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Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s

Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows have been successfully mastered but how confident are you when it comes to money and finances in your 20s?

Here are the 3Cs (Career, Cash and Credit) to consider in your 20s.

 

1. Career

 

Always strive to improve yourself, gather many life experiences especially the people and relationship skills to skyrocket your chances to get the career you’ve always dreamed of.  

Whatever your career choices are, it’s what you do with the money you make now that can really set you in the right direction for a financially rewarding life.

When you start a job, there are many financial decisions to make like understanding your salary details. Understand what your entitlements are, be wise when it comes to making superannuation fund choices and be interested in how your super money is invested.

In your 20s, you have an incredibly powerful ally: TIME. This means you can afford to go for growth and invest in areas where there are maximum opportunities for your money to grow in value.

Take an interest in how much you get paid, how much tax you pay and whether your super is appropriately invested.

As you progress in your career, don’t go too crazy in spending all you earn but learn how to invest and have fun at the same time. Don’t waste the opportunity of time in your 20s as you only get older and older and time flies by quickly.

 

2.  Cash

 

You’ve just landed for your first job, the money is rolling in and you hardly have any expenses to pay for. Life is not just good, it’s great. So, whilst life is great, and you have great earning power with few expenses to take care of, try to get an addiction to savings.

Save as much as you can whilst you can. In your early 20s, it may not seem too obvious why you need to save but when things like getting married, buying your first home or becoming parents are next in line to what you want in life, all these life milestones cost a lot of money.

Whilst cash is abundant, learn to save and invest it. You can enjoy your earnings but don’t forget to pay yourself first and be smart about investing your cash for growth.

If you want to splurge then do it but learn to save for it first. Get into a wise financial habit of setting goals, saving up for them and take this mantra with you for the rest of your life.

Being in your 20s, you are responsible and mature enough to take care of yourself, financially. Don’t rely on the Mum and Dad Bank, and set up an emergency fund, and tuck this away for a rainy day.

 

3. Credit

 

Don’t get caught up in over using ‘plastic money’. It’s so easy to tap and go, and now, it’s even easier to pay for things as your smartphone becomes a payment device.  Every ‘tap’, ‘beep’ and ‘scan’ is a financial transaction that does need to be paid for.

Temptations and distractions abound so it’s really important to get your debts under control. Especially for university or higher education graduates, you have the HECs debt to pay off so use your earnings to pay it off as soon as possible and restrain on the use of credit or plastic money.

It’s a given, these days, that credit cards are essential life tools used in everyday transactions to pay bills, to purchase groceries and so on. So, be aware of your credit limits and don’t go over the limit. Be disciplined to pay-off your credit card payments within the interest free time and don’t be too haphazard with it.

Remember, you’re going to need access to credit to buy a home and other big life expenses, so be smart with how you use credit now.

Life is fun and exciting in your 20s and it should be. Just learn to be smart with financial choices around Career, Cash and Credit.

Do you need to further assistance with planning in your 20s? Our professional advisers can point you in the right direction.

Talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

Top 3 Financial Tips for your 20s

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

Back to Basics 3 Money Principles

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.

 

1. Cut down on money going OUT

 

Numbers don’t lie, and this message of ‘spend less’ has been around for awhile and unlike fashion trends, this simple yet powerful tip never goes out of style.

If you want to get ahead in life financially, nothing beats this goodie – slash your splurges and get in the habit of a regular savings motto. Be disciplined to spend your own money rather than swiping or tapping the plastic. Remember the plastic money is not yours, and if it gets used too often, you’ll end up paying big on the interest that accrues on your repayments.

Don’t overspend and keep to budget that is realistic and easy to stick to.

 

2.  Get rid of debt quickly

 

Having a big mortgage these days is a norm, and that dream of owning your own home comes at a hefty price. So, if chasing the great Australian dream is a goal of yours, then do so in a smart way.

Get to know your financial net-worth position really well, and divert any surplus savings straight to your mortgage. Try to cut down on your biggest expense item as fast as you can by making extra payments where and when possible.

Not only do most people have a mortgage to pay-off but credit card debt is another expenditure item that is soaring up north and not down south.

Therefore, it goes without saying, spend less which helps to minimise credit card debt and the extra money left in the kitty should hit the mortgage. It’s a win-win!

 

3. Get more money coming IN

 

It’s not rocket science but if you can increase or generate more money coming INTO your kitty then you’re able to build wealth by starting an investment plan whilst paying off your debt.

There are many ways to generate extra income and different types of income such as investment income like dividends, interest or rent. You can seek out promotions to increase your take home salary or increase your working hours or take on a side hustle and freelance.

Increasing income means more power and opportunities to build wealth over time to ensure a gooey overflowing ‘pot of honey’ is waiting for you for retirement.

These are the ‘back to basics’ good old-fashioned money principles, if followed, will keep you financially fit to super healthy. It’s not easy as there will be many temptations along the way, but starting a good financial habit early on gives you an edge over the long term.

For more help on reaching your money goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

Top 3 Financial Tips for your 20s

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Read More

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P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au

4 Financial Advice Musts I Would Tell My Younger Self

4 Financial Advice Musts I Would Tell My Younger Self

If I knew what I know now about  financial planning, what financial advice would I give to my younger self?

There are many wise words of wisdom I can roll through but four advice essentials really stick out, and they remain as relevant as ever.

Here are my 4 Financial Advice Musts I would tell my younger self:

 

1 . Don’t just spend, save a bit as well

When you’re young you feel like you have all the time in the world to conquer, have fun, splurge and splurge and splurge. Saving doesn’t come to mind. Why would you save? You are a teenager living at home and you’ve landed your first part-time job! Life is sweet and rosy. And yes, life is exciting and fun as it should be but if only I was wise enough to stash a little of my earnings away, what a difference, it would have made, financially when trying to get a head start in life. Those savings, that would have grown over the years thanks to the magic of compound interest, would have been handy when I was ready to buy my first place.

Even if it’s just a token amount you can save, get into the good habit of learning to save. This life skill will definitely make a difference to you when you need it the most. Learning to become a savvy saver, and letting the money work hard for you will surely place you over the line first in the financial race to get a head start in life than the ‘non-savers’.

 

  1. Learn how to make your money grow, harder & smarter!

If I was smart enough to stash a few bucks away then I wish I knew how to make my money work for me, and not  the other way around.

Instead of just saving my money in a bank account, I wish I knew that I could have diversified my savings into other areas that would have given my money the opportunity to grow my capital amount as well as earn income on my money. Income such as dividends from investing into shares. Yes, there are risks when it comes to investing in shares but there are risks in everything else as well but at least as a young person I would have had the most valuable thing called time on my side. Even if my shares took a hit, it wasn’t as if I would have invested all my savings into shares as I would have diversified, and the amount that was invested in shares had time to recover whatever falls  experienced in the share market, and the falls would only be on paper, as I would not have taken my money out when the market was down.

Learning to be a savvy saver and an investor does make a difference to you especially if you’re interested in getting a head start in life, financially and wisely.

 

  1.  Listen and learn from others

I wish I recognised and took heed of wise words and wise people around me when I was younger.  Even shadowing some of the self-control and discipline my parents showed when they were managing the family finances would have set me up with good life skills and habits that are still relevant and valid today.

When you’re young and starting to gain financial independence, you feel free and ready to conquer the world but taking the time out to learn from people’s life experiences and mistakes can help you to avoid those mistakes and make smarter life and financial decisions. Simple things like enjoy your life but be smart about listening to advice and learn to make smart financial decisions early on. Don’t waste time opportunities but make the most of it.

Learning to learn and wanting to learn early on can mean you are gaining the wisdom and the confidence to make good financial decisions that impact on your life choices later on.

 

  1. Be financially literate

Being financially literate early on can prove to be fruitful and rewarding later on. Even adults struggle to make a budget and stick to it, and some are challenged when it comes to understanding things like income is money coming in and expenses are monies going out, credit is not money you own but one you borrow from banks or financial institutions and they come with high interest costs, and a debit card is vastly different from a credit card.

Things like if you spend more than you earn you might end up owing money if you rely on credit to fund your lifestyle. Understanding these basic financial facts can help you to make wise decisions about your personal finances.

Get clued up early on so you can make the most of your youth and time to invest and make smart decisions early on to enjoy a rewarding life later on filled with lifestyle choices not restrictions.

Related Article: Do you know when to seek financial advice?

 

For more help on reaching your financial goals, talk to a Dome Financial Adviser in Charlestown, Tamworth and Hunter Valley.

The information contained on this page is for discussion purposes only and is not intended to constitute financial product advice. It does not take into consideration any persons objectives, financial situation or needs. You should consider its appropriateness in light of your circumstances and consider seeking professional advice relevant to your individual before making a decision based on any information on this page.

 

Top 3 Financial Tips for your 20s

Top 3 Financial Tips for your 20s Congratulations! You’ve survived your teenage years, finished higher school education and graduated with professional skills, confidence and a zest to conquer the world. All the hard work, resilience and many life’s highs and lows...
Read More

Back to Basics 3 Money Principles

When life is chaotic it’s best to keep things simple. This is the same with your money principles. Keep it simple, and practice the ‘back to basics’ money management principles to help you stay financially fit and healthy.   1. Cut down on money going OUT  ...
Read More

Savvy Financial Tips for Women | Financial Planners in Charlestown, Hunter Valley & Tamworth

Savvy Financial Tips for Women For many women juggling to maintain balance over career and family time, it can get tough. It is even tougher when it comes to money. Here are some tips to help you stay in control and be financially savvy. 1. Make ‘compounding’ your...
Read More

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Steps to Finding Financial Zen (Financial Peace of Mind) It’s very hard to find financial peace of mind or financial zen if you’re constantly faced with financial problems or money woes. So, how can we leave the circle of financial stress and achieve financial peace...
Read More

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Read More

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Read More

Should you outsource your financial future to a financial planner?

These days, we outsource a lot of tasks to external professionals. Due to the chaotic nature of the busy lives we lead, we rely more and more on professionals who have the experience, knowledge and most importantly, the time to get things done for us. Simple things...
Read More

It’s your financial future, learn to plan for it, now!

It’s your future. Do something about it now. “It’s not the plan that’s important, it’s the planning.” - Graham Edwards You can have the best plan in the world but if you don’t act on it, why bother with one?   Top 5 Tips on How to plan for your financial future....
Read More

P: 02 4969 7069 | 1300 723 300

E: admin@domefinancial.com.au