| When you are 20 years old the world seems a place | | | | you never know when you'll have an emergency and |
| of endless opportunities. You want to do everything, | | | | need a little extra cash. There are some rules to |
| try every food, and travel to every exotic location. | | | | follow here though. Refuse the debit card that usually |
| And then the bills start coming, and you realize that | | | | comes with the account. You won't be taking money |
| you are deep in debt without even counting your | | | | out of this account without a lot of consideration and |
| student loans and living expenses. So what can you | | | | debit cards lead to impulse purchases. Open your |
| do to avoid this financial quagmire? Who gives | | | | account in a different bank than you have your |
| financial advice for 20 year olds? | | | | checking. This is another layer of protection from |
| The trick is to avoid the overspending trap to begin | | | | impulse spending. If you have to go to the bank for |
| with. At 20 years old you have probably only been | | | | the money you will have a cooling off period.o If you |
| paying your own bills for, at most, a few years. | | | | are a student you are already in debt, unless of |
| Financial responsibility takes time and experience to | | | | course you were born rich. You have to deal with |
| learn. There are things that you can do now | | | | debt as soon as possible. The best way to pay off |
| however to avoid at least some of the pitfalls before | | | | student loans quickly is to pay more than the |
| you get caught up in them.o Once anyone turns 18, | | | | minimum each month. This works well with credit |
| they can legally enter into a financial contract and | | | | cards also. Also look at the interest rate on your loan |
| credit card companies from all over country start | | | | and the interest rate on your credit cards. If you |
| sending your plastic. While they can be useful | | | | cards interest rate is lower use it to pay off the loan |
| remember they can literally ruin you if misused. Limit | | | | and save several hundred dollars, minimum.o Consider |
| yourself to one card and only use it in emergencies. | | | | starting your own business. The Internet has |
| If you have to use it, do so to draw money from an | | | | numerous opportunities such as internet marketing or |
| account and pay cash. This way you don't have a | | | | freelance computer work that you can use to |
| balance or interest charges. If you card does not | | | | augment your income while working from home or in |
| allow this, use the card and pay it off with a check | | | | the dorm. |
| as soon as you get home. And if you do use one to | | | | It is never easy to follow financial advice for 20 year |
| make basic purchases, again pay off the balance | | | | olds. Temptation lurks around every corner. |
| immediately and never spend more than you would if | | | | Remember this and it will serve you well. Everything |
| you had the cash in your hando Start saving money. | | | | in moderation! |
| It is never too early to start a savings account and | | | | |