I’ve talked about my past in some of the posts that I’ve done on here. If you’ve paid attention to what I’ve written, you know that I wasn’t always a frugal person that knew how to save as much money as possible and take control over my own finances. Instead, I made a lot of mistakes at first and I only wish someone would have helped me out, before I had to go down a dark and dreary road of debt and mismanagement. That’s why I teach my kids about the importance of money, so hopefully they will learn from the mistakes I made in my past.

Today, I’m going to do the same thing. If you’re in your 20’s I’m going to give you some tips that will help you manage your money, so you’ll have a bright future ahead of you with less headaches than what I had in my 20’s.

Live Frugally

Okay, so you’re fresh out of college and you just got that fancy new job that requires you to live an entirely different lifestyle. Chances are, you’ll have to purchase some new clothes that are more professional and you’re maybe even thinking of going as far as getting a new car. Instead of doing all of this, you should live frugally. Pretend you’re still a broke college student that’s just trying to scrape by. Do this until you’re more aware of your salary and all of your expenses.

Live at Home

Did you know that as many as 85% of students that have graduated college actually move back in with their parents? This is a good option, because it will allow you to save some money that you could use to pay back student loans and prepare for the future.

Get a Credit Card, but Avoid Using It

A lot of students get credit cards and get themselves into a ton of financial trouble, because they end up owing a credit card company a ton of money with high interest rates. Get a credit card and avoid using it unless it’s an absolute emergency.

Get Out of Debt

It’s important that you start trying to get out of debt as soon as possible. Try to double up on your loan payments or do whatever it takes. That way, you can avoid extra interest charges and be out of debt sooner.

Have an Emergency Fund

Open a savings account and put as much extra money in there as possible. I suggest always keeping $500 in an emergency fund at the bare minimum. You never know when an emergency could come up, such as car repairs, so it’s always best to have some money saved just in case.

Create Goals

It’s important that you sit down and create some goals for yourself. That way, you know exactly what you need to do to achieve your long term dreams and you’ll be more likely to reach them. Just make sure your goals are realistic and give yourself plenty of time to accomplish them.