Managing your money in your 20s is one of the most rewarding (and at times, challenging) parts of the decade. You're taking charge of your finances, so you should become familiar with the best ways to spend your money in your 20s, to ensure you maintain the perfect balance of work and play.
Money can't buy you happiness, but it can bring you to the most incredible places, people, and experiences that will bring so much joy into your world. Life's about making memories that are so unforgettable you reminisce upon them even after a tremendous amount of time has passed. Achieving your wildest dreams and desires might involve coughing up a few bucks, though.
No matter what age you are, people will try to tell you what to do with your money. But as long as you allocate some of your money towards bills and other important responsibilities, you should be more than comfortable putting a recent paycheck towards that trip you've been wanting to take forever. Let's be real: FOMO is an expense you don't want to repeatedly have in your 20s. So, be sure to put extra cash aside for these seven spending opportunities. You'll be living your best life in no time.
1. Experiences Rather Than Material Things
Put down that pricey handbag and head to Groupon instead. You'd be amazed by how much you can experience for the same price you'd pay on a flashy new accessory. You can get tired of a material item over time, but memories made during exceptional experiences last a lifetime.
2. Costs For Traveling Abroad, So You Can See The World
You deserve to see the world. If you didn't have the opportunity to travel abroad during college, your wanderlust is so ready to explore. The more you put off traveling, the less likely you are to check off those dreamy bucket list items. Traveling has a huge impact on your life, so this one is a smart purchase.
3. Paying Your Parents Back, Even If Just A Little Bit
Remember when you were short on rent and you borrowed money from your parents? You promised to pay them back, and even though they haven't been asking you for the funds, you should take the initiative. Your parents are likely more concerned about the fact that you're growing into a reliable and trustworthy adult, as opposed to the cash you owe them.
4. Donating To A Charity You're Passionate About
Do you love a charity and everything they do for your community? Invest more than your volunteer hours and donate to their cause. You'll feel satisfied to know that a few extra bucks from your pocket is going toward something so good.
5. Investing In Your Passion Or Business
Do you need a workspace for your sculpting, or do you finally want to get your business idea off the ground? Invest! Investing in yourself gives you so much motivation to get things done. Even if you don't succeed the first time around, you believed in yourself enough to do it once, so you have the power to dust yourself off and try again.
6. Getting And Taking Care Of Your Very Own Pet
Pets make the world so much better. Welcoming a furry friend into your home is a major responsibility, so make sure you're ready for it. If you are, nothing will beat coming face-to-face with a fur baby of your own. Those wet kisses are a surefire way to forget any bad day you're leaving behind once you open the door to your place.
7. Pay Yourself And Save
Every time you get paid, you should be putting a portion of it aside for the future. You're paying yourself and investing in yourself at the same time. These funds go into a savings account or even a cushion in your couch.
Money is going to come and go throughout your life. Keep in mind that you have a say in what it can provide you with in return.