The 3 Must-Do Financial Activities In Your 20s
As a young individual in your 20s, you have a long list of dreams and goals that you wish to accomplish sooner rather than later. You want to travel the world, start a family, buy a house and car, retire early…the list goes on. But have you made a financial roadmap to help you achieve these milestones? We get you started with 3 vital financial activities for the 20s:
#1 Take a personal loan for expensive purchases.
Most people will advise you against borrowing loans and use your own income to buy things. But do you always have a large amount of money in your bank account that you can spend on expensive purchases, like the latest Apple phone or a bigger flat screen TV for your room? Also, you are at an age when you haven’t yet borrowed a loan, but you soon will (to buy a house, car, take a mortgage on an existing property, etc.) The simplest way to buy what you need and build credit is to apply for an instant loan from a loan app. Applying for the instant loan is an easy and quick process, and the money is transferred to your savings account in minutes. You can repay the loan over its tenure or close it earlier as well.
#2 Take a home renovation loan.
Another crucial financial activity that you must undertake in this decade is to take a home renovation loan. Every few years, your home will have to undergo renovation where leaking faucets will have to be repaired, the walls may need a fresh coat of paint or you may want to change the flooring. Whatever it may be, a home renovation can be a very good idea.
#3 Buy insurance.
You are young and healthy today, and there may not be too many dependents that you support. But what about the future? Your parents will become old, a younger sibling may wish to get married, you will want to start a family. Your salary will be pulled in many directions in the future, and chaos can ensue if you are suddenly absent from the picture. An excellent way to protect your loved ones’ future is to buy life and health insurance for yourself today. The insurance money can be used for their upkeep and future goals in your absence.
Conclusion
It is never too early to inculcate good financial habits, and your 20s are the ideal decade to start. Your economic behaviour in this decade will decide whether your future will be a stable or shaky one – it is always better to err on the side of caution and practice good money habits right from today.
