A Few Tips on How To Save & Become Financially Independent in Your 20s!

Updated: Feb 24, 2020

This is no surprise to my clients and those close to me, that I am compelled to share my tips on bettering ourselves financially. By no means am I a financial advisor, so please be cautious in whatever you decide to do. I'm a woman in my 20s who have tried many things that I failed and succeeded at. It took me a good bit to get where I am today.

The first thing anyone should do is evaluate where they are in their life. What are your financial obligations (rent, car note, kids) and also how much income you are bringing in. Go ahead and cut out all things that are not necessary. If you don't watch TV much, skip the cable and opt for more budget friendly ideas like Netflix or Hulu. You can even try shopping at grocery stores, where the cost is a bit cheaper. If you are not going to the gym, then cut the membership. GET RID OF EVERYTHING THAT'S WASTING YOUR MONEY. You have to budget everything to plan correctly.

I bought a cheap organizer that had months and dates with an area I can write down all the bills and their due dates. This was great because I always knew what needed to be done first. Next thing, as soon as I got my paycheck or any extra funds, my bills got paid the same day. I left no room for error. Last, I saved any excess money I had. Let me say though, my full-time job was barely enough to sustain my cost of living which wasn’t much. By the time I paid all my bills, I only had about $5 to my name. So that bothered me and that's what leads me to start my own business. My business and so forth is a different story I’ll share another time but that's where my savings came from.


1. Have a budget written out (bills, savings, entertainment or self pleasures) Don't Forget to CUT OUT EXTRA Expenses

2. Pay bills first

3. Save a portion (5,10 or even 15%) in a separate account... Local banks have very low interest rates, so the money doesn’t increase as much as it should. Look into investing in stocks and other high risk options but if not, these are some good banks online that offer higher than normal interest rates Ally, Synchrony, Goldman Sachs


"If you are in debt with credit cards, loans, have no excess money, or bad credit... I will do a quick video on that, so stay tuned. I can surely try to help you through that with tips on how I improved my score from the low 500s to 700s and got out of debt..."

Besides following the steps above, check if your job provides benefits and 401k or any other retirement plans. If so, start contributing anything to your retirement. This is good because you can't get to these funds easily and the fact that the employer pulls the money before you see it creates an out of sight out of mind illusion. Now for a bonus, double check to see if your employer matches. What that means is, if you pay $200 monthly out of your paycheck into your retirement, your job also pays $200. So do you see what that does? That's $400 in your retirement monthly. $200 of that is basically FREE money. I took full advantage of this feature at my job and I am thankful I did. Having several thousand dollars in your retirement is great in your 20s!

Oh... Did I mention how investing is a great deal too? I am a newbie to this but rest assured, I know I am on the right path, as I see returns already and in the long run it will be good. A common myth I hear is the need to have a lot of money in order to invest and that is not true! I started with $500 and learned so much since then. I actually seen how much money fluctuated day to day from decreasing to increasing and the gains I did get, there’s no way a bank would give me that much interest. As early as possible, you need to INVEST. I personally have a great friend, NP, who has walked me through the process of investing and she has taught me so much. Thanks to her, I now have a pretty nice Investing Portfolio and honestly since I'm looking to not really dip and dabble in my earnings from investing, I see myself in a pretty hefty situation sooner than later. I didn’t mention about another retirement plan called a Roth IRA! I don’t care what your situation is; please invest your money in a Roth IRA, which is actually a great retirement plan that helps with your taxes. My investing in stocks, bonds, mutual funds and etc. is in a Roth IRA. I also have a separate account I do my stocks in too but make sure you at least have a Roth IRA, even if you do have a 401k. (Update2020: Do get a RothIRA however, beware, you can not take money out of it unless you want to be penalized. Instead invest in a normal brokerage account if you plan to use the money before retirement age////Also, you have to have several streams of income, PERIOD! )


1. Retirement Plans 401k, Roth IRA, Checking/Savings Account

2. Check For Free Money (Employer Match)

3. Investing in Stock, Bonds, Mutual Funds, and etc. (Great apps to help with 1st time investors, Stash, Betterment, Acorn, Fidelity)

4. Several Streams of Income!

If you can do these things as early as possible, regardless of how old you are, life will be better on the financial side. The tips above have afforded me to save several thousand and it feels good to know that I can get a check or deposit and transfer it over to my savings a few times a week. The frequency of deposits is possible because I speak to several clients during the week. What I do is, if I have a payment of $315, I put away 60% in savings and 40% would go to spending/bill money which adds up. I can do this because I created my own business as a coach who helps people change their way of thinking. That is one stream of income but then I have all the ads that play on my YouTube and ads on my coaching website, which is another stream of income that I make without doing anything extra but putting out blogs and content. From those ads alone anyone can make any type of money and for a few people I know personally make over $ 2,000 monthly from that alone. Well not me but I can vouch for over almost $1,000/month sometimes on ads. Between coaching and ads alone, income is generated. Also, you have affiliate programs out there. If you have an item you post the link for and someone purchases it, you make money on that too. Now, this is big because when someone clicks on a product I reviewed on my YouTube channel and purchase on amazon from my link, not only is that a commission from the item but if they shop for other things that has nothing to do with my link, guess what, the money comes from there too. Now you can see why a lot of people start their own business and learn the marketing strategies behind it. I'll cover this in-depth too but for now, I just want to show you how to get in a better place financially earlier on in your life than later.

I'll leave you with this, I tell you I have an extra income because it’s hard to save money and invest if you don't have the money. You might have just enough for bills but then what? If you want to be wealthy or even a millionaire, YOU HAVE to make money and save until you have such a good cushion. Once you have that cushion, you can afford to make those big investments. But again a small investment is all it takes to start; even if it is just $20 you invest. For those complaining about their boss or being unhappy, you have to change your mindset. So what your parents didn't have money or your friends say you can't do it. You are the person behind your future and if you focus enough and have enough drive, then I know you can get financial stability. My life sure wasn’t cut out perfect but the mindset I have to live a free life of doing what I want required me to think big and thinking small has never been me. If I can get in a better situation financially, then I know for sure you can too. Make sure to signup for more information.

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