4 Financial Tips I Wish I Knew In My 20s
We have all shed a couple tears being overwhelmed by financial stress, I definitely have.
Fresh out of high school, I had a well paying job. Which I left after two years and began working a regular minimum wage job. It was a big change in my lifestyle and financial choices.
I felt left with difficulty on how to take care of my finances.
Here are the 4 tips, I wish I knew earlier that could have saved me some headache over money.
1. Money comes and Goes
In my experience, money comes and goes whether I worry about it or not. I don’t mean completely ignore your finances. I’m just saying the number in your account is going to constantly be changing.
I used to feel terrible when I would go out with friends and get a fancy coffee instead of investing that $8 in stock and make maybe $100 out of it 15 years later. Don’t get me wrong investing is great, but come on.
Is it worth missing out on life’s memories because I’m worried about spending $8 + tip on a friend date. This is a small scenario, but my point is don’t miss out on life’s memories because you’re worried about spending your money.
You can always get more money, but you can never get back your time.
2.Living within your means
Here’s a question to ask yourself. Can your income afford your lifestyle?
Living within your means seems simple. Make more money than you spend. I understand this can be harder for some than it is for others.
According to the Government of Canada 73.2% of Canadians in 2019 had some form of debt.
Everyone has their own situations. Living within your means isn’t easy and possible for everyone. But, it is a good question to ask yourself, are there areas of your life that you may be spending outside of your income means.
A way to identify where you’re out of your means is to track your spending with a budget. I personally used the 50/30/20 method.
3. Stand up for yourself at work
Getting exploited in the work place, whether they meant to or not. If you are new or younger, it can be intimidating to say something.
Be clear on your job description. What is your responsibility and what is your manager’s. What are your expectations and what are theirs towards you.
These are good base questions to have answers to, either in an interview or you can always clarify at your current job.
The Government of Canadas website provides alot of information regarding this topic.
If you have concerns, bring them up to your manager or HR representative. It’s their job to look after their employees.
4. Investing doesn’t have to be complicated
Investing is a heavily researched and explored topic. There are many sites online with stock and ETF reviews for beginners.
Often some of these people’s entire job is to research, review and find the best stocks to post online.
You can use their more experienced opinions to help form your own opinion for your investing comfort and expectations.
TIP: I personally like to read 4 or 5 reviews before making a choice.
Some investment sites I like are…
THE AUTHOR IS NOT A SUBSTITUTE FOR PROFESSIONAL FINANCIAL SERVICES. Any information or advice that is read and obtained from the content may not be appropriate for your situation. This content is only intended to assist you, the information is very broad in scope.
