Essential money tips for twentysomethings
Apartments.com: Typical rent for a 1 bedroom apartment is $1,536 per month
(InvestigateTV) — The Bureau of Labor and Statistics (BLS) latest report shows that the typical 16 to 24-year-old woman makes $695 a week, making it difficult to cover the basics.
Kionnie Epps is a financial educator from the popular website and YouTube channel The Responsible Homegirl. She shared some essential money advice for women in their 20s:
Make a commitment to planning on payday
“Every time you get paid, whether that’s weekly or biweekly or even sometimes I’ve encountered teachers who get paid monthly. That’s when you’ll make a monthly budget,” Epps said. “But make a commitment to sitting down and thinking about where do I want my money to go? What do I actually want to do with my money? Most of the time we just spend aimlessly because we don’t’ sit down and think.”
Pay yourself first
Save some money before paying a bill, even if it’s just $10 or $20 a paycheck.
“I was the girl who was all dressed up on the outside,” Epps shared. “I was living my best life, but when I got my brand-new apartment, four months into me getting that new apartment I was facing eviction, and I often think back to if I had prioritized by savings I would never be in a situation where I’m facing eviction. If you always prioritize your savings. You will always have a savings account.”
Invest in yourself
Find ways to learn about finances, whether it’s taking a course or listening to a podcast about finances or reading a book about personal finances or a wealth building journey. Learn, consume, grow and remember to save.
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