You are young, you are solvent and you are going to need to save up. However, you should have as much fun as possible while trying to find a balance between living a happy life and living one that gets you where you want in your career. You can’t live as if today is your last when it comes to your money, though, so you need to find a balance between having fun and securing your future.
2. You are the best asset you have
Goals are so important when it comes to your finances, but you need to set the short term goals now to benefit from them as long-term goals in the future. Life is going to change many times over the next three decades before retirement, so set measurable short term goals so that you can achieve those long-term ones with ease. As you hit your goals, set new ones to aim for!
5. Set up retirement accounts
It doesn’t feel like a good idea at first, but taking risks is better when you are young. You can make your mistakes early and learn things along the way. You recover more from the risks you take as a new adult than you do as someone on the cusp of retirement. So, move to that new city, take the job you didn’t think was a good idea at first if it’s going to help you to achieve your long-term goals. Get yourself on the property ladder and take a risk on a fixer-upper. All of these risks are going to help you to do better financially.
Using credit is important, sure, but if you’re using credit to have a more lavish lifestyle, don’t be stupid. Put it down and don’t borrow for that. The best way to borrow is for investments, not for a life to which you feel entitled. Borrowing money is important, but investment in yourself and your future means money well spent, not money frittered away on “things”.