Saving money in your twenties can be difficult with bills, student loans, and all the extra expenses that come up. Figuring out a budget and sticking with it can help you maintain financial security. Setting up strategies to save in your twenties can help you prepare for things coming in your thirties. Consider these tips when trying to save more money.
Budget: Creating a monthly budget will allow you to see how much money you’re making and will help you delegate where it fits into your plan. Determining your financial priorities will also help when you have a clear picture of your earnings, expenses, and spending.
Emergency Fund: Installing an emergency fund into your financial budget can be invaluable when unnecessary expenses arise. Setting aside small amounts of funds will provide you with a sense of security and allow you to pay for the expense outright than having to rely on loans or credit cards.
Debt: A major drain on one’s finances is debt which can include student loans, credit cards, or any other type of debt you may have incurred. Funds going to interest payments could otherwise be put toward other accounts including an emergency fund or 401k. Try to pay off debt as quickly and feasibly possible so that money can go elsewhere.
Employer Offerings: Many businesses offer saving opportunities like 401k plans or tuition reimbursement. Take advantage of your employers’ incentives which can help you cut costs. Investing now in your twenties means it has years before it can be withdrawn and used. Consider your employer’s offers and options which can help you protect your financial future.
Contact your local neighborhood Two Rivers Bank & Trust branch to discuss a budget plan that works best for you! If there isn’t a branch in your new neighborhood, take advantage of our convenient services including online banking, online bill pay, mobile banking, mobile deposit, and more! Talk to one of our team members to learn how you can keep more of your hard-earned money with Two Rivers!