When it comes to managing your money in your 20’s you have to grow up fast. From student loans, pressure to start saving very early for your retirement and housing markets your first few paychecks are in demand and there’s little to no room for mistakes. So here are some tips for finances in your 20s. Try and ignore your salary, it can be very pricey! You will need new professional clothing and maybe even something as extravagant as a new car and place to live.


It may sound like it is a bit backwards but moving back home (like you might have once done while moving to bloomsburg off campus housing, or elsewhere) may be a good idea. You wouldn’t be the only person considering something like this. Living at home can really provide you with flexibility. Make a plan for paying back your debt and creating a budget you can live with.

Limit your credit card debt

Credit and debt can really build up after university, the expense usually rises, but you are still making do on a starting salary. Credit cards also come with very high interest rates and fees if you don’t make the repayments on time. Pay off any debt that you may have, although your goal should be to pay off each card in full each month, we all know that this is sometimes not possible. This is why you should start paying it off first and this will lower your credit limit, since exceeding the limit can tack on extra fees and damage your credit rating. When taking out your credit card you should ensure that you are not paying for any hidden fees such as PPI. It’s easy than you think to claim back PPI.

Try putting your student loans on autopilot

If you want to be able to make sure that you can afford all your monthly payments to your student loan provider, this can easily be done as there will be no need for you to fast track any of your payments. So, in other words, you can use a student loan calculator, from somewhere like SoFi (https://www.sofi.com/student-loan-calculator/) in order to make slow and steady monthly repayments throughout the life of your student loan. Unless it has an abnormally high interest rate, or you have the extra cash to pay off the debt altogether, this is something that you will be able to achieve during your lifetime.

Try and stick to having good credit

Reduce your interest rate: When you receive one of those applications for a lower-interest credit card in the mail, call your own credit card company and ask the customer service representative to match the deal. Try not to have more than one card in possession. With several, you may not accumulate enough credit on any one to make it worthwhile. Find one no-annual-fee rewards card. Pay the bill in full each month, and the “gifts” will be truly free.

You choose how often you want to transfer money and which accounts you want to use for the transfers. You can even split your direct deposit between your checking and savings accounts to contribute to your savings with each paycheck. Thinking of saving as a regular expense is a great way to keep on target with your savings goals.