3 Tips for Under 30s to Manage Their Money

Money has the real potential to cause stress for everyone. Whether you have a lot of it, just enough of it, or none of it, they all come with their own sets of problems (though we are sure it is obvious which one we would choose to be the victim of!)

 

Being realistic, many of us fall into the middle to the latter category, and we have to put in a little more effort to make sure our money stretches to where we need it to be each month.

This can feel particularly difficult for those under 30, where there are usually ‘start-up costs’ for being an adult. Think learning to drive, buying your first car, renting for the first time, or saving a deposit for a house – not to mention everything in between, like buying a hoover and washing machine over $200 worth of ripped jeans. Yes, growing up can suck – but this piece will offer you some tips on how you can manage your money to get the best out of it.

Be Patient

Managing money and achieving your financial dreams does not happen overnight. You do not go from surviving on cereal in your one-bedroom shared house to living in your own flat and cooking vegetables for fun. It can be tempting to spend money to achieve what is portrayed as success as 30, but if you are not ready, and many 30 year old’s are not in this current economic climate, do not go all out to be stuck with things you cannot really afford. This includes a brand-new car or a 5-week trip to Thailand. We know you are supposed to be living your best adult life, but you just cannot afford to right now.

 

Get a Loan

While this might seem counter-intuitive to managing money, if you have found that your 20’s have already put you into some inconvenient debt (because, same), a loan can be used as consolidation to get things back on track and avoid excessive amounts of interest. If you did need to buy that car to get to the job to buy the car, you could use your car as collateral if you are smart about it. Just check out this blog post by Fast Money Car Title Loans on how to apply car title loans to see if it is the right move for you.

Don’t Rely on Being an Employee

The job market is not stable at even the best of times, and thanks to our current predicament, many of us can kiss goodbye to any extra perceived security we had. While there are benefits to being an employee, there are also some significant limitations, which is why adding a side hustle into the mix can give you much more control over your finances. While you are stuck with an income that might not increase for long periods of time, think about other ways in which you can earn an income to supplement your salary. When you turn 30 – there is a good chance you can teach someone a couple of things.

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