Money in your 20's

So you have just graduated College or University and your student loans are starring you in the face ready to be met head on with that couple hundred bucks in your account. No job yet, no place to live but at home. Now is the years of reality for most people.

It is one of the toughest ages to be. You get done with school and ready to start your career and make some decent cash right. Well here is a list of things most people will go through in 5 years of graduating which can take a big hit on your wallet.

1) Student Loans (yes you do have to pay them back.)
2) Apartment rent
3) Buy a house
4) get married
5) buy a new car
6) Have kids
7) vacations
8) furniture
9) Saving for Retirement


So are you ready to handle all that. I know NOT A CHANCE. Well here is a few good tips to get you started on your new life.

1) PAY OFF ALL DEBTS!!
2) Wait and drive that old beater car before buying a new one.
3) Put 10% of your pay into your companies 401K or RRSP
4) Start a high interest savings account for your car or furniture you will need.
5) Make more income but renting a room or 2 and pay down those debts with it.


One of the biggest things you can do early is SAVE for RETIREMENT. It seems hard to do when your in your 20's but put aside 10% and do it automatically and you will be glad you did when you retire in 40 years. Next get those high interest DEBTS paid off. Canadians are starting to wake up and be savings once again so be FRUGAL and stop buying all the toys. You don't need them.

Watch for new articles on savings, retirement, DEBT to come soon.