Matthew Varga | 10 Things I Wish I Knew About Money In My 20s @MatthewVarga | Uploaded November 2021 | Updated October 2024, 3 hours ago.
In today's video, we are going to go over the top 10 things we wish we knew about money in our 20’s. Nikole and I first got together when we were in our 20’s and over the years our goals and views on Finance have changed a lot. We learned a lot of lessons the hard way, through trial and error, so we wanted to do a video to give you guys the very best advice that we wish someone would have given us when we first got together.
A huge thank you to Capital One for sponsoring today’s video and supporting our community. If you want to know more about Quick Check™ from Capital One click on the link below.
*Conditions and limitations apply, visit capitalone.ca/quickcheck
Life and Credit*: capitalone.ca/lifeandcredit
1) Keep Track Of Your Finances:
One of the main Pillars of a Strong Financial Plan is to know where your money is coming from, and where your money is going. Tracking your spending is the most important first step when looking to gain control of your finances.
2) Commit To A Budget
The second tip is creating and committing to a Budget. Your Budget is an equally important part to tracking your spending. After you have been tracking your money and seeing where the money is being spent, it will allow you to Build a smart budget that will help you spend wisely and save for the future
3) Have An Emergency Fund
Emergencies happen at any age. Having money set aside for an emergency will give you peace of mind and could protect you from overwhelming debt. Ideally, set aside funds that can cover 3–6 months of expenses
4) Good Credit Is One Of Your Greatest Assets
Your credit score today will affect your future. The interest rate you receive for your car loan, mortgage or small business loan is all determined by your credit score, high or low
5) Don’t “Dip” into your Savings Account
After you have created your Budget and have been putting aside money for savings, it’s important to make sure that you don’t “dip” into your savings. I admit to doing this so many times when I was younger, I would “dip” into my savings account so I could go on a trip, or buy something that I really wanted. I always told myself that I would put more funds in next pay and pay that money back. But to be honest, I never did, I always found another reason to spend that money.
6) Skip The New Car
It’s tempting to purchase a new car with your income. Resist the urge. This single purchase can strain your budget for years. Additionally, when your new car becomes last year’s model, it will be worth less than what you’re paying for it. Embrace ride-sharing, public transportation or a hand-me-down vehicle. When we first moved to the city, we both actually sold our cars and started using Public Transit more, which saved us a lot of money over the years.
7) If you have a partner, Talk About Finances With Your them
Money issues are one of the main reasons marriages relationships fail. Talk about your full financial picture; the good and the bad, goals and concerns.
Honesty will make your relationship stronger and help you work as a team.
8) Have A Plan Before You Start A New Life Milestone
Before starting a new Big Milestone in your life, whether it is Starting a Family or Moving or maybe a New Career change or starting your own business, it’s important to have a plan in place before you jump into it. Big changes can come with Big costs, so making sure you have a plan and your emergency funds in place will help you save yourself a lot of stress.
9) Don’t miss out on life just to not spend money
Now, this point is something that you don’t hear about a lot when people talk about “Good Money Habits'' but one thing that took a long time for me to realize was that it's good to save money and not waste money but not at the sake of missing out on Amazing Life opportunities.
10) Don’t compare yourselves to others “Keep up with the Joneses” -
When I was in my 20’s I was so concerned about Looking Cool or being cool, that I would spend money on things that I didn’t need just to look cool or just to do things my friends were doing. Now that I am in my 30’s I wish I could have told myself to “Stop comparing yourself to others” and just focus on doing what would be best for me and my future self.
So there you have the 10 things we wish we knew when we were in our 20’s. We hoped this video gave you some ideas and strategies to help you with your own Financial Plan and help bring you closer to Financial Freedom.
Thank you again to Capital One for sponsoring today's video, if you want to know more about Quick Check from Capital One click on the link below.
* Conditions and limitations apply, visit capitalone.ca/quickcheck
*This video is sponsored. All opinions expressed are my own. Occasionally, I receive products from brands for consideration but will disclose when videos are sponsored and when I am getting paid to talk about the brand/products mentioned. Thank you for your support!
In today's video, we are going to go over the top 10 things we wish we knew about money in our 20’s. Nikole and I first got together when we were in our 20’s and over the years our goals and views on Finance have changed a lot. We learned a lot of lessons the hard way, through trial and error, so we wanted to do a video to give you guys the very best advice that we wish someone would have given us when we first got together.
A huge thank you to Capital One for sponsoring today’s video and supporting our community. If you want to know more about Quick Check™ from Capital One click on the link below.
*Conditions and limitations apply, visit capitalone.ca/quickcheck
Life and Credit*: capitalone.ca/lifeandcredit
1) Keep Track Of Your Finances:
One of the main Pillars of a Strong Financial Plan is to know where your money is coming from, and where your money is going. Tracking your spending is the most important first step when looking to gain control of your finances.
2) Commit To A Budget
The second tip is creating and committing to a Budget. Your Budget is an equally important part to tracking your spending. After you have been tracking your money and seeing where the money is being spent, it will allow you to Build a smart budget that will help you spend wisely and save for the future
3) Have An Emergency Fund
Emergencies happen at any age. Having money set aside for an emergency will give you peace of mind and could protect you from overwhelming debt. Ideally, set aside funds that can cover 3–6 months of expenses
4) Good Credit Is One Of Your Greatest Assets
Your credit score today will affect your future. The interest rate you receive for your car loan, mortgage or small business loan is all determined by your credit score, high or low
5) Don’t “Dip” into your Savings Account
After you have created your Budget and have been putting aside money for savings, it’s important to make sure that you don’t “dip” into your savings. I admit to doing this so many times when I was younger, I would “dip” into my savings account so I could go on a trip, or buy something that I really wanted. I always told myself that I would put more funds in next pay and pay that money back. But to be honest, I never did, I always found another reason to spend that money.
6) Skip The New Car
It’s tempting to purchase a new car with your income. Resist the urge. This single purchase can strain your budget for years. Additionally, when your new car becomes last year’s model, it will be worth less than what you’re paying for it. Embrace ride-sharing, public transportation or a hand-me-down vehicle. When we first moved to the city, we both actually sold our cars and started using Public Transit more, which saved us a lot of money over the years.
7) If you have a partner, Talk About Finances With Your them
Money issues are one of the main reasons marriages relationships fail. Talk about your full financial picture; the good and the bad, goals and concerns.
Honesty will make your relationship stronger and help you work as a team.
8) Have A Plan Before You Start A New Life Milestone
Before starting a new Big Milestone in your life, whether it is Starting a Family or Moving or maybe a New Career change or starting your own business, it’s important to have a plan in place before you jump into it. Big changes can come with Big costs, so making sure you have a plan and your emergency funds in place will help you save yourself a lot of stress.
9) Don’t miss out on life just to not spend money
Now, this point is something that you don’t hear about a lot when people talk about “Good Money Habits'' but one thing that took a long time for me to realize was that it's good to save money and not waste money but not at the sake of missing out on Amazing Life opportunities.
10) Don’t compare yourselves to others “Keep up with the Joneses” -
When I was in my 20’s I was so concerned about Looking Cool or being cool, that I would spend money on things that I didn’t need just to look cool or just to do things my friends were doing. Now that I am in my 30’s I wish I could have told myself to “Stop comparing yourself to others” and just focus on doing what would be best for me and my future self.
So there you have the 10 things we wish we knew when we were in our 20’s. We hoped this video gave you some ideas and strategies to help you with your own Financial Plan and help bring you closer to Financial Freedom.
Thank you again to Capital One for sponsoring today's video, if you want to know more about Quick Check from Capital One click on the link below.
* Conditions and limitations apply, visit capitalone.ca/quickcheck
*This video is sponsored. All opinions expressed are my own. Occasionally, I receive products from brands for consideration but will disclose when videos are sponsored and when I am getting paid to talk about the brand/products mentioned. Thank you for your support!
