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5 ways to save money in your 20’s to set yourself up for financial success.

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20th May 2024 | 3 Views

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  1. To get StartedStock Market 3 21gyd1b: Open a mutual fund account or start donating as long as possible to create the most interesting combination. Nowadays investing in cryptocurrencies also has increased. With proper research and dedication you can start investing for good returns. There are more investment options than ever before.
  2. Be careful when investing: Prioritize needs over wants and keep a strategic distance from overspending to create a stable budget system. To some extent we have the tendency to please others. Because of FOMO genz’s are buying iPhones and other expensive stuffs.Which can lead to financial struggles. Research has shown that most Indians has bought iPhone in EMI. It is making genZs poor.
  3. Eliminate High Interest Debt: Focus on paying off college payments, credit card balances and other high interest debt to save and give more money. Don’t get stuck on the loop of EMI for buying unnecessary stuffs.
  4.  Reserve for the crazy: Create an emergency fund to cover 3-6 months of expenses and keep a strategic distance from liabilities when unexpected expenses arise. Health is important. Health insurance is a must. It will save lots of money in long run.
  5. Maximize Free Money: Contribute enough to your 20s or other retirement accounts to take full advantage of the money you saved in your 20’s. It is essentially free money that can add up over time.

Naina Kakati

@Naina-Kakati

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