6 wise ways to spend money effectively at age 20

Learning finance management in your 20s is essential not only for your present life, but for your future as well.

Spend money to buy experience instead of material values

When you cannot fulfill many of your needs at the same time, choose the one that works best for you. And new experiences will be more beneficial to you than luxury items. You can be very excited about a brand new bag, but over time, the excitement will no longer be there. However, the feeling of experiencing something new can be kept in you for the rest of your life. It can be a thrilling sport that you have never tried, or a cooking course that will enrich your cooking talent.

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Travel abroad if you have the opportunity

At age 20, you are in the best health state. Excitement of exploring the world always urges you to pack up and get on the road. Therefore, do not wait until you have enough financial resources to book an air ticket for a trip outside the country. If you are not capable of a long journey in a distant country, you can go on a thrift plan, to a country near where you live. The value of the trip does not lie in how luxurious your hotel is, or whether your ticket is first class. It is important that you learn something interesting in other countries. Traveling abroad is the best way to learn, experience and grow.

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Give your parents some money

Of course parents never expected their children to repay, yet you can still do it. Although it might be just a little money, it still makes your parents happy. Their joy does not come from how much money you send. Parents are just happy and proud to see how mature and reliable their children are when they turn 20.

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Donate to a charity fund

You can choose a charity that you like, then donate an amount of money depending on your ability. Happiness is only true happiness when it is shared. Maybe it's just a small sum of money for your snack but for those in need, that's a great gift. You will feel life is more meaningful when your money can help many others.

 

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Invest in your passion or work

If you think investment is only for those with high income, then you should change something. At age 20, although your finance is not stable yet, this is a good time to invest in yourself. It does not need to be a big deal, you can spend money for your favorite work or anything that will help your work. For example, if you want to learn a new language, do not hesitate to find a suitable course. Maybe you do not immediately see its benefits but then, you will secretly thank these investments.

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Never spend all your money

Last but not least, you should not spend all your money. Whenever you decide what to do, make sure it is useful to you. Buy what you really "need" and do not waste too much on what you "like". This is a way to help you avoid being broke and having no money in emergencies.

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By: Olivia Mendoza

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