When American singer, Taylor Swift sang in one of her songs “…we’re happy, free, confused, and lonely at the same time”, she was singing about what it feels like to be in the 20s. Although she forgot to add “broke” to the lyrics.
No matter which way you slice it, being in your 20s is the most confusing phase in anyone’s life. It can be incredibly overwhelming, and that is understandable. However, fret not, there is always a way around things, especially when it comes to money affairs. Let’s go over some of the most effective strategies to help your money grow faster in your 20s and ensure you have a stable financial future.
- Resist the urge to Shaye ( spend lavishly)
Having a vibrant social life is one of the traits of being in your 20s. It is easy to swipe your cards on night outs with friends, or purchases of new wigs. However, when it comes to growing money, you must be prepared to make some sacrifices, and that includes conspicuous spending. Before you swipe that card, ask yourself “Is this a want or a need?” Keep your cost of living low and focus on important needs.
- Multiple income streams is a goal
With the recent economic downturn due to the pandemic, this is no better time to launch a side hustle asides your 9-5 jobs. Research on avenues that can bring you extra income and don’t be scared to test the waters. Monetize your passion and watch your wealth grow.
- Build your network
Invest in social capital. This means attending networking events and getting to know people in your field of career. Do not wait until you get a job before you start building meaningful relationships with those in your field. When you climb on the wings on those ahead of you, they can point you to the right path on how to grow in the field.
- Avoid debts
Borrowing money has a way of locking you into a tight corner. So by all means avoiding taking loans except in emergencies. This can be achieved by making smart money decisions like saving up for emergency funds, investing your cash in a profitable expenditure, and cutting expenses by prioritizing your wants and needs. Also, don’t be scared to ask for a raise in your office, especially if you’re confident about the value you’re adding in the workplace.
- Trust the process
Rome wasn’t built in a day, and so is growing wealth. Being financially independent requires patience, discipline, investing, and never compromising. Always remember that wealth accumulates over time. And that comes from having firm money principles like the tips aforementioned.
An interactive online community dedicated to women. Follow @thewcommunity on social media for your favourite lifestyle updates.