If You’re A Twenty-Something-Year Old, Then This Financial Advice Is For You

When you are in your twenties, you still have that live-fast-die-hard-I’m-invincible attitude that makes you feel like the James Dean of the dole queue, which is probably why most twenty-something-year-olds make every single financial mistake one can possibly make, give or take a few. You live life in your overdraft for a few years, resort to writing checks that unwittingly bounce, forget to pay off your credit card at the end of the month and then spend forever trying to escape the bad credit score that hangs over your head like a rain cloud. We haven’t even mentioned the fact you bury your head when it comes to repaying your student loans.


However, as bleak and irresponsible all this sounds, we’re here to find the silver lining and, in this case, it is the lessons we can learn. The bottom line is, you haven’t got a clue how to be financially-savvy but, with our help, you could become a master of money in no time at all. All you have to do is read on and take note of our advice.

Learn How To Budget

This is about as important as it gets. You can only go bankrupt if you spend more money than you have coming in. So, with that in mind, make a note of your monthly salary and then make a note of all your monthly expenditures. Subtract this figure and you’ll see what you have left for luxuries and, more importantly, saving.

Know Your Baseline

This is sort of for those that cannot be bothered to work out the details needed for a budget. Instead, your financial baseline is knowing what the lowest amount of money you can make each month is, and still survive of course.

Start Saving Now

We cannot stress this enough but the earlier you start saving the a) earlier you can retire or b) more pleasurable your retirement will be. So get off your butt, hook up a meeting with Partridge Muir & Warren and sit down to thrash out a plan that will see you have the kind of money the future you will be impossibly grateful for.

Learn The Lingo

One of the reasons why you struggle so much with your finances is because you feel inadequate on that front, which is because you don’t know the lingo. That isn’t your fault, per se. After all, there is no formal education on that front. It is bonkers. However, you will feel a lot more empowered if you learn some of the language. We’re talking about learning what bear and bull markets are, what compound interest means, and how much the cost of living tends to rise.

Your Credit Rating

It is well worth your time to learn more about credit scores. That means going on the internet, finding out what your credit rating is, how this rating was calculated and what you can do right now to improve your score. If you don’t feel motivated to do this then it could be worth looking at what gets affected by a bad credit rating. We’re talking about mortgages, loans, big purchases and even job opportunities. Yup. it’s pretty serious.

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Cascade of Colour is a UK Male Lifestyle blog delving in to the world of Mens Fashion and Grooming, Food, Music, Design, Tech and Travel. Want to get in touch? Drop me an email at cascadeofcolour@gmail.com

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