Being in your 20s is a wild ride. For one, you’re too old to still be dependent on your parents, but also too young to face the pressures and figure everything out. But the pressures of adulting demand that you figure it all out on your own. Then you reach your late 20s, and you’re expected to have mastered it all.

But what is all this adulting about anyway?

Well for one, it’s building that discipline needed to focus on the most important tasks at hand. It’s realizing that, you only really need to do things one at a time. But of course, the pressures and surge of hormones in our youth lead us to succumb to all kinds of distractions and it all gets tangled up into the blackhole of existential crisis.

So, in line with being focused and disregarding all the nonsense, I present to you the way you can manage your budget like an adult. If you’re still in your early 20s, well, awesome. Enjoy all the fun, confusion, and take all the lessons you can get. But, as tita as this may sound, it’s best that you learn all these values now, so you can get ahead of everyone in ‘adulting’. You’ll surely thank yourself later.

Consolidate All Your Monthly Bills

How much are you really paying every month? This should be your top priority, and not your FOMO (Fear of Missing Out) — on parties, scenes, and events. There’s no better feeling than the peace of mind that comes with being able to pay your bills on time. And with this practice comes the fulfilment of being financially independent, too.

If you’re still short on your monthly income and have a credit card, you’re lucky to have something to help you out on those Petsa de Peligro days. But learn to use your credit card wisely so you don’t get caught up in debt. Another solution for this is to look for side job opportunities on the internet, so you get to earn more money. Maybe even in US dollars, too, as most freelance contractors from the likes of Upwork are from the USA.

Setting Both Long and Short-Term Savings Goal

You’ll often hear this at job interviews. What are your goals five, ten years from now? And the right answer should be to see yourself climbing the corporate ladder in that company, to let them know you’re not going anywhere. That thought can change, sure, but the question is still important. What is all this hard work for without a goal, right?

Entry-level salaried employees should never set their goals merely based in their income.

Set bigger, realistic goals and a specific timeline. Do you want to own a house before you’re 30? That’s possible. Set bigger goals and your paycheck will follow. This is because you’ll program your mind to work double to get to that goal.

Start Investing

Entrepreneurs and financial advisers will have you know, letting loads of money sit idly in your bank would be a waste. If you have enough money saved up in the bank, find the right investment venture for you.

Invest in something you’re interested in, e.g. Stock Trading, or maybe a business you can start, with partners or by yourself. You can even opt for a personal loan to get that jumpstart if you already have a solid business plan.

Find ways to earn extra income

Let’s be honest, it wouldn’t be cool if you just kept living on a tight budget. If you’re the spaghetti head type who can’t be bothered to set a budget, then grow your money instead. If you have a skill you can monetize — web design, graphic design, writing, or being a consultant in your field of expertise, you get it — make money out of it.

Your 20s is about laying a solid foundation for your future. There will be a lot of distractions. But you wouldn’t want to get too caught up in those that you forget about your own well-being and future.

Becoming unemployed suddenly can have devastating effects on you and your family and knowing how to cope with it doesn’t always seem possible. From the risks of stress and depression, to the simple fact you don’t have an income to cover your outgoings, there is a lot to consider as far as you and your finances are concerned. While same day loans UK services could be available in a financial emergency, this isn’t always possible without a full time job and so understanding how best to manage your finances is key – and we’ve pulled together five things you need to do to give you a head start.

Know What You Have

First thing’s first, you need to stop and work out what you do have. Whether its savings, a retirement fund, your final pay check or other smaller income amounts, knowing what you have from the very beginning could better help you prepare for organising how much of that will need to go towards your outgoings and how much you’ll have to spare to pay off necessary debts or to put towards finding new work.

Work Out How You’re Spending

Next, you need to work out how you’re currently spending and how that needs to change in order to better manage the money you have to last longer. Initially, it’s best to work out what the necessary outgoings are first. This can include anything from bills to mortgage payments and, of course, food and other utilities. Excess spending should also be documented, whether that’s your monthly subscription to Netflix or a morning coffee on the way to work. Next, it’s time to start cutting that down.

Cut Back

You’ll need to work out a realistic budget by cutting back on most of your unnecessary expenses. Subscriptions you don’t use, magazines you don’t really read and that gym membership you never utilise are all ideal ways to cut back on your outgoings. However, it’s also important that you don’t cut back on your entertainment spending completely. You need to keep your spirits up and avoid that aforementioned stress and depression, so try and reduce the cost of your entertainment without taking it away completely.

Avoid Any Major Purchases

This may seem obvious, but now really isn’t the time to invest in that expensive purchase you’ve had your eye on. You might want that new car or those expensive jeans, but if they aren’t necessary it’s best if they’re kept as a dream for another day. Instead, put your money towards paying off credit card debts or consolidate your loans into one monthly payment with a lower interest rate where possible.

Try And Find Part Time Work

While you may feel like you’ve been kicked to the curb, it’s important to get back up again and get searching. If you just need money to keep you going until you can get back into full time work, why not opt for a part time remote job, or working for a company such as Uber or Deliveroo? These companies are constantly looking for new employees and you’ll often have the opportunity to work as much or as little as you like.

Losing your job has the potential to have devastating effects, but hopefully with our guide above, you can better manage the money and the finances that you do have. Good luck.