3 Money Moves To Make In Your Twenties

I’d consider your twenties as some of the most important years in setting up your financial future. This is what is going to determine how quickly you can build wealth and live a life of financial freedom.

There are a lot of different things to do with your money in your twenties. Some more complicated than others, and I’ll probably create another post diving more in depth on this. But for today I’m going to go over 3 things ANYONE who is is their twenties can do with their money starting TODAY!

I spent the early years of my twenties learning by trial and error. I’m hear to share these tips with you so you don’t make the same mistakes I did, and build up your bank account even faster than I’ve been able to. So lets dive into these simple money moves to make in your twenties.

1. Live as inexpensively as possible

   Your housing expense is most peoples largest line items. Think about all you could do if you cut that expense by 25%, 50% or even 75%. You’re probably thinking, how? Here are some options

   1. Live in an area with lower rent

   2. get a roommate, or two.

   3. Live with your parents or family

   4. Buy real estate (my favorite) that you can House Hack! This is a strategy where you buy a house/building using an owner occupied loan, where you can put down as little as 3.5%. You could either buy a property that would you’d be able to rent out the individual rooms while living there yourself. The other way is to buy a property with multiple units, where you could live in one unit and rent out the rest. Not only would this cut your housing expense to virtually nothing, but you would be building equity (adding to your net worth) in the property while your renters pay the mortgage down.

   House hacking has been sourced by many as the absolute best way to build wealth. This is something I regret not doing!!

2. Keep food expenses low

   Food is something that is so easy to spend money on. “Want to grab lunch today?” “Ooo, I haven’t had Starbucks this week, I’m due for my fix.” “Drinks after work”.

   Before you know it you’ve spent $50 on something you have nothing to show for.

   I suggest limit going to restaurants 1 time per week. Still make memories with your friends, but don’t literally eat your money away.

   Also, since you will be eating at home more, find discount grocery stores in your area. Aldi and Lidl are two that I’m familiar with. They might seem foreign at first (exactly how I felt), but now Aldi is literally my favorite store out there! Not only has it saved me TONS of money, but the simplicity streamlines my shopping experience.

   I track our food and other household expenses with THIS spreadsheet (super simple and streamlined).

3. Continuously increase your income

   The more money you can make now, the faster it will grow and the harder it will work for you

   • Always seek out ways to earn a raise

   • Work with recruiters to help you find higher paying opportunities in your field

   • Get a second job

   • Start a side hustle or small business

   There are so many opportunities out there these days to make more money, there’s really no excuse.

   Some of these I’ve done and done well, others I regret not doing! Your life is a collection of the choices you make. You’re in control of your future! What do you want that future to look like? Whatever picture you have in your head it may require some sacrifice.

   I hope you’re able to take at least one of these strategies and apply it to your life starting today!