You may think that learning about money and finance is boring, but it is one of the most important subjects you will learn in your lifetime because it is integral to our everyday lives. Money is what makes the world turn, what allows us to live in a house and feed our families. This is why in your early 20’s you should start to really delve into the world of finance.

You could go for a course in online msc accounting and finance if you really want to dig deep and learn the reasons behind why finance is how it is, but for the rest of us, here are some of the things that you need to know about money to keep yourself financially stable:

Be tight

Being tight with what you spend is the first step to becoming stable with your finances. You need to think about the things you need and the things you want. For example, you might think that you need a new jumper because it’s cold out, but you actually need a car because you don’t have one. With the money you save not buying a jumper, you can put that aside for your car. By doing this with coffees and takeaways, you could be saving up to $200 per month.

A good credit score

It is crucial to have a good credit score if you ever want to buy a car or a home. You may have been told throughout your life to never use credit, and this is true because you shouldn’t be spending money beyond your means. However, to gain a great credit score you need to prove that you can take out credit and pay it back. It may be worth using a credit card to pay for your normal food shop and paying it back at the end of the month just to boost your score up.  

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Low overhead

Think about all of the subscriptions you are using in your life. You need to try and cut back on unnecessary costs because it will help you save that extra cash during the month. If you think about your amazon prime, netflix, broadband, spotify and other subscriptions- you are paying out a huge amount each month. Try and cut back to the things you can’t live without, and forego the rest. .

Stay frugal

It pays to be frugal. Staying frugal means that you are finding ways to save money and make things cost you less. For example, collecting coupons for your food shop and using the coupins to make your next shopping list can cut down on your bills by a huge chunk. Maybe you want to craft your own christmas decorations instead of buying loads of them from the store, all of these things will save you money and allow you to spend that money on something you need.

Learn to cook

One of the biggest outlays for young people is food. Everyone loves food, but you may get to a point where you are eating out for more of the week than staying in and cooking. Dining out is great, but it should be a rare treat, not a normal affair. If you struggle to cook, consider taking a cookery class to learn some basic skills in the kitchen. You will save a lot of money in the long run.  


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