• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Personal finance for the crypto-curious.

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Does It Work?
      • What Is Ethereum And How Does It Work?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • BlockFi Review
      • Binance Review
      • Hodlnaut Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • What Is Uniswap And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Investing
      • How To Start

      • Tools + Accounts

      • Reviews

  • Personal Finance
      • Banking

      • Best Bitcoin Rewards Checking Accounts
      • Tools + Resources

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
Personal Finance, Saving Money

6 Financial Habits for Your Twenties

By Alexa Mason • July 5, 2016

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Since financial education isn't taught in schools many young adults start out on the wrong financial footing. Here are financial habits for your twenties you should know.In three short months I’ll be turning the big 3-0. Instead of fearing this number I’ve been looking at it with the glass half full mentality. I learned some hard lessons in my twenties and because of that I feel like I’m entering this new decade of my life with much more wisdom than I had the last.

One area that was hit and miss for me was finances. I did a lot of things right, like staying out of debt and building an emergency fund, but there were definitely other areas I should’ve been focused on in my early twenties.

If you’re getting ready to enter your twenties adopting these financial habits will greatly benefit you.

# 1 – Learning to Set Financial Goals

One of the most important skills to be learned, not just in regards to finances but life in general, is goal setting.

Proper goal setting can help you map out a plan for your life in the short term and long term. You should regularly set goals for your finances, career and personal development and check in on those goals regularly.

# 2 – Setting Up Spending Guidelines for Yourself

I’m not a hardcore budgeter, in fact, I believe super strict budgeting can often backfire. With that said I do operate on guidelines and I think these are completely necessary when you begin to earn money.

If you don’t make a plan for how your income is going to be spent you’ll wind up with no money left to pay your bills at the end of the month.

To get started figure out the amount of income you’ll be bringing in each month and what financial obligations you need to meet. Figure out what each of your bills will be every month, add in your financial goals and savings and then you can spend the rest as you please.

# 3 – Consistently Saving

When I got my first “real job” my Grandma told me that I needed to save at least $20 each paycheck. Even though $20 per week is a fairly small amount I didn’t do it. A couple more years passed before I realized the importance of savings.

You need to develop the habit of saving money NOW. Even if it’s a small amount like $20 per paycheck.

If you don’t have savings you’ll be relying on debt to pay for unexpected expenses.

Start by saving an emergency fund with at least three months’ worth of expenses.  After that start saving for more personal financial goals like a down payment on a house or money for a vehicle.

# 4 – Avoiding Debt

Debt is a trap. I’ve only had a little bit of consumer debt in my life and I felt horrible each and every month making those payments.

If you get yourself in debt, especially credit card debt, and only make the minimum payment you’ll spend years paying back that money and end up paying more in interest than the items you bought were worth.

Avoid consumer debt like credit cards, pay-as-you-go furniture and electronics, and of course, payday loans. Save cash for your purchases instead. And if you do take out debt for a car or a house make sure that you’re leaving plenty of room to pay those bills.

# 5 – Learning About Investment Options

Just like with saving early the earlier you get started investing the more money you’ll have in the future. Because of the way interest compounds investing just a few years earlier can leave you with tens of thousands of extra dollars in retirement.

If your employer offers a retirement plan sign up! Invest as much as you can as early as you can.

You should also learn about other investment opportunities so you can figure out what interests you the most.

# 6 – Acquiring the Skills Necessary to Earn More Money

One of my bigger mistakes was not looking for ways to earn more money sooner. I’ve finally hit a place where I’m happy with my income and able to meet the goals I have set for myself, but this definitely wasn’t always the case.

There are tons of different ways to earn extra money. If you feel like you aren’t earning enough to meet your goals, explore your options.

Alexa Mason
Alexa Mason

Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked

    8 Best Cryptocurrency Exchanges Ranked For 2023

  • crypto savings accounts

    6 Best Crypto Savings Accounts For 2023

  • Cryptocurrency Bonus Offers

    10 Best Crypto Promotional And Bonus Offers

  • best crypto wallets

    Best Crypto Wallets For 2023 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    6 Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders

    Best Tax Software For Crypto And NFT Traders In 2023

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Copyright © 2023 | Cult of Money | Privacy Policy | Terms of Service