Monday, February 2, 2009

10 Financial Commandments for Your 20s

By Erin Burt
Posted by Greg Lipinski

When you're in your twenties, change is a way of life. You're choosing a career, paying your own bills, getting your own place to live and perhaps making decisions about marriage and family.

The more things change, the more important a stable financial foundation becomes. We've listed ten principles that should be carved in stone for every twentysomething. No matter where you are on the pathway to independence, these time-tested guidelines will boost your odds of financial success.

1. Plan ahead. To get where you want to go in life, you need goals and a plan to reach them. Having neither is like driving a car without a steering wheel -- with your eyes closed.

Start by asking yourself what you want in your future. Think about the short term (five years or less), medium term (five to ten years) and long term (20-plus years). Now you're driving with your eyes open. Then take hold of the steering wheel to reach your goals. Budgeting is a great way to do this. It allows you to see where your money is going so you can make the necessary adjustments to get you where you want to go. Learn more about how to set up and use a budget.

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