Personal finance

12 Personal Finance Moves You Should Make by Age 25

B9315480254Z.1_20141212170338_000_G7D9D43TC.1-0When you hear about personal finance goals, you will hear a lot about goals you should reach by the age of 30; however, 20 is fast becoming the new 30 and it is becoming more important to start setting and achieving these financial goals during your 20s. Unfortunately, too many people think that the 20s are just for having fun. The financial decisions you make in your 20s will impact you later in life. Even though you may feel like you are just out of college, not making too much money yet and still in serious debt from school, it is not too early to start taking steps towards building your financial security. Car title loans Oakland can help and here are 12 personal finance move you should make by age 25.

  1. Educate yourself about personal finances – Many people are ignorant about personal finances and never learn about it at school or from their parents, despite how important the subject is. Financial knowledge is power, so make sure to educate yourself.
  2. Understand health insurance options-Many young people do not insure themselves which is risky. If you are generally healthy, there are plans that will allow you to pay a lower monthly premium.
  3. Create a budget-A budget is step one in any financial plan. You need to know what income you have coming in and what expenses you need to pay each month before you can work out how much you can spend on luxuries.
  4. Practice living within your means-This doesn't mean you can't enjoy yourself, but keep an eye on your budget and be responsible.
  5. Create an emergency fund-Once you know how much money you can spare each month, you can start setting money aside for emergencies that come up. Without the cash to cover it, you may need to take out a loan like a car title loan Oakland to cover it.
  6. Avoid credit card debt-Credit card debt has particularly high interest rates. If you have credit card debt, try to pay it off as soon as possible.
  7. Create a retirement account-Your retirement may seem very far off, but the sooner you start saving, the better. With compound interest, small savings on a monthly basis will add up significantly over the years.
  8. Plan to repay your debts-Sit down and create a plan for the repayment of all your debts so that each month will be you a step closer to being debt-free.
  9. Create more income-While you are young, it is worthwhile to look for extra ways to make some money. This will give you more to put aside toward your financial goals.
  10. Set long-term and short-term financial goals-Create goals to meet in the short and long-term to help you keep on track financially.
  11. Keep track of your credit score – Knowledge is power so know where you stand.
  12. Create saving-Besides for an emergency fund, you need to save toward big expenses such as a house, a wedding and children so you don't need to rely solely on car title loans Oakland.

Do you have any questions? Please ask.