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How to Manage Money in Your Twenties

A simple guide to making the best of your financial situation.

We all know that your twenties are a really unusual age...You still feel young but you're getting older, your responsibilities are being added to continually, you're making changes in your life and starting to steer off in your own direction, and money situations can be pretty inconsistent and difficult. Fortunately for you, there are many activities that you can engage in now to create a more stable and abundant financial situation for yourself. Below, I have compiled a list of five simple ways to manage your money in a way that allows you to take control of your current financial situation and make the best of it.

Stop spending unnecessarily.

This one should be a given, but for some people it can be a pretty difficult step. Many of us have worked ourselves ragged to the point that we are in a constant mentality of “treat yourself.” While rewarding yourself can be wonderful for your personal health, spending unnecessarily can take a toll on your finances and leave you with feelings of guilt and remorse. If it isn't an absolute necessity at the current moment, consider holding off for awhile until you have had the time to accumulate extra funds.

Set a financial goal.

This goal should be something that pushes you to work a little with budgeting but is also reasonable. Select a goal that is best suited for you based on what it is you plan to achieve financially and your income, breaking it down however is easiest for you (ten dollars a week, twenty dollars a pay, forty dollars a month, etc.). Determining a financial goal based on a certain event can also be a good idea, as it gives you a timeline and can be more emotionally rewarding once achieved (example: vacationing to New York City next summer).

Set certain times aside for splurging.

For some people, it is absolutely crucial to reward themselves periodically to maintain a positive and healthy emotional state. This can be especially true if you work a full-time or multiple jobs that leave you feeling exhausted and emotionally drained at the end of the day. Having a time set aside for yourself to engage in this rewarding behavior is a great way to unwind, relax, and enjoy the benefits of all your hard work. Rather than just splurging on a whim, set certain times aside that are specifically allotted for rewarding purchases or activities. Whether you have a night out once a week or a shopping spree once a month, you can definitely benefit from planning those dates in advance as it will give you more time to think about the items and activities that you might want to purchase.


The idea of investing can be particularly intimidating, especially if you have never considered it until now...But one of the greatest ways to have more money is to make the money you currently have work for you. If your excess money is sitting in a shoebox underneath your bed, chances are it is not working for you and you may be missing out on opportunities to make that money grow over time. The key to investing (especially if you are working with a smaller amount of money) is to pick safe and low-risk investments that gradually increase the longer you are invested. Investing in the stock market, opening a savings account that distributes annual interest on your balance, and contributing to a retirement fund can all be great ways to utilize your current money and have the potential to watch it grow.

Generate new streams of income.

In addition to obtaining another job, there are many other ways you can generate new streams of income to help with your current financial situation. Affiliate marketing, freelance writing, drop-shipping, completing surveys, reading paid e-mails, and selling items online are all great ways to bring in some additional funds. If you are an artist or make goods as a hobby in your free time, consider opening an online shop or selling those items at specific events. With the heightened integration of social media in our daily lives, there are many financial opportunities in the digital world that can bring sufficient added income to your life. Research these opportunities and find out which ones can work best for you with your schedule and online exposure.

No matter what your current financial situation is, remember that there is always room for improvement. You are responsible for your funds and the emotions that you feel regarding those funds, and one of the most effective ways to improve your situation is through your deliberate actions.

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