With apologies to G.B. Shaw, it is no secret that youth is wasted on the young. Still, there are amazing opportunities available to those singles in their 20s who pay attention. Here is just a little budgeting advice to help you get started on the road of life with a solid financial footing:
Create a Budget – Somewhat tedious, but not difficult, creating a budget will allow you to see where your hard earned dollars are actually going. You will more than likely be surprised! You will also be able to plan and save for those “big time” purchases that seem so important so early in life.
Learn to Save… Now – Sure, it is a cliché but a very truthful and valuable one. The power or compound interest can make you a millionaire over the next forty years – with very little effort on your part. The key? Pay yourself first by having your savings deducted from your paycheck.
Start an Emergency Fund – No one ever said that life was going to be easy. It is a rocky road filled with all sorts of potholes and other mishaps. It is best to be prepared – and what better way than with a little bit of money? – for the problem before it occurs.
Cook for Yourself – While somewhat simplistic, this suggestion is actually the most immediately valuable on this list. Even eating fast food every night can put a serious sent in any budget. Instead, learn the fundamentals of cooking for one – or two! The rewards? Two meals for the price of one – every night of the week.
Live within Your Means – Hard to accept when you are first out on your own, it is the most valuable piece of advice that your parents will ever give you. Simply put, avoid debt and only spend what you make. You and your wallet will be forever grateful.
For further creative budgeting advice for singles, couples and families, please contact us at Superior Debt Relief. We can be found online or you can be reach us directly at 866.896.7616 with any of your questions.