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6. It’s easy to overspend on payday
Getting paid is very exciting. However, if you’re not careful, it can trigger overspending. What you need to do is pay yourself first. You should try to save at least 10% of your gross income into a retirement account. If your employer offers a 401(k) plan, deposit your money into it – especially if it provides matching funds. If not, open either a traditional or Roth IRA and deposit the money into it. The easiest way to save is to have the money taken out of your paycheck automatically and deposited straight into your retirement account.
If you learn and remember these six harsh money truths in your 20s, you should find it much easier to get your finances under control. You’ll then be on track for your 30s, when there’ll be bigger issues to deal with like buying a house or starting a family.