Sitting at dinner with the BB team, the girls asked me for financial advice for their 20’s.
Money. This is possibly the most important topic for women in their 20’s to focus on.
I believe financial independence is the key to a happier, healthier, better life for today’s women. Especially in terms of relationships.
A man is no longer a financial plan, and life always has unexpected twists and turns. Financial independence gives you choices and freedom. The best time to get on top of and to understand money is in your 20’s.
I don’t have all of the answers, but I do have some advice I wish someone had given to me in my 20’s.
Take the time to educate yourself about financial basics. I do not know why basic financial skills such as how to borrow money, budgeting and investing are not taught in schools. In your 20’s, find people who will talk to you about their outlook on finances and what they did in their 20’s and why and how it served them.
Think about how much you will earn when planning your future. If your dream career or job doesn’t make a lot of money, consider an alternative as a second job now, to bolster your earnings. And upskill now so you have choices.
Don’t be ashamed or embarrassed to talk about money or ask the tough questions. Many people will be open and tell you how much they are earning in different careers, how they have invested and their positive and negative stories about money.
Making money in your 20’s is more about saving money, and developing good money habits. This is the time to save and get ahead of the game.
Avoid apps like Afterpay and Zip, as these companies say they will help you budget, but for most they make you buy more stuff you probably do not need to buy in the first place, allowing you to pay later.
Don’t use credit cards, pay with cash. This helps you keep a very close eye on money going out, and where it is going.
Don’t buy into trends. Forget designer clothes, smashed avacado and dining out. All of those bonuses will be there in your 30’s and 40’s. Spending as little as possible can actually be a fun challenge, especially if you have friends in the same boat, and you can have dinners at home, and give each other support and money-saving tips.
Look for government support. The government actually brings out a lot of different options to support people in their 20’s such as first home owner grants, study subsidies and so on. Do your research and access these and even plan your finances around them. They can give you a huge head start.
Invest in areas you understand. For many, the stock market is complicated and intimidating, property or even gold can be easier to understand. Do not invest in anything you do not 100% understand.
The ideal goal is to own some sort of property (or other investment) by the end of your 20’s. If it is property, it does not have to be in a trendy area, or be your dream apartment, but buying something, almost anything is great start, as over time, its value will likely increase.
Ideally buy a property you can add value to. You may not be able to add this value to it right now, but in the future, if you can make the property larger, or upgrade it, the potential is there to make money.
Research and find books and apps to support your savings goals. I am a fan of the savings appRaiz, as well as Effie Zahos in Australia who has great tips for women as does Suze Orman and Mellody Hobson.
Smooth Clear Nails From Luxe to Less
I love luxury, but for times when I’m saving, some products that work with a smaller price tag are what I reach for.
There is nothing better than a bottle of luxe nail polish in the bathroom, and seeing the Dior brand every time I open my bathroom cabinet does make me feel like there’s a little bit of Europe in my life!. The Gel Coat gives nails a spectacular shine, and is the last thing I apply after a file and shape. It dries quickly, and gives natural nails a super shine. Dior Gel Coat RRP:$28.00
This Sally Hansen Nail Gel Rehab has seen my nails grow to unprecedented length during lockdown and now beyond. You simply paint it on fingers and toes before bed, it sets in seconds, and wash it off the next day. Within 3 days, nails are markedly stronger and look clean. RRP:$8.40
Renae Leith-Manos travels the world writing (www.renaesworld.com.au). She has had a colourful media career as a journalist in many magazines and newspapers, and spends her time writing, consulting to new businesses, running, doing yoga, swimming & cycling.
She's likes healthy eating, but thinks chocolate cake is just as important as kale chips.
She spends most weekends hanging out with her gorgeous twins.