How to make money at 21. Watch out for scams
Major purchases such as boats, cars, vacation property, etc. Plan to pay cash for everything iStockphoto Personally, I think being able to pay cash for everything is life-changing.
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Those of you who have been up to your eyeballs in debt and had the embarrassing experience of your card being declined know what I'm talking about. Tell yourself you'll be the type of person who always pays cash.
That doesn't mean you won't ever take out a loan, and it doesn't mean you won't ever get a rewards credit card that you pay off each month. It does mean you might think a little longer and harder about going into debt and only do so if there are no other options.
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Create a budget that supports your goals iStockphoto I won't spend too much time on this money move because we already have an excellent article on Money Talks News about how to create a budget you can live with. The key is to ensure your budget supports your goals.
If you hope to be married or buy a house in five years, you probably want to have extra savings built into your budget for those things. Save an emergency fund iStockphoto Your budget also needs to include a line-item for emergency savings.
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This money needs to be separate from your retirement fund, so don't think your k or IRA counts. It's your "crap, I lost my job" money and your insurance against unexpected expenses.
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Depending on whom you talk to, you should have enough money in your emergency fund to cover three to six months' worth of expenses. If you work on commission or have a job with a questionable future, shoot for six months' worth of emergency savings.
If your job is stable, three months' worth will probably do. Remember, this is money to cover your expenses, not necessarily to replace your income. Pay off your debt iStockphoto Not looking for easy money a perfect world, you'd start your adult life with zero debt, but we know better. There are student loans to pay, and you may have been suckered into opening a credit card or financing a car somewhere along the way.
Don't use the excuse that past mistakes give you license to make future mistakes.
They also don't mean you have to resign yourself to living a life burdened by debt. Start today to pay off how to make money at 21 you owe.
Use your next raise; use your tax return; use the cash your grandparents tuck into your birthday card. Then cut up the credit cards and promise yourself you won't use one again until you've stuck to your budget for at least six months or, even better, a year. Then you can pull out the card so long as you promise to pay off the balance each month. For example, buying life insurance sounds like a responsible thing to do, right?
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However, if you aren't married, don't have children how to make money at 21 have money in an emergency fund, there is probably little reason for you to have life insurance in your 20s. It might be slightly cheaper to buy now, but rates will still be affordable when you're in your 30s. Car insurance and health insurance are other places you may be likely to overspend.
A year-old car may not need comprehensive coverage. Likewise, many somethings don't need comprehensive health coverage. Those younger than 30 are allowed to buy catastrophic health insurancewhich has limited coverage but low, low rates.
It may be a good option if you're healthy and need to buy your own medical insurance. There are entire books and websites devoted to decluttering.
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As a something, you are in a perfect position to avoid the clutter trap completely. You simply need to be mindful of what you buy and why. As a bonus, limiting your purchases will save money that can then be put toward buying the stuff you really want.
For instance, let's say you get an apartment so of course you need furniture.
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But being odd years old, you don't have a ton of money so you buy a cheap, but new, living room set. Five years later everything is in tatters and needs to be replaced.
A better strategy may be to make do with some second-hand items and save up for quality furniture. Then, buy pieces individually as you decide you need them.
Make extra money in your free time. Here's how we make money. I thought it was time I address the flip side of your finances: ways to make extra money. More than ever, earning extra income can be the way to meet your financial goals. This could be goals like getting out of debt, saving for college or simply having extra money during the holidays for gifts.