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4 Financial Habits You Must Master In Your 20s

4 Financial Habits You Must Master In Your 20s

Whether you are fresh out of college, a micro-entrepreneur or a professional in your 20s, the longing for a fairly good lifestyle is common. However, that lifestyle you wish for cannot be sustained by many unless there is a steady flow of cash and you also have the funds saved for it. That’s why you need effective financial habits that can turn your meticulous and consistent hard work into wealth.

We live in a world where myths about becoming rich within months followed by shiny, glittering social media images abound us. But the reality is that becoming rich is not a matter of luck, but about setting the right goals, being rigid when it comes to expenses, and most importantly – ignoring people who bring you down. In this blog, we share the 5 financial habits that you can adopt in your 20s and become rich by your 30s.

Keep a track of your expenses

If you are an impulsive shopper, then the sad reality is that the idea of becoming rich in your 30s is a real stretch. Start maintaining a record of every expense you make such as grocery, leisure, fees levied on your credit card, subscriptions, etc. While setting a budget, it is imperative to first set aside the money you’ll need to fulfill your financial goals and then spend the remaining amount.


If you think that keeping away some of your money away can make you rich in your 30s, then you are mistaken. You need to have a well-rounded investment portfolio that provides passive income and that way, get more returns. Explore and invest in financial instruments that you understand well and are suitable for you. Remember – allocate resources only as per your risk appetite and never be greedy.

Avoid bad debt by all means

Live within your means, buy only what you can afford, or else debt will trap you. You must learn to fight your impulses because you could be left with nothing but the regret of wasting money, and the opportunity to earn more. If you have debt, know that you will be spending a majority of your paycheck paying EMIs and will be left with nothing to save. Having bad debts in your 20s is a challenge you don’t want to sign up for.

Of course, not all debt is bad. For example – debt that helps you generate more income from an investment or through its growth in value is good debt. In addition, debt that you’re able to repay responsibly based on a signed loan agreement can be good debt, as this will help keep up your credit scores. So the one thing you must keep in mind is to keep debt within limits without affecting your savings towards important financial goals.

Earn and create wealth

Accumulate wealth in your 20s so you can reap the rewards and be financially prepared for any hiccups that life throws your way. Indian tax laws encourage long-term investments, so invest in real estate, bonds or ETFs to accumulate wealth. They can also help reduce your overall tax liability with concessions and deductions. Make financial stability your number one priority and allocate any raises you would have in a fixed ratio, say 80:20, wherein 80% is into wealth creation and the rest you spend now.

After all, who wouldn’t want to make great returns? But let’s agree that expecting king-sized returns without making the right investments is a recipe for disaster. While there is no tried and tested path to becoming rich, financial habits inculcate a sense of discipline in you and will help you become more objective in these matters.

For example, on the SmartCoin app, we allow you to invest in digital gold and build your wealth portfolio as you wish. Wherever you are, no matter what amount you wish to invest, digital gold will always offer real-time access to market prices, quality assurance, and safety.

With all of the 4 habits listed above as the backdrop, there could still be instances when one may need additional support during unforeseen instances. At SmartCoin, we help fulfill your instant cash needs, with just the click of a button.

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