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Are you in your 20s? Check out these financial tips

1 MÄRZ 2024
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Dicas Compra de Imóveis Comprar Casas Baratas Crédito Habitação Despesas Finanças Salários Jovens
We know that this can be a complicated phase in terms of financial management, so we've put together 4 tips to help you.
Are you in your 20s? Check out these financial tips
Source: Freepik
Author: Redaction

The age range from 20 to 30 can be challenging in many ways. Everything is new, the discoveries are endless and the difficulties can be overwhelming at a time when, for many, it's the real start of independent adulthood. However, none of this needs to be daunting, not least because being young, especially in your 20s, is a paradise that you will only understand much later in your adult life. 

To help you with the various financial issues you may face during this period of your life, SUPERCASA Notícias has prepared a short guide to guide you through the small vicissitudes and dilemmas you may face financially. We want you to prepare for the future with a wise mind and an organized wallet, and it's essential that you organize your budget so that you also have room for manoeuvre when it comes to small expenses. 

Divide your salary in proportion to your needs

There is a magic rule that can change everything when it comes to managing your salary. The money you receive every month should be divided strategically so that you have financial leeway for the various expenses of the month. This is the 50/30/20 rule, which means that 50% of your salary goes to necessities, 30% to wants and 20% to savings.

We know that, at the start of a career, things may not be so linear, but if you manage, month by month, to stick to the assumption that you will take money out for essential expenses and leave aside an amount for savings, you can arrive at the next month with some leeway for unforeseen expenses that arise. 

It's essential to understand that money isn't just about money (and that you won't be able to engage in the typical "you win, you spend" attitude). You should take precautions for any eventuality, and even then continue to withdraw a portion to invest in yourself and your personal desires. 

Do you already know where you want to live? Think about it

One of the most important decisions you make at a young age is moving out of your parents' house, which undoubtedly means more responsibilities and expenses. If you'd like to buy a house, it's important that you take this into account in your budget management - and we know how difficult it can be these days to get all the money together. However, the more money you have set aside, the more margin you'll have to cover initial expenses, such as the down payment or transaction taxes. 

Even if you can't pay for a house in full, which is practically impossible these days, you'll be less financially burdened in the long term when it comes to bank payments, and you'll have more room to resume your saving habits once you've bought the house. 

Study the financial markets and learn financial literacy

Did you know that Portugal is one of the countries in the European Union with the lowest rate of financial literacy? It may seem irrelevant, but the more knowledge you have about this type of issue, the more easily you'll be able to guide your life, whether in terms of the economy, budget management or making decisions involving investments, credit agreements or financial and economic concepts that may affect you.

Nowadays it's very easy to study these topics, and there are even profiles of people who are experts on the subject on social media, which you can follow to keep up with the topics mentioned above. Many years from now, when you look back, you'll be thankful that you learned about these subjects, because it will make a difference to the types of investment decisions you make, and also to the returns you can get from them. 

Be thoughtful about the kind of adventures you get into

We know that being a young man in your 20s can be tempting for various adventurous and impulsive situations, especially when you're a young man who earns money and knows exactly where he wants to spend it. You may even have very specific goals, which you should fulfill with all due care, but we advise you to weigh up your investments with this type of spending. There's a difference, for example, between spending the money you have aside for a dream trip, or between, say, dining out every day in expensive restaurants or spending it on exorbitant nights out.

You have to consider that later on you may not be able to do certain things because you haven't saved enough money, which is why some extra thought is needed. 

However, our wish is that you enjoy life, achieve as many goals as possible and become a responsible and focused young adult!

Themen
Dicas Compra de Imóveis Comprar Casas Baratas Crédito Habitação Despesas Finanças Salários Jovens
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