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Redditors have lots of tips about savings and debt for twenty-somethings. Find out some of the best advice on offer.
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Figuring out how to manage your personal finances is a process that takes some time. In fact, many young people make money mistakes or decisions that they later end up regretting.
You can avoid having to learn things the hard way if you listen to advice that older, wiser peers have for you — especially if you’re still in your 20s and you are starting with a pretty clean slate.
To help you benefit from the collective wisdom of the internet, check out some of the best financial advice Reddit users have given to people in their 20s.
One piece of advice that consistently shows up when Redditors are asked to give advice to people in their 20s has to do with spending. Specifically, as one forum user put it, “Income must be higher than expenses at all times.”
Another user provided even more specific advice, warning that “If you can’t pay cash — you can’t afford it.”
This is great advice because when you’re young, and especially when you’re just starting out in your career and making good money for the first time, it’s tempting to want to pay for things you’ve been dreaming of, like a nice car or a fancy apartment. And, of course, keeping up with your peers and paying for experiences may seem like something you need to do since, after all, you only live once (YOLO).
While there’s nothing wrong with enjoying your money in your 20s, you don’t want to get yourself in a whole bunch of credit card debt that will only get harder to pay off as you get older and take on more obligations that could include marriage, homeownership, and children.
To set yourself up for long-term financial success — and to establish good habits that will last a lifetime — be sure you are spending less than you earn by making a budget and sticking to it. And save up for those things you want to indulge in, because you’ll enjoy them a lot more if you actually own them rather than borrowing to pay for them.
While retirement may seem like it’s in the very distant future, many Redditors urge young people in their 20s to get started saving now because it will be a lot easier to be successful later.
“Open your Roth IRA right now, contribute as much as you can as early as possible. Compounding interest is an amazing thing,” one Reddit user said. The forum user went on to explain, “I don’t even miss that money because I never had it and I have a home {and} a little chunk of money stashed away.”
If you get into the habit of saving for retirement, you won’t expand your other expenses to eat up that money and it will just be something you always do. Plus, you’ll have more years for your returns to be reinvested and earn further returns, thus helping you build wealth effortlessly.
To understand the importance of starting early, consider what would happen if you wanted to be a millionaire at age 65 and you started investing at 25. If you put aside just $188.28 per month every month and earned a 10% average annual return, you’d hit your goal. If you waited a decade until age 35, you’d have to save $506.60 a month until 65. That’s a lot harder.
Finally, the last great piece of advice has to do with earning a good credit score, which is important. This sentiment was echoed by many respondents.
“People need to realize that having no credit is just as bad and in some cases worse than bad credit,” one user warned. Another suggested getting a credit card, using it wisely, and paying it off in full each month in order to build credit.
This advice is important as well, since so many people and companies — from landlords to utility providers to cellphone companies — all check your credit. And it’s easy advice to follow. If you get a credit card, set up autopay to pay it off in full, and don’t use more than 30% of your available balance, you’ll be well on your way to earning a good score. Payment history and credit utilization ratio are two of the most important factors in credit scoring formulas.
By following this financial advice, you can go a long way toward setting yourself up for the future you deserve. If you’re in your 20s now, be sure to take the wisdom these Reddit users shared to heart, as it could make all the difference in your financial life.
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Want to save more money in 2024? Automation can help you stay on track to reach your savings goal sooner. Find out how to use automation to your advantage.
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Many people commit to financial resolutions at the start of a new year. You’re not alone if you plan to make positive changes to improve your financial situation. According to The Motley Fool Ascent’s Financial New Year’s Resolution study, two-thirds of survey respondents plan to make a financial resolution for 2024.
The study found that saving is a common goal, with 16% of people hoping to save for a significant financial milestone, while 12% plan to save for a large purchase. If you hope to stash more money in your savings account in 2024, discover what you can do to be more successful.
Whether you’re building an emergency fund, saving up for a down payment to buy a home, or saving up to buy yourself a new television or laptop, even if you have good intentions, you may forget to save when your life gets busy.
Many people intend to save more but end up spending the money they plan to save before it gets transferred into their savings account. Additionally, some people with savings goals make excuses or use the money for unplanned purchases instead.
If either of these situations happens to you, it could take much longer to reach your 2024 savings goals. But I have some good news: One way to ensure you stay on top of your savings goals is to use automation. You can automate the process so there’s no more forgetting. Doing this can also keep you from making excuses.
When you automate your savings, money will be transferred from your checking account to your savings account on a set schedule of your choosing. Whether you do this weekly, bi-weekly, monthly, or quarterly is up to you. Automation can save you time and reduce stress.
If you want to ensure you tackle your savings goals this year, consider setting up automatic transfers through your bank now. Do this by logging into your online bank account using your bank’s mobile app or website. You can edit or pause your automatic transfers at any time if your financial situation changes later. I highly recommend this strategy to boost your savings in 2024.
If you’re committed to saving more this year, keep your extra cash in an interest-earning bank account. Most checking accounts don’t pay interest, so keeping your savings in your primary bank account is not ideal. You’ll miss out on the chance to be rewarded for saving money.
Instead, consider opening a separate high-yield savings account. With this account, you’ll earn interest as your money sits in the bank. This banking solution offers an easy way to boost your bank account balance with no extra work once you set up the account.
As you navigate your financial goals in 2024, don’t ignore tools that can help you. Many free and low-cost financial apps make tracking your progress easier. These apps can also help you stay motivated. Many people use budgeting apps to minimize overspending and set spending limits to free up extra money for their savings goals. For additional tips to help you take charge of your finances, check out our free personal finance resources.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Natasha Gabrielle has no position in any of the stocks mentioned. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.
Don’t want your financial resolutions to fail this year? Try this technique instead to end 2024 with more money than you started with.
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According to The Motley Fool Ascent’s Financial New Year’s Resolution survey, 67% of Americans planned to make a New Year’s resolution related to money. Unfortunately, while many people want to improve their personal finances, few will successfully do so.
Researchers found that fewer than 10% of people who make New Year’s resolutions end up accomplishing them. And only around one-quarter of people make it even 30 days before abandoning their plans.
Rather than setting money goals you aren’t going to stick to, why not take a different approach to ending 2024 richer? Do this instead — especially if you’re already starting to wonder if you can stick to your resolutions all year long.
Resolutions often fail because they aren’t specific enough or realistic enough. To avoid having this happen to you, set SMART goals instead. SMART goals are:
Specific: For example, you don’t want to just “pay off your credit cards.” Instead, you’d specify that you want to “pay off $1,500 of credit card debt by Dec. 31, 2024.”Measurable: You should have a clear way to determine if you are being successful. Instead of saying you want to “save more,” you could specify you want to “save $150 a month more” as you can measure that easily.Actionable: Your goals should be something you can act on. Saying you want to “do better with money,” isn’t something you can take action to do. But saying you want to make a detailed budget and track your spending to make sure you stick to it gives you a concrete action plan.Relevant: Ensure the goals you’re setting for yourself are things you actually want to accomplish so you’re motivated enough to stick to them.Time-bound: Finally, you should have a time frame for when you want to accomplish the goals you have set for yourself — which should be by the end of the year. Even if you have a longer-term goal, like saving for retirement, break that down into determining how much you want to save for it in 2024.
When you set your SMART goals, pick just a few things to focus on. For example, you may want one short-term, one medium-term, and one long-term goal. If you try to do too much, you’re less likely to succeed at any of it.
If you really want to make sure you end 2024 richer, you can go an additional step beyond just setting SMART goals. You can make achieving your goals automatic. Here’s how.
Let’s say you wanted to save $8,000 for retirement by the end of 2024. You could set up automatic transfers of $666.67 per month into your 401(k) or IRA. You can sign up with HR to have money deposited into your 401(k) if you have a plan at work. Or sign up with your brokerage firm or bank account to have the money transferred into an IRA on payday.
By automating the process, you ensure you achieve your goal unless you take steps not to. Most people stick with the status quo and let their automatic transfers go when they should — especially if it’s a goal they care about achieving.
So, as January gets further underway, don’t give up on your resolutions. Instead, set your SMART goals and automate the process of achieving them so you can make this your most successful financial year ever.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
If you’re selling your house and get multiple offers, you’re in a great position. Read on for a few considerations to determine which one to take.
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While the housing market has cooled slightly, it’s still a seller’s market in many parts of the United States — in part because there are so few people listing their properties, so there is limited inventory.
With the market favoring the seller, it is entirely possible that you will get multiple offers after listing your home for sale. If that happens to you, here’s how to decide between the different offers you receive.
The first factor to consider is obviously the price that the buyer is willing to pay for the home. You want to get the most money possible from people who are buying a house so you can earn a generous profit.
But you don’t just want to look at the price. You also want to look at:
Whether the buyer needs financing: If the buyer is working with a mortgage lender to buy your home, this complicates the process. They’ll need a home appraisal, and if it comes in too low, they may not be able to follow through with the sale. Or they could end up with the financing falling through and being unable to buy. When possible, it’s often best to look for a cash buyer.What contingencies the buyer has put into place: Buyers usually make an offer contingent on an inspection, an appraisal, and getting approved for a loan. When an offer is contingent on something, that condition has to be met first. The more contingencies a buyer has, the more chances there are of the sale falling through. If a buyer makes an offer contingent on their own home selling, this can be a huge red flag, as you’d have to hope they can find a buyer before you can close your sale.The earnest money deposit: Buyers have to put earnest money into escrow, a special account with the title company. This deposit protects you, as the buyer can’t just walk away from the sale for no reason without losing their deposit. Ideally, you’d want someone to make a larger deposit.The closing schedule: You’ll want a buyer who is willing to close at a time that’s convenient for you. If a buyer wants to close in two months but you want to move in a month, that’s a huge problem.
Ultimately, if you can find a cash buyer offering few contingencies — especially if they waive the inspection contingency so they can’t renegotiate the deal if the inspector finds issues — then you may want to accept that offer even if it is for a slightly lower price. That’s because doing so could simplify the transaction and maximize the chances of the sale going through in the end.
On the other hand, any offers contingent on a home selling, or any offers that come in without a mortgage pre-approval letter showing the buyer is likely to get financing, should likely be overlooked for a more qualified buyer.
You need to sell your house for enough to pay off your mortgage and ideally make a profit, so paying attention to price matters. But looking at the big picture can help you find the buyer in the best position to close the deal — and who is least likely to cause problems throughout the process. By taking all of these things into consideration, you can find the buyer who is right for you.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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Certificate of deposit (CD) investments are ripe for the taking. voronaman / Shutterstock.com
The Federal Reserve’s aggressive fight against inflation appears to be winding down, and that will ultimately affect the interest you earn on your deposit accounts like certificates of deposit (CDs), high-yield savings accounts and money market accounts. CDs, in particular, have grown in popularity lately as a safe place to park your savings and earn a handsome APY. In recent months…
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