5 financial goals in your 20s

Checklists and to-do lists are a lifesaver. They add structure to your life and pressure to start working on what's on the list. When you're on a roll and are ticking those boxes off, you feel more accomplished and happier. So why not put that to work in your financial life?

As with the Chinese proverb, “the best time to plant a tree was 20 years ago. The second best time is now,” it’s best to start working on your financial checklist as soon as possible. For those in their 20s, getting your finances in order today will have lasting effects decades down the road.

Here’s a checklist you can use to help guide you on how to handle your finances, and if you’ve ticked off a couple or more, then you’re doing a great job.

For even more financial goals to aim for in your 20s, read our in-depth article on the topic.

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source: www.abs-cbnnews.com

4 Tips For Effective Savings

When you set about devising a personal finance strategy, you may find yourself considering anything from how to maximize your income to how to start planning for retirement as early as possible. The fact is, “personal finance” is a very broad term that covers different things for different people. However, there is one thing that ought to be at the top of everybody’s list, as it dictates the way your entire financial life is run: maximizing savings. Whether you are working your first job and concentrating on each month’s rent, or leading a successful career already, finding ways to save money can help you to be more economically stable, which in turn makes your life far less stressful. With that in mind, here are four miscellaneous tips for maximizing savings that can help you no matter what your financial situation.

1. Eliminate Debt

Eliminating debt altogether is a tall order, but even chipping away at it can leave you far more financially flexible. One great concept to consider as you devise ways to tackle your existing debts is the “debt snowball” idea, which many consider the quickest way to eliminate multiple debts. The concept is actually fairly simple: figure out an amount that you can put toward paying off debts each month, and as you begin to eliminate debts, keep that amount the same. This way, once your smallest debt is eliminated, the money that would have gone toward paying it “snowballs” into the funds for your other debts.

2. Conserve Water & Electricity

Let’s face it: most of us waste at least some water and electricity, and cutting back on this waste is one of the simplest and most effective ways of saving money in a home environment. Little things like turning off the sink while you brush your teeth, taking shorter showers, and turning off lights and other electronics when not in use can drastically reduce your water and electricity bills. Not only is this an environmentally responsible practice, but it can result in significant savings each month.

3. Invest For Stability

Instead of investing money in high-risk stocks and bonds, consider making a few financial investments simply for the sake of stability. For example, you might choose to invest in gold at BullionVault.com, so that some of your money can be tied up in gold. This keeps that wealth from being subjected to potential drops in currency value that can occur in difficult economies. You won’t make significant financial gains investing in gold, but you can protect your existing assets.

4. Shop Online

If you haven’t yet begun shopping online, now is the time to do so. You can purchase just about any product you could think of on the Internet, and in most cases you can find better prices than you would in stores. Occasionally shipping costs can even out this price difference, but when you need to go shopping it is always worth checking online – over time, it may result in major savings.


source: lifeandmyfinances.com