Posted on: April 12, 2017 Posted by: Brittany H Comments: 0
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Welcome back to my series on “What I Wish I Knew When I was 22.”  The first installment can be found HERE.  These are some financial tips that I wish I took to heart as a much younger age.  I wish I could scream this advice from the rooftops, or perhaps mention them if I’m ever invited back as commencement speaker ;).  Without further adieu, let’s just jump right back in to my tips…

Do NOT, I repeat, DO NOT carry your credit cards with you.  That’s right.  Leave them at home, preferably locked in a drawer.  If you really can’t control yourself, give the drawer key to someone who will keep it from you.  If an emergency (flat tire, engine goes kaput, leaking roof) happens, take an Uber home, and get your credit cards.  Trust me when I say that that Uber ride WILL cost SIGNIFICANTLY less than what you would spend if you were to carry your credit cards with you.  This was seriously life-changing for me when I realized this.  I will also say, that I have been on this planet for quite some time now, and an actual “I must put this on a credit card NOW” emergency has yet to happen..  That isn’t to say that it doesn’t happen, but they’re not common.

Automate Your Savings.  It’s super simple.  Once you’ve set your savings goal, log on to your bank account, and set it up so that the money automatically withdrawals from your paycheck.  If you think for one nanosecond that you’re disciplined enough to put the exact money in  your account every paycheck that you need to maintain your savings goal, I hate to be the one to tell you that you’re not.  When it’s automated after your direct paycheck deposits, it’s already in your savings account before you even have a chance to know that it was there.

Remember that you’re not a big shot… yet.  I get it.  We live in a very materialistic and glamorous culture in a lot of ways.  I also mentioned that exposure to a lot of reality TV most certainly does not help in curtailing designer handbag cravings, for example.  Another possibility is that this is a part of how you grew up.  Just remember that you are now an adult, and that it is VERY likely that your parents had to work very hard for a number of years before they could live the extravagant lifestyle that you’re used to.  Hold off. It’s not your time yet…  But, if you are smart now, that time will come!  I promise.

Have roommate(s).  You’ve lived in a dirty sorority house or with roommates for the past four years, but now that you’re out of college, you want to live alone and have your own kitchen and not clean up after anyone.  Again, I get it.  But please hold off.  It’s not time yet.  The ideal financial situation is to have multiple roommates, but having just one is still a huge savings too.  If you figure that a one-bedroom apartment is $1200, and a two bedroom is $1500 (so $750 per person), right there you’re saving $5400 a year.  Do that for 4-5 years, and you might even have the down payment to buy some property.

Aggressively pay off your student loans.  I have an upcoming guest post on this exact topic, so stay tuned.. But, now is the time to get rid of that ish.  It is only going to get more difficult when you’re married with kids.  Try to get those numbers down as much as possible now.

Read Read Read!!  My tips here are by far not exhaustive, but they’re inspired from some of the research I’ve done.  My two favorite books by far are The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness and Women & Money: Owning the Power to Control Your Destiny.  I can’t emphasize the importance of knowing your finances, and having a plan as soon as possible!  There is so much freedom that comes with being financially sound, so get there, girl!  You can do it!


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