7 Financial Skills Every 20-Year-Old Needs To Know

7 Financial Skills Every 20-Year-Old Needs To Know

Develop serious money skills to get you past the financial stumbling blocks along the way.

By Nancy Anderson

Be tight fisted with your dollars.
Don't easily part with your money. Coffee, sodas, smoothies, fast food and vending machine treats can easily add up to $400 a month.

Cook. - ...
Forget being a master chef like Gordon Ramsey. Just learning to cook a few simple meals every week can save hundreds of dollars in food costs.

Choose the right roommate. -
Sharing space with a roommate save thousands of dollars a year. Choose a roommate who will pay the rent on time rather than someone who is the life of the party.

Switch to Frugal Mode. -
When times are tough, the tough get frugal. Ride share, bring lunch, take the bus or do whaever it takes to NOT have to use a credit card.

Obtain and keep a good credit score. -
The better your credit score, the better your interest rate on your loans.

Keep your overhead low. -
Would you pay $48 a year to hear commercial free radio? Maybe not but many people waste money on subscriptions they rarely use and never cancel.

Sock money away. -
Set up a "don't touch" savings account and make it a challenge to withdraw from it. Use a different bank and don't get a debit card.