8 Financial Tips Every Twenty-Something Should Remember By Heart

Adulting is one of the biggest frustrations every twenty-something face. There are many things going on inside that screw us up but there's one thing that if can control right, it will help greatly. We need to properly manage our finances.

Here are 8 money-savvy tips you should know and remember by heart!

1. Rethink your recurring monthly payments.
Do you need the expensive gym plan? Ask around if any of your friends stay in a condominium close to you.
Some other lifestyle considerations include:
-Can you use a cheaper phone line?
-Can you share your music premium with someone (Apple Music, Spotify, Youtube Red)?

2. Source for alternatives
Instead of buying expensive coffee from cafes, buy from a local coffee shop. It does not taste the same, but you will get used to it in no time. A cup of coffee from cafes will cost you $7, a cup of coffee from hawker stores and food court will cost you only $2.

That means you're saving a whopping $5 each time you choose the cheaper alternative. You save $50 if you choose it ten times a month and guess what, you're still getting your caffeine-fix!

Screenshot this and send it to your coffee-obsessed friends who complain that they have no money all the time.

3. Do not fall for convenient transport 
It's a good thing to have apps that enable us to have convenience, BUT it's a bad thing when you overdo it. Check your email for the private transport receipts. Tabulate it and rethink your budget per month. Every time you choose to take public transport instead will make a big difference in your spending power later on.

4. Embrace delayed gratification
Do not fall for sales and impulsive buys. Have patience and know that all purchases can wait. If you're an impulsive buyer, cool off for a week before spending the precious dollars and cents.

5. Limit your social spending
Every month decide a healthy budget you can afford for social purposes. Each trip to the cafes, bars and dates are expensive, and it adds up to a shocking amount. Make it a habit to prioritise your finances before saying yes to meet someone. Especially if you enjoy seeing more money in the bank than the person you meet. Yes, be empowered to say "no", or simply a "next week?"

6. Credit Card Wisdom
-Do not swipe without knowing how much you have swipe already.
-Do not swipe if your expected payment is more than your next month's paycheck.
-If you're facing trouble, cancel your cards immediately.
-Do not make instalments a habit; it is as good as financially chocking yourself.

7. Limit your weekly expenses up to *$100 in cash weekly.
When you receive your paycheck, first set aside your bills to pay, monthly recurring payments and obligations. It's always wise to assign a fixed percentage for savings and prioritise it.

Next, think of how much do you need each week for transport, food and other necessities? You may add a little allowance for shopping, expensive coffee, so you still feel comfortable. The total will be how much cash you should put in your wallet and not swipe your cards!

*It may not be $100, but an amount you're comfortable with.

8. Delete all the shopping apps on your phones
An ultimatum for all shopaholic. It is going to be painful but this way, you will cut down on casual shopping effectively. When you're bored, instead of shopping, read something meaningful or play a game. You will see that there are many things you don't need and watch your money grow

These 8 points will help you to grow your money over time with minimal compromises on your lifestyle. It will be a big load off you when you know you're managing your money right. Good luck!

Photo Source: Pinterest

Text By: GirlStyle SG