When I’m out at a social event or on a trip I usually don’t mention to new friends that I’m a personal finance blogger right off the bat. I just don’t care for awkward drunken arguments about saving money and how personal finance works. I try to avoid giving unsolicited advice at all costs.
“I’ve never been one for the preservation of money. I would rather spend it while I’m living.” — Drake
You only live once. You can only be young once. Life is short. Life is all about having fun. You need to have fun. You need to enjoy yourself. You never know when you’re going to die. You don’t know if the world is going to end. You got to enjoy your youth. Money is meant to be spent.
Why should you even bother with saving money in your 20s?
While there are valid reasons (as presented above) for not saving money in your 20s, I find that those are all just excuses. In media and amongst our peers, we often hear negative criticisms of those that enjoy saving money and planning for the future. It seems to be much cooler to be a “baller,” rather than a saver. It’s more fun to talk about spending money instead of saving it.
I’ve noticed that those that can’t save money or don’t make enough money are quick to scoff at the idea of saving money. While there’s no real right or wrong answer here because I don’t want to preach to my friends, I still wanted to share my thoughts on this topic.
Should you even save money in your 20s? Yes you should. I’m a huge supporter of saving money in your 20s.
Why should you save money in your 20s?
- Plan for your future.
- Retire early.
- You don’t want to work into your 70s .
- Save for a rainy day.
- Investment opportunities.
- So you don’t live with your parents forever.
- Deal with emergencies.
- Help your family out if they need it.
- Buy a home eventually.
- For your wedding (yes stud, you’ll get married one day).
- For your future children.
- Travel to cool places.
- Go on trips with friends.
That’s why I personally do my best to save money. The funny thing is that I spend money like crazy as well. As I’m typing this I’m about to hit my third trip for 2012 (Miami for Wrestlemania). I just follow the steps below when it comes to saving money.
How can you save money in your 20s?
- Pay yourself first.
- Avoid credit card debt.
- Pay off your debt if you have any.
- Increase your income.
- Start a side business.
- Ask for a raise.
- Sell your crap.
- Work hard and don’t waste time.
These tips for saving money aren’t exactly Earth shattering, but guess what? They all work. Saving money doesn’t have to be anything fancy. Asking your employer to take off $200 off your paycheck will go a long way when it comes to your savings at the end of the year. A little bit of money saved beats not having anything saved at all.
While I party often and travel whenever I can, my main priority is always to save money. If I don’t have money or if my savings aren’t on track, I put my head down and work. You shouldn’t be afraid of work in your 20s. Your 20s are the best time to leverage your boundless energy and create a strong financial situation for your 30s. That’s just my two cents.
For the younger readers– are you saving money in your 20s?
For the older readers– do you wish you saved more money in your 20sGoogle+