How 20-Somethings Can Improve Their Finances in 2024

Hey fellow 20-somethings, let’s talk cash, moolah, dinero—whatever you want to call it. Being in your 20s is a wild ride, juggling student loans, kickstarting your career, and maybe even contemplating a grand escape from your folks’ place. It’s like walking a tightrope between living it up now and planning for the future.

But fear not, because nailing your finances is totally doable. Here’s the lowdown on a few easy-peasy steps to make 2024 your year of financial triumph.

Rack Up Extra Cash with Side Hustles

Got a bit of downtime between your main gig or studies? Why not turn it into a money-making bonanza with an online side hustle? These gigs are flexible, easy to slot into your schedule, and can seriously beef up your bank balance.

Cruise around town for Uber, Lyft, or DoorDash during your free hours. Make $10 to $15 an hour while you’re at it.

Play the guinea pig for market research studies. Test products, apps, or websites and earn anywhere from $30 to $500 per study.

Flex your brainpower by tutoring or teaching English online. Websites like Chegg, TakeLessons, and DaDaABC pay $14 to $22 per hour.

Share your opinions and rake in cash with online surveys. Sites like Survey Junkie, Swagbucks, and InboxDollars pay $1 to $5 per survey.

Kickstart your financial journey by launching an OnlyFans account, where you can showcase exclusive content and monetize your online presence. Join the ranks of eligible 18-year-old OnlyFans models who are already earning.

Got a spare room? List it on Airbnb or a similar site and make $50 to $200 a night hosting travelers.

Easy-peasy, right? Choose one or two side hustles that match your skills and dive in during your downtime. That extra cash can be a game-changer—whether it’s crushing debt, hitting important life goals, or just enjoying your 20s to the max.

Master the Budget Game

First things first, figure out where your money is flying off each month. Track your spending for a bit, identify those sneaky expenses, and slash or ax them.

Once you’ve got the 411 on your spending habits, create a budget that’s both realistic and fun. Aim to allocate half of your paycheck to the essentials—rent, food, getting around town. The other half can be divided up between the good stuff like hobbies, debts, and savings.

To keep on the straight and narrow, automate those bill payments and give your accounts the once-over regularly. Weed out any subscriptions you’re not using, no matter how small. Every penny saved is a win.

Checking in on your finances every week and tweaking your game plan if needed? That’s like financial self-love. Develop these skills now, and your future self will high-five you.

Build That Emergency Fund

Emergency funds are like financial superheroes, swooping in when life throws you a curveball—think medical bills, car repairs, or a sudden job loss. Start small, squirreling away $25 to $50 per paycheck. Even this modest start can go a long way.

Trimming unnecessary expenses is another superhero move. Cut back on eating out, entertainment, or hobbies, and redirect that money straight into your emergency fund. And remember hands off that fund for anything other than genuine financial emergencies.

Sure, building an emergency fund might mean some belt-tightening, but the peace of mind it brings? Totally worth it. Your future self will be sending you thank-you cards.

Invest Like You Mean It

In your 20s, investing is like planting money seeds that grow into a mighty financial oak. Open an IRA—they’re like the cool kids of retirement accounts. Contribute as much as you can to tap into the magic of compounding.

Stock market, anyone? Despite its rollercoaster tendencies, stocks historically give back around 7% annually after inflation. Apps like Robinhood or Webull let you dip your toes into the stock market pool. Start with index funds or ETFs if individual stocks make you break into a nervous sweat.

If your job offers a 401(k) match, don’t sleep on it. Contribute enough to snag that free money—consider it your investing superpower. Bump up your contributions yearly to keep pace with the money-eating monster called inflation.

Sure, retirement might feel light-years away, but the investing choices you make today will shape your financial destiny. Develop solid habits, and your future self will be forever grateful.

In Conclusion

And there you have it, a roadmap to owning your finances in 2024 and setting yourself up for financial greatness. Budgeting, paying off debt, automatic saving, stock market dabbling, and side hustling—it’s all within your grasp.

Don’t let the avalanche of advice overwhelm you. Start small, build momentum, and soon you’ll be opening doors you never dreamed possible in your 20s. The best time to start? Right this second. Take that initial leap, and future you will be throwing a party in your honor. You’ve got this! Now, go crush those financial goals. The power is in your hands.