Money Goals for Your 20s

Money Goals for Your 20s

Being financially responsible for 20-somethings in today’s day and age means finding the right job to get your own place, pay bills and buy groceries. For those having kids and starting families, it can seem like an endless daily struggle. For college grads, it can be a rude awakening. But if you set financial goals and work to achieve them while you’re still in your 20s, you will set yourself up for a more secure and less stressful future as you approach the big 3-0!

Even if keeping up with your finances seem to completely dominate every single dollar you earn, there are a few good financial habits that you can utilize to reach your money goals. From booking a well-deserved vacation to investing or buying your first home – you have the power to change your financial outlook and reach your target goals, even while you’re still in your 20s.

Find the Right Job

We all want a dream job that we love, but we need to take into consideration the potential income (and income cap) vs. our financial necessities and goals. Before committing to a career path, do the math. Be certain that you can afford the lifestyle you want to include rent or mortgage payments, utilities, credit card bills, student loans, vehicle payments, gas and food with your chosen career path. If you are considering a career change, try to budget for the rocky changes ahead to ensure financial stability through the transition.

Establish a Budget

To prevent the temptation of overspending on every day, discretionary things and not save enough for important goal items, it is vital to establish a budget. When you allot money to the necessities including all recurring monthly payments, you’ll understand exactly how much is left. When you establish a budget, you may just be surprised by how much you’re spending on daily splurges like coffee, lunch with co-workers and take-out.

  • Long-Term Goals
    Your budget should include savings for purchasing goals, emergencies and retirement. Becoming financially confident means you know exactly what is coming in and every dollar that is going out, write out your long-term goals to include smart savings dedicated to your future financial security with retirement investing and emergency funds for those unexpected situations that life can throw our way.
  • Short-Term Goals
    Your budget should include a plan for short-term goals like new appliances or planning a vacation. Applying monthly savings toward your short-term goals will help you achieve what you want within a few months to a year without getting into debt through financing.

Find Small Ways to Cut Spending

Become financially conscience of your spending habits and make small changes that can equal big savings over the course of a month and impressive savings over a year. Find alternatives for your morning coffee ritual and consider the special instead of indulging in a pricey meal. Every dollar you spend on overpriced splurges is a dollar that can be invested or put into savings to generate interest.

Continuously Reevaluate Your Goals

Being 20-something means you’ll go through career changes, big moves and make life-changing decisions. When you undergo a big change, you’ll need to reevaluate your financial situation and goals. Establishing routines sets the precedence for an individual’s future wealth, health and happiness. Committing to a budget, using auto-transfer for a pre-determined savings amount and sticking to it will help you reach your goals during the most formative and transformative era of your lifetime.

Work on Your Credit Score

While it might not seem important now, building and maintaining your credit is incredibly important for your future. A good credit score will actually save you big bucks with a lower interest rate on big purchases including a mortgage and when you finance a vehicle. Boosting your credit score by paying bills on time and paying down consumer debt is one of the best things you can do for your future self.

Take Control of Your Financial Independence Today for Security Tomorrow

Savings goals in your 20s set into motion now, gives you a giant head-start as you decide to get serious about your money and put the necessary actions into place and stick to them. Don’t wait, the sooner you decide to be accountable for your finances, the better off you’ll be as you settle into your 30s. No matter where you are right now, you can start putting your money to work for you through investing and interest from savings.

With locations throughout Utah, Money 4 You Payday Loans can lend a helping hand and help set you back on track. We’ll hold your check for 28 days, until you get paid and you can continue on the path to building your financial confidence. Get started online or give us a call at 855-MY-MRMONEY to see how you can get cash today with an easy short-term loan.

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