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5 Financial Tips for Young Adults

Being a young adult in this day and age can feel overwhelming, especially with the times we are living through. If your finances play a big role in stressing you out, here are some tips to help you get into a more stable situation so that you can enjoy the more pleasant side of life.

Make a 5-year plan

When it comes to your finances, you need to learn to stand on your own two feet. Don’t allow yourself to be swayed by those around you. They may mean well but it’s important that you set your own financial goals and think about where you see yourself in the future. Don’t get into debt with student loans, buying an apartment, or leasing a car if that’s not what you really want. Saving for your future plans and paying off any debts should certainly come before trying to impress.

Work hard now, and reap the benefits later in life

Maybe you’re working two jobs, a 60-hour week, or juggling work with studying or raising a family. Remember, it won’t be this way forever. Once you’ve got some experience under your belt, you‘ll be able to scale things back, leaving the office on time and taking paid vacations. You need to work extra hard in your twenties and thirties so that later on in life, you won’t have to. Especially if you invest. Young people today are full of ambition and the competition out there is fierce. So soak it all up, because one day you’ll nab your dream role and be able to take a breather at long last.

Prepare for the worst-case scenario

When it comes to your finances, you need to prepare for the worst-case scenario. What if you become unwell and are unable to work? What if the equipment you need for school or work is stolen? What if your car breaks down? Generally speaking, we try and stay optimistic here at IXFI, but when it comes to your finances you really need a “buffer” of 1–2 months’ salary in order to be prepared for all scenarios. Most people try to follow some form of the 50–30–20 budget, this means that ideally, around 50% of your income should go on everyday expenses, 30% or thereabouts on leisure activities, travel and occasional purchases like gifts or home decor, and 20% should be stored as various forms of savings, whether that’s a pension, investment or simply a rainy day fund.

Negotiation is key

Haggling isn’t merely a thing of the past, you know. In the same way, you need to keep track of your expenses by cutting back on things you don’t use (subscriptions, memberships, unnecessary luxuries), you can also try and bring down the costs of the things that are essentials. So before you make that down payment on your next holiday, new apartment, car, or piece of furniture, see if there is any room for negotiation. The same goes for utilities and insurance providers, phone them up and see what they can do to cut costs. This also applies when it comes to school or work too. When signing up for a new qualification, check whether there are any scholarships or grants available, or try negotiating a pay rise with your employer.

Anyone can be an investor

Once you’ve got to grips with the basics and are feeling confident about managing your finances, you might want to consider investing. Many people mistakenly assume that investing is reserved for older generations or people who are very wealthy, but that’s not the case at all. Your twenties and thirties may be the perfect time to invest. It’s important to remember that there is always some degree of risk when it comes to investing, which is why many people advise making investments alongside your other financial decisions. For instance, dedicating equal amounts of your income to real estate, a pension and some form of investment, as opposed to putting all your eggs in one basket. Diversification is key when it comes to your finances.

If you’d like to find out more, consider registering on IXFI to learn about one of the newest forms of investment, cryptocurrencies. Our all-in-one platform offers a wealth of resources and everything you need to get started investing in cryptocurrencies. Stay on top of your finances with Your Friendly Crypto Exchange.

Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.

Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.

Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.




IXFI is the first crypto trading platform that serves as a complete alternative to banks. We designed IXFI with one goal in mind: to meet our users’ needs and expectations.

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