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We all wish we could turn back time.
Whether it be our life choices, our diet, our looks or our financial decisions. We all wish we could a, should a, would a, but if you really could turn back time what would you tell your younger self about money.
What key choices would you like to change? What advice would you give?
7 Things I Wish I Had Known About Money When I Was 21:
1. I wish I had saved more.
When I was 21 I travelled, I went to university and thought about the big grand picture of what life would be like once I got my degree. I wish I had started saving for a house, a car, and retirement. I wish I had set up separate accounts and saved even small amounts and started my financial future then.
2. You don’t need to keep up to be happy.
Yes, the designer jeans and the big vacations are nice but you don’t need to keep up to be happy. What is the saying, “stop trying to impress people you don’t like with money you aren’t sure you have.”
3. Purchase a house when you can, don’t wait.
Whether you are purchasing for investment or to live in if you have the funds to purchase a residence. Don’t wait. I waited till I had a family and the prices of homes have soared. I wish I had purchased a home when the prices were cheaper when I knew I could afford it.
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4. Coupons and sales are cool.
Growing up I loved a good sale as much as the next person, but I wish I had known more about couponing, store rewards and Ibotta. Oh the money I could have saved. If you don’t know about Ibotta it is this great app you download, click, shop and save. You earn money back on items you regularly go shopping for, no coupon clipping.
5. Meal planning is a huge money saver.
If I could only turn back time and tell my younger self to skip the cafe coffee and eating out. There would be more money in the bank. If you have read my blog before you know how much I love coffee and in my younger years that’s what we did we met for coffee and did breakfasts out with yummy thick rich flavorful lattes.
I also ate out a lot mainly stuff I didn’t know how to cook like ethnic foods or we would do lots of dinners out with friends.
I wish I had known about meal planning, freezer cooking and potlucks. Now that I am older and wiser I have invested in a few great appliances and a meal planning program.
6. Jobs are not forever.
The economy changes, jobs change, the availability of employment changes. Growing up in a small town everyone had their jobs for years so you kind of expected to do the same. The economy has changed vastly over the last decade and employment opportunities have changed rapidly in this economy. What would have been a job you keep till retirement is no longer the same.
You need to save for the possibility of job loss and life change. You need to have a back up plan and possibly a side hustle.
7. Frugal living is a great way to save money.
Living well on less. Frugal living and simple living is the way to approach life. Living below your means. Passing on the expensive named brand for the cheap generic brand to save money. Choosing to hang dry your laundry and cut the cable to save funds.
Frugal living is about making smarter choices with your money so you can gain more out of life.
Have an amazing day,
Saving & Simplicity
Updated July 23, 2018