4 Financial Habits to start in your 20’s.......or any age

1. Budget

Perhaps the most obvious piece of advice, this is something many people avoid at all costs – literally. But creating a budget is nothing more than exerting your own control over the financial side of your life in a mindful way. Sit down with an excel spreadsheet (or any planner) and enter your costs and incomes, within an hour you’ll be done.

Don’t look at this as an exercise to limit yourself but rather to enable your future self.

2. Save (surprising tip)

Just 50% of Irish people save regularly. If you’re part of the 50% who don’t save regularly there’s no better time to start than the present. It doesn’t mean putting €500 a month away but rather put anything that you can afford away into a savings account. By getting into a routine of saving you can eventually begin to save more and more. Creating a good habit of saving is the hard part.

3. Set realistic goals

Setting high goals seems great in theory but much like a new year’s resolution to go the gym at least 5 times a week, eat only superfood and become a supermodel by summer, aiming a bit too high can lead to disappointment through failure. Aim for smaller more achievable goals that allow you to feel like you’re making progress.

4. Enjoy yourself

It’s ok to splurge, that might sound contradictory considering the above statements but at the end of the day the purpose of making money is to spend it, but within reason. Spending big every week or month makes it nearly impossible to save but once you’ve got into a habit of saving it’s okay to treat yourself to a nice dinner, new laptop, new clothes or whatever floats your boat (maybe don’t buy a boat as that’s quite a big expenditure).

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