6 Things to know in your twenties
Remember the carefree days of varsity where you had zero responsibilities and you could be irresponsible and finish all your pocket money in one week?
And then call your parents crying out to them so they could bail you out?
Well, those days are long gone.
Your twenties are a time to find yourself, make a few mistakes and learn to be a responsible adult.
Credit cards
You may have more zeros than you did when you were still in varsity, but don’t let that mislead you. You might think that designer handbag has your name written all over it and you’ll live to regret it if you don’t buy it. But the truth is, if you’re using your credit card, it means you actually can’t afford that item.
There’s nothing wrong with owning a credit card, they’re helpful in emergencies. But they require a personality that has self-control and discipline. If you don’t have either you might find yourself knee-deep in debt, which is something you shouldn’t be experiencing in your twenties.
Don’t buy things that you can’t afford and that you’ll look back on and regret. And you shouldn’t put yourself in a situation where you have no money at the end of the month. You should be travelling, having fun and dreaming about your amazing future. You shouldn’t be avoiding calls from your debt collector, feeling worried about how to pay off the many bills you’ve accumulated over time.
Vehicle
If you want to show people you have arrived by buying a flashy car just because you want to turn heads, you may end up in financial trouble. There are many cheap cars that look good and won’t give you problems. You can purchase your car at an auction, dealership or buy a second hand from a trusted family member.
Buy a car that you can afford. Sure you’re at a point in your life where you want to make all your dreams come true and you want it to happen immediately. But you have to live within your means and to do that you need a vehicle that’ll suit your lifestyle. When you’re starting out, there’s no need to go crazy. Take it one step at a time. Look at all the options in the market and buy a vehicle that will be fuel efficient and meet all your needs.
And also make sure that you have insurance for your car. You need to be sure that if you get into an accident or someone steals your car, you’re fully prepared.
Accommodation
You’ll also need a place to stay. There are many options out there for you to consider when you’re looking for a place. You can either get an apartment, rent out a cottage or live in a commune. Find what works for you and what suits you best. You can even cut down on your rent by choosing to share an apartment with someone.
Lifestyle
You need to set a budget for yourself that you’ll stick too. Don’t make terrible financial decisions that could end up costing you later in life. Learn to set boundaries and know what you can afford and can’t. Make a budget for all things you’ll need during the month, such as groceries, clothes, transport and going out. And make sure that you pay all your bills on time.
Savings
Open up a savings account if you don’t have one already. You need to learn how to save your money. The money that you save could be for retirement, house or for your children’s education. Whatever you’ll eventually use your money for will help you in future. You never know when an emergency fund could come in handy.
Medical aid
A serious health injury might lead to you finding yourself in a hospital bed for months and if you’re not covered you may find yourself in serious financial debt. There are things in life that we don’t plan for and an illness is usually one of them. In your twenties, you should invest in finding an affordable medical aid that will cover your health needs. Find out what medical day-to-day benefits they offer and if it will be beneficial to you.
In your twenties, you’re still trying to figure life out and it’s completely okay to not have it all together yet. Of course, you’ll make mistakes along the way. It’s perfectly normal. Just make sure that you learn from them. By following these tips, you’ll make the transition from a young go-getter to a fully responsible adult smoothly.