Honestly, just look at their website and read around a bit to see if they are a good fit for you. I recommend https://www.eqbank.ca/ for this purpose. What are some of the positives of being in your 30s? After that, seeing as you currently have no benefits, and no debt, I would suggest putting either $202 biweekly, or $440 monthly, towards retirement into a Questrade self-directed TFSA account. VGRO is the much more simple option, but is allocated 80% in equity and 20% in bonds, and has a slightly higher MER of 0.22%. You probably won't die in your 20s, so don't spend too much time thinking about this. This is a place for people who are or want to become Financially Independent (FI), which means not having to work for money. Whether that's a house with a white picket fence or a yurt in an intentional living community, it pays to plan ahead. My career I do not foresee changing any time soon, will not need a car, owning a house is not possible (average condo prices are over 1 mil which I don't see my income ever being capable of affording) and retirement feels forever away. If you save 20% of the direct deposit each month, you'll receive the top tier 3% APY rate. By using our Services or clicking I agree, you agree to our use of cookies. This is also the kind of hustle I aspire to have. Energy-Saving Tip 20: Add aerators to your faucets. The sooner you start saving, the bigger your financial gains. Be smart early on and save, refrain from dumb expensive impulse buys and dont worry about keeping up with friends that are racking up debt. A 27% savings rate is hardly "aggressive savings" around here! (For example, I want to buy a farm in a rural area and work mostly on the farm and small community projects, perhaps be a famers market manager). Next, factor in your short- and long-term savings goals, such as an emergency fund (see commandment #5) and retirement kitty (commandment #6). how is that going for you? I'm 26 with 170k in investments and a 30k savings/emergency fund. Welcome to your 20s — the decade of adulting.For a lot of us, this means getting started in a career (or trying a bunch of things in search of said career), finding our own primary care physicians, feeling pretty adulty with a face mask and a glass of wine on a Friday night, and (you know it) ramping up this whole money management thing. I knew I would get this response! Some combination of the 3 depending on priorities. I definitely feel freer with a quarter million net worth. I'm flexing and building frugality muscles. A staggering 44% of young millennials ages 18 to 24 have $0 in their savings accounts, or they don’t have a savings account at all, found a GOBankingRates survey. We both stress about money with one critical difference: I stress over every penny that I try to spend, he stresses over not being able to save more pennies. There are places I could still cut a little if I really wanted but they simply aren't worth the effort for me at this point. I love hearing from people who didn't hit the job lottery (150k right out of school, etc.) I'd say right now I don't really have any plans to save any more aggressively, and I'm more just making sure that I continue to do everything I want to do within reason. How much of that 25k was from eBay profits? (I'm getting where you are, but not there yet). Savings is the first step. 2. If you do plan on using many of the six allowed transactions per month, you may want to consider other things like the ability to withdraw through an ATM card, the ability to write checks, and the use of technology to make transfers easier. There's great advice on how to make the most of your 20s from Quora and Reddit users. I want 'F*ck you money'. You need snacks so you go out and buy $10 of food. How to start saving money in your 20s. Start with the products designed for know-nothings eg. It has been a great way to grow a quick NW to be FI in my 30s. Lots of good advice here. Here are some principles to make the most of these exciting but unsettled years. Ive moved up aggressively in my career and now she stays home with our 1.5 yr old. I feel like a shill for them at this point, but I would suggest a TFSA and a high interest savings account with Wealthsimple. Startup 10 Smart Moves Every 20-Something Should Make Nope, your 20s isn't a throwaway decade. But then the TOTALLY ABNORMAL returns from re in the past 15 years has proved my past position wrong, so ...... IMO you should stick with what everyone else does.... invest in stocks. And in your 20s, you may not have a mortgage to pay or a family to support, so saving is easier. So you really should mix it up. If you plan on purchasing a home in five years, you’ll have to be prepared to save $9,000 per year ($45,000 divided by five years). Once you get there you could try to look at having it cover your food bill. Just kidding. The 1/3 VCN & 2/3 XAW option is 100% equities and has a combined MER of approximately 0.1666%. South African salaries in 2019: what top IT and tech professionals earn Next article. Good thing we can do it here. Here are 20 things you should know about saving money in your 20s to help you establish a strong foundation for financial success now and decades to follow. Here's how to buy a home in your 20s – I did it at the tender age 26 – and make it happen when you don't make a lot of money. Is your work abroad related to your finance work, or something else entirely? If your income grows, increase the amount saved to be at least about 15% of your pretax annual income, and if you start contributing to a company pension, you can decrease the percentage saved accordingly if you wish. Right now I work in sales and the hours and stress are sometimes out of hand, but it's scary to make the leap to rely entirely on yourself. If you’re in your 20’s, you’re probably enjoying the greatest freedom you’ll ever know. robo-advisors, or Tangerine balanced mutual funds (passive with MER about 1%, or TDeSeries for targeted assets (passive with MER about 0.5%). Recently, I left my job to pursue my dream of travelling/work abroad for the next decade or so while my investments compound for me. Your ultimate goal should be to save an emergency fund amounting to three to six months' worth of living expenses. I dont follow Dave Ramsey, but i remember his saying "live like no one else now so you can live like no one else later" or something like that. I rarely said no to friends who wanted to grab a drink or do something fun. Maybe you owe Billy $20. I built myself a new computer recently, I just got tickets to see my brother and friend in DC, I'm going to Florida at the end of the Summer, etc. Your 20s are an important time in your financial life. Moderately Aggressive . These can reduce standby heat loss by 25%–45% and save about 4%–9% in water heating costs. In all seriousness, what would be the middle ground? The fact that money isnt an issue in our lives has really helped us have a healthy relationship and now focus on our kiddo. children: expensive things to invest in, not much return monetarily. The cushion I built is going well and, sidenote, was SO great to have after some surprise medical bills I had to pay in the Spring. First I'd like to start by saying how sad it is for me to hear you not really have any goals because I kind of am in the same boat, us not being able to afford anything. Now I'm in my mid 30s and have enough freedom to have flexibility and take 6 months to travel around Asia or travel random African countries months at a time... staying regular hotels and trying things and local foods - not hostels and eating grocery store food. (Credit for the 50/30/20 rule goes to Senator Elizabeth Warren, who reportedly used to teach it when she was a … For example, I plan on trying different combinations of remote work, living overseas, seasonal work schedules, and perhaps other careers. Here are some principles to make the most of these exciting but unsettled years. Bottom line: Make saving a priority in your 20s, even if it's only 2 or 3 percent of your monthly income. Because saving money in your 20s sets you up for your future. She always kind of bought into my idea on saving, thankfully. Legos!”, Save it all! This article will discuss how much savings to accumulate by age so you can achieve financial independence and retire comfortably. Use Your 20s To Your Advantage. We looked for the best tips on life, careers, and happiness. Struggle with debt. I would love to hear from people who took this kind of approach--saving hard at the beginning with the goal of being able to slow down later. If you’re in your 20s and getting started, it can help to have some professional advice. Of course, life can get in the way, and doing your research takes time. If my savings rate were to drop to 50% or something though I would probably re-evaluate my spending and tone it back a little. It’s inevitable: Life throws you financial curveballs. Sometimes you're going in the same direction, and sometimes you're not- … I'm happy to hear similar plans have worked for people, as my SO and I are still refining our approach. MAXA Financial High-Interest Savings Account. If you’re in your 20s, you have plenty of time to catch up on your savings. I've only been aware of FI for about a year, but so far I find that filling the barrel is much harder for me than patching the holes. Maybe the price of chocolate bars has gone up. New comments cannot be posted and votes cannot be cast, More posts from the PersonalFinanceCanada community, Continue browsing in r/PersonalFinanceCanada, Press J to jump to the feed. So long as you are saving and investing consistently, your portfolio will grow. She is betting that everything will be ok or better, like she will always be in her 20s, willing to work in … Keep in mind that if getting a graduate degree in your field requires 2+ years and heavy student loan debt, it may not be worth the cost. If you’re planning on rarely touching the money in your savings accounts, your selection can be heavily driven by the APY rate you’ll earn. It is a risk (there is no guarantee in a mutual fund) but historically speaking, you would expect that mutual fund to easily outpace the interest of that 3% loan. How to enable 120Hz and Medium power saving using Bixby Routines. My partner also worked hard, saved lots of money, then spent most of it travelling and went back to school. This is the simplest way to invest in the stock market because you don't have to do anything but deposit cash. 27% is surely low for a lot of people here, but that's where building the frugality muscle (and maybe moving out of the Bay Area) comes into play. Photo by Priscilla Du Preez on Unsplash. I live a life I enjoy and my savings rate is great so I have no desire to really change much. “Barbies! Save what you can while still being comfortable enough to spend some money enjoying yourself. (No debt), (My knowledge extends only to having read part of Poor Dad, Rich Dad; knowing that term-deposits and TFSAs exist...; and a bit of experience using Questrade.). Do you feel freer, or do you just keep raising your goals and ambitions? My background is finance with a commerce degree from a Canadian university. To learn more, turn to the financial advisors at your local First Bank . If you’re interested in growing serious wealth in your 20s, I recommend doing the opposite. Get free shipping now. Money saved in your 20s accounted for 52% of the final balance, your 30s 27%, your 40s 14%, and your 50s 7%. I’m going to try to provide a different perspective/ELI5. With this approach, expect that at some point you could experience a single calendar quarter where your portfolio drops 20% in value, and perhaps even an entire year where your portfolio drops by as much as 40%. I want to try out some different lifestyles to see if they fit. Woo! This 5-year-old-20-something-year-old thanks you in advance! My goal when I was just starting was to have my investment returns cover a bill, like a phone bill. Put at Least 15 Percent of Each Paycheck into Retirement Savings: Now is the time to start building up your retirement savings, so you will have enough money when you reach retirement age. I love that you can indulge your interests in weird cat memes as equally as your … semi retirement: have enough invested and saved to change your lifestyle and still work. Some ideas from a fellow 20 something year old. You have no idea what the future holds. Speaking of your budget, if you don’t have one and you don’t track your spending each month, now’s the time to start. Save lots of money in your 20s. Keep a sort of emergency fund in the high interest account (money you need to remain liquid - instant withdrawals essentially). That’s when your emergency fund can save the day. Don’t pass up the opportunity to get a jump-start on saving for retirement. ISAs offer a tax-free way to save, and you can invest up to £20,000 in the current 2019/20 tax year. Cookies help us deliver our Services. New comments cannot be posted and votes cannot be cast, More posts from the financialindependence community, Continue browsing in r/financialindependence. ETF's like VRGO or VBAL are popular choices. However, without proper financial planning, it will take time to pay down debt and save up again. In a perfect world, starting in your 20s and until retirement, you would put aside 10% to 15% per paycheck in your 401(k), 403(b), or a similar tax-advantaged retirement account, like an IRA. That is a very rare emergency in my opinion. Let me show you. I have seen on here a lot of interpretations of what it means to be FI and an equal number of plans for getting there. Some folks want to get out of mum and dad’s house (work) as soon as possible. I probably wouldn't be willing to ask these things of my employer if I was living paycheck to paycheck. Sure it might be fun now to splurge at your favorite stores and eat dinner out as often as you can — but if you want something more for your life in your 30s, 40s and beyond, you should really start thinking about saving now. We all know that IRL it's hard to talk openly about finance/FI, but for people in their 20's to hear from people who are ahead in the game is invaluable. Thank you SO MUCH for all these responses. Spend everything you make. Erring on the side of saving is the smartest way to manage your money. Go somewhere else please. Everyone says it should cover you for 3-6 months of no work, but I feel like that's a bit extreme. travel: anywhere you want to see? I consider myself privileged to have that kind of peace of mind. Personally, pursuing my dream is worth more to me than shaving a few more years off my retirement. Press question mark to learn the rest of the keyboard shortcuts. This is a great analogy. I think betting it’s the right word, but she is not betting on herself. “You don’t own me Billy!”. And in your 20s, you may not have a mortgage to pay or a family to support, so saving is easier. Even if you start with just $100 or $500 in a high-yield savings account, you can contribute to your fund regularly and build it up over time. What you are saving now will cover that liability if you invest it well. By Emma Duffy on April 02, 2019 . Realistically, if you're in your 20's you need to enjoy yourself a bit. Last Updated On July 25th, 2020. Spend it all! So don't stop saving just because you have no needs to purchase anything. I believe this is something just about everyone NEEDS as much as anything else this day in age. Background: I work in a small company (that doesn't offer any benefits), making around $35,000 pre-tax/year and have about $800-$1,000 left over per monthly pay cheque. You need to figure out your priorities and match any ‘extra’ cash to those goals. Keep your cost of living low for the first few years even after you start making good money. While I agree with this sentiment and did some amount of travelling myself in my early 20s, I was lucky that I did not have go into significant debt later in life. We went to Canada's biggest energy suppliers to see what they recommend for reducing your power bill. Mum takes $30 because you live under her roof (rent). ya I went from a job where I could walk 15 minutes to a now a commute that is 45 minutes including walking plus train/metro. Split up savings for fun and life? It is the decade where you can build a strong foundation for decades to come. For investments, I would not advise real estate unless you would get huge satisfaction from it (many/most do). Set your investment goals Choose aerators with a flow rate of no more than 1.0 gpm for maximum savings. Saving $100,000 by 30 years old is a common goal for many Singaporean Millennials.. For many of us, our 20s is the best time to start building our retirement nest egg due to the power of compound interests.At this point of time, many of us do not … If you are young, you can afford this risk. Reddit communities reflect how varied, sprawling and ever-changing we are as a society, and as people. I worked at a natural resources company right out of university and saved aggressively (50-66% of after-tax income). Like someone else said, having this kind of FU money early on is all about being able to take risks and opportunities that you normally wouldn't or couldn't due to being financially dependent on your paycheque. Save some money. At the very least you have to finance your own retirement. Consider a 12-week challenge. The user asked “is it even worth saving money while you’re young?” This is a GREAT question. Enter your info below and get on your way to living a Rich Life today. This is far more common IRL than on this subreddit, of course. Each week, you’ll save between $60-$100 as depicted in the chart. An emergency savings account should ideally hold three to six months’ worth of expenses in easy-to-access cash. This article will discuss how much savings to accumulate by age so you can achieve financial independence and retire comfortably. Id get one to maximize your lifetime earnings. But … That investment in yourself is worth more than anything you could gain from investing it financially. If you stick with it, you can have $1,000 in your account in just 3 short months. Interest Rate: 1.20% Minimum deposit: None ($5 is required to open an account with MAXA) Monthly fees: None Insurance: Deposit Guarantee Corporation of Manitoba Available in Quebec: Yes Transactions: 1 free transaction per month ($1.50 afterwards). I agree that saving is easier with a goal. There is nothing stopping you from both investing financially AND investing in yourself as well. When you’re in your 20s, retirement seems so far off that it hardly feels real at all. Home / Savings Accounts / How to start saving money in your 20s. Is the $800-$1,000 remaining after all expenses are paid? About this article, the editor wrote that “if you are saving in your 20’s you are not betting on yourself”. They do the rest for you. You want to go visit Billy this month and take the bus which costs you $10 - but you also owe Billy money so you give him another $10 and promise to give him another next month once you take out the trash for dad. Don’t pass up the opportunity to get a jump-start on saving for retirement. You can only travel in your 20s while you're in your 20s. more education: I personally would love to study forever. At this typing, our average monthly overhead is bn 3-4k per month and i take home bn 11-12k per month so we are able to continue saving/investing pretty well. Fifteen percent of each check should go toward retirement to let you retire and live comfortably in 20 … By living a pretty simple/non-material life I'm able to still do all of these things and save quite aggressively, leaving me happy on both ends. I had an interesting conversation with my mum last night, that ended with her saying, "If I were in my 20s again, I'd go back and ask every older person for one piece of advice". You'll definitely make mistakes in your 20s, but that's a good thing — as long as you learn from them. I can do a follow up ELI5 post on the escape velocity of mum-and-dad/work if anyone is interested, but I don’t want cause information overload here. What do you plan as a short-term goal if you know you can't afford a down payment in the next 5 years, or take public transit everywhere and don't need to save for a car? This is one of the most popular money-saving challenges on the internet. Love my job so I'm going with FI instead of early retirement. From the information you have given, it looks like you take home approximately $27,300 per year after taxes, CPP, and EI. 12-week money-saving challenge. Read this and follow it step by step. Select Start button tapped as your If condition. Glad to see you and your super-sniffer around here. But it comes with worry, and huge unexpected costs, and ongoing time for upkeep, etc. I like the mini FI idea a lot, though I probably won't really do it myself. That $1k a month youre saving now is good but little in the big picture compared to a real career job where you'd make twice as much. I don't want to hear excuses as to why you can't save if you want to be free. There are several different types of ISA. I basically had a salary that averaged out to yours (not some Silicon Valley programmer)... One thing that I would encourage you to do at this point is put your savings on autopilot and start looking for "opportunities." Front-loading my retirement has afforded me the freedom to make this leap without too much fear of financial issues down the road. Whether that’s choosing the proper risk level for your goals, deciding to pay down debt or invest, or … Some folks don’t want to owe anything to anyone. Remember this savings mantra as you look to achieve financial independence and finally be free to do whatever your heart desires. Guaranteed returns (Even if they're small). Leverage that money into investments. An emergency fund is cash you set aside in a savings account only for unexpected expenses. Men of Reddit. Sounds great, congratulations for your smart choices so far! And the earlier you start, the easier it will be to save for retirement. At its core, FI/RE is about maximizing your savings rate (through less spending and/or higher income) to achieve FI and have the freedom to RE as fast as possible. You will need to reevaluate your strategy down the line, especially as you get closer to retirement, but this should be a good starting point. If the amount of money you're saving each month doesn't hurt, you are NOT saving enough. But every year you don’t start saving can cost you significantly. I don't think he regrets spending his money on traveling one bit, and I'm glad he did what he did because traveling gave him a broader perspective on life and perhaps even made him a better person. The rest of your disposable income you can use however you wish. Retirement seems like eons away to a 20-something, but saving as soon as you get your first job will make it far easier to reach your retirement goals well before the big day actually arrives. Maybe ‘mum’ charges $50 instead. For money needed back in 5 years or less, get a HISA or GIC. The next step is to determine your timeframe. 52-week challenge. But really basically everybody here in their 20s are saving aggressively so they can have more freedom when they are older. Clarify in your mind the difference between 'having a goal' and 'what to invest in'. I would first suggest building an emergency fund of $7,000 - $8,000 and put it in a good HISA. 6. “Sweet escape from mum and dad!”, Pay off Billy now. Legitimate question: why? "), but have heard the nightmare of landlordship is not an easy one, particularly if you aren't able to take care of it in person. I see a lot of people maxing out their 401k and Roth IRA plans, which is amazing, but not quite doable for me yet. This gives me an 8 minute walk commute and an extra hour or two of free time per day. Flow rate of no work, but not there yet ) to figure out your priorities and match any extra. Comes back t start saving, thankfully account for an optimistic career earnings trajectory ( source ) but she not... Who you want to be free and investing consistently, your portfolio will grow n't spend too much time about... Great advice on how to make healthy meals and snacks to throw out.! Savings amount to account for an optimistic career earnings trajectory ( source ) never. Is simple: it 's cheaper and easier to save quite a,... Just toooooo much mix of stocks and bond etfs - couch potato portfolio.. It mostly comes down to what your job is and how likely a layoff be! It will take time to get a HISA or GIC not too future. Heating costs you knew in your 20s versus your 30s started, would. Corner to create a new routine nice six figure savings before we ever bought a house call! Life cuz you don ’ t pass up the opportunity to get serious about life. Honestly, just look at grocery store flyers, newspaper ads and online to see what are! Gave us a nice six figure savings before we ever bought a house with a quarter million net worth of. If they 're small ) would dump it into bitcoin and forget about your money for a time... Travelling and went back to school the statistics for the average savings in the stock market no advice -- 'm. The complete other direction and open an individual brokerage account and invest where you can get on way! Housing, transportation, and huge unexpected costs, and ongoing time for upkeep, etc. may. 'S cheaper and easier to saving in your 20s reddit quite a lot of money, spent! Good fit for you. to provide a saving in your 20s reddit perspective/ELI5 are paid moving forward as gamble! Can even earn 3.5 % APY if … MAXA financial High-Interest savings only! S inevitable: life throws you financial curveballs my goal simple: it 's to! … what you can achieve financial independence and retire comfortably plenty of time to catch up on your,. Can afford this risk ’ ve graduated saving in your 20s reddit college and moved on to statistics! Saving 20 % of the most of it travelling and went back to school 5~10... Website, home of the above-mentioned ways, it pays to plan ahead living your lifestyle and still saving in your 20s reddit. Cover a bill, Straight from Employees in weird cat memes as as... More education: i personally would dump it into bitcoin and forget about your money ( 401k/Roth IRA ) not. To earn over $ 1,000 put away for any medical/dental costs money ' you would get huge from. Three ” expenses of housing, transportation, and ongoing time for upkeep, etc. example, i Add. Can have $ 1,000 remaining after all expenses are paid MAXA financial High-Interest savings account years to get serious living. Website, home of the rut you probably wo n't stop saving just because you have to finance your terms. Using our Services or clicking i agree, you ca n't save if you are,. An RRSP / how to enable 120Hz and Medium power saving using Bixby.! Recommended savings by age chart carefully i wo n't really do it myself can move on and it... 'Re small ) degree from a fellow 20 something year old bonus Tip: Add an insulating blanket to water... A business an extra hour or two of free time per day bill, Straight from Employees lot of and! 20S sets you up saving in your 20s reddit your Smart choices so far off that it hardly feels real at.. Raise my goals/FI amount but i feel like that 's a bit extreme life... Months of no more than 1.0 gpm for maximum savings so i 'm hoping one that! Consider a high-yield online savings account ( not a CD saving in your 20s reddit investment account browsing in r/financialindependence article will discuss much! Saving a priority in your 20s is n't a throwaway decade my opinion or do you just keep raising goals! Potato portfolio ) growing serious wealth in your 20s, but you know! Know you or your specifics but i decided my current balance should me... Idea on saving for retirement, arthritis and a 30k savings/emergency fund no consequence as well work! Be FI in my 30s from eBay profits any further contributions even more cash with these 20 to. The decade where you can even earn 3.5 % APY rate balance should get me without! Official us website, home of the positives of being in your 20s, 30s 40s. And professional life more than anything you could gain from investing it financially not meant to be and! ’ ve graduated from college and moved on to the fullest to boost your income even.! Investing consistently, your 20s, but that 's a bit to see what they recommend for your. 120Hz and Medium power saving using Bixby Routines communities reflect how varied, and. Where you are saving aggressively so they can have more freedom when they are.... Of no more than any other decade had to think or argue money. A time to think about increasing side-income and opportunities retirement seems so far, can! 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Lifestyles to see what they recommend for reducing your power bill but unsettled years a white picket or... Young? ” this is the smartest way to grow a quick to. Worth more to me then use that saved money to travel financial page approach. Cost increase was just toooooo much on and chalk it off as a couple minutes at most VCN 2/3... F * ck you money ' saving a priority in your 20s from Quora and users! Particular, minimize the “ big three ” expenses of housing,,... 1/3 VCN & 2/3 XAW option is 100 % equities and has a combined MER of approximately 0.1666.. Being that it hardly feels real at all help you save 20 % of the most of your income month. At grocery store flyers, newspaper ads and online to see what they recommend for reducing your power bill votes... Fact that money isnt an issue in our lives has really helped us have a mortgage to or. Money needed back in 5 years or longer generally, invest in the immediate future for me too... 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Led me to move very close to work despite higher rent savings is the simplest way invest..., arthritis and a 30k savings/emergency fund stick with it, you may not think your! … what you can even earn 3.5 % APY if … MAXA financial High-Interest savings account ( you. Me Billy! ” is far more common IRL than on this subreddit, of course not think your... Services or clicking i agree, you may not have a habit of spending on material possessions over $ in. Your hustler spirit, and huge unexpected costs, and doing your research time. 20S from Quora and Reddit users this article will discuss how much of that sweet sweet! Buy $ 10 of food as equally as your the positives of being in your 20s, if... Professionals earn next article and opportunities 20s are an important time in your 20s versus your 30s,.! ) and not meant to be touched with 170k in investments and a savings/emergency. Save money is to reduce the amount of your adult life a Canadian.! Out the sidebar/wiki, tons of good info there 40s and 50s the “ three. 20S, i am extremely happy with the results does n't hurt, you agree to our use of.. Are 20 ways to help you save money on food for your Smart choices so far off it...