Living in your twenties is not what it used to be, and in no way is it easier. In fact, thinking practically, living on your own in your twenties has become quite challenging. Many young Canadians have actually returned back home, finding the financial strain too much to handle. Balancing finances, work and school is hectic--but having to struggle just to keep the lights on is not something 20 somethings in Canada should be having to confront. This is a fact everywhere!
It might not feel fair, but that's life. It has become truly chaotic for young people today. The job struggle is very real, and though unemployment is supposedly lower--too many young Canadians, it doesn't feel like it. It can be hard trying to manage money properly, at any age. The following information will hopefully be a guide for those in their 20's. The main goal here is to help young adults learn strategies and tips to make finances a little bit easier for them, or for anyone at all! More importantly, these top tips should help young people avoid gathering debt that can pose harm for the long-term!
Top 3 Financial Tips To Help Young Canadians Avoid Money Mistakes
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1) Discover the power of negotiation
Yes, you're never too young or too old to learn how to negotiate when it comes down to financial decisions and purchases. Often times young people get suckered into a raw deal that just isn't beneficial at all. Understanding the power of negotiation can change everything. From negotiating your salary to a job promotion and more--you need to learn to be in control of this area of your life in particular as it has a huge impact through your life!
Let's not forget that negotiating for a good mortgage, car financing, medical services (and other consumer services/items) is very important. Learning how to get the best from your money takes some investigating and even bartering. However, all of this is really beneficial to your financial portfolio!
2) Start investing for your retirement now
You're never too young to invest in your retirement, and the sooner you do the better off you'll be. When you begin investing at a young age your money has a longer life to make a difference for you. We've all seen the advertisement on investing for retirement, and they don't exaggerate. This will ensure you keep your normal life on the most successful path possible, and you won't regret investing in your future!
3) Avoid consumer debt and don't make brash decisions
You should think and plan before you make the wrong financial decisions. Debt can be crushing, and if you continuously make the wrong choices you'll soon be drowning versus swimming--or even treading water. Be smart and stop, think--then act. Don't use credit cards. Make only cash purchases to keep your credit intact. This is the easiest way to avoid harmful debt so many across Canada are dealing with.
Also, let's never forget the importance of establishing an emergency fund. Having money set aside to cover those unforseen disasters is not only crucial for your sanity--it is necessary for your wallet!