Be sure not to forget part one, two, and three of this series.
Congratulations, we’ve reached the final installment! Navigating through your twenties can be challenging, especially when it comes to finances. To make things simpler, here are the final five nuggets of financial wisdom.
Charitable Giving: Even if your earnings aren’t ample, it’s good to donate a part of your income to charity. This not only gives you a sense of the wealth you possess compared to others in need, but also renders tax benefits at year-end. If money is tight, consider volunteering your time instead.
Master DIY Skills: Prior posts touched upon the cost-effectiveness of cooking; this applies to other life skills as well. Consider what services you’re currently outsourcing, and explore the possibility of learning those skills yourself. Here are a few money-saving DIY ideas:
Unclogging toilets or drains
Sorting out taxes
Haircuts and color
Homebrewed coffee
Handmade gifts
Mending clothes
Compile your own list and turn to online resources or YouTube for tutorial videos.
Gain Independence from Parents: In case you heavily rely on your parents for financial needs, it’s time to break free! At the very least, contribute to household expenses or express your gratitude by treating them to dinner occasionally.
Avoid Giving Personal Loans: Donating a portion of your earnings to charity is commendable, but bailing out friends without financial discipline isn’t. It could backfire, ruining your relationships when they aren’t able to repay you.
Embrace Second-hand Goods: This isn’t a new concept – choose preloved items over new ones wherever possible (barring essentials like food, underwear!). Whether it’s a gadget or clothing you’re after, check Amazon, eBay or Craigslist first. You might even find new items cheaper by $20-30 than at retail stores, accumulating substantial savings in the long run.
And so, we’ve covered twenty valuable financial tips for your twenties. However, people of all ages could benefit from these.
What financial advice would you give to those stepping into their twenties?
