rates. The most important step you can take in your twenties is to begin budgeting.

Regardless of your financial situation, it’s always wise to stick to a budget. But in your 20s, the sooner you start budgeting the better off you will be financially. Your budget gives you the ability to decide how you want to spend your money.

It helps you to track your spending and can prevent you from overspending or relying on your credit cards. And who doesn’t want that? Budgeting Financial Rules.

By Miriam Caldwell. Stop Using Credit Cards. Start Saving for Retirement. Create a Solid Financial Plan. Save for a Down Payment on a House. Establish an Emergency Fund. Budget Every Single Month.

Invest your money aggressively

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