By hope
I will be fifty tomorrow. Yikes! I can’t believe I’m admitting that out loud. never! But I do.
These past few months have been filled with self-reflection, difficult conversations, and more than a few tear-filled moments filled with regret. a lot.
I thought making a list of what I wish a 20-year-old had learned and embraced was a fitting way to wrap up my last day in my 40s.
If I could sit down with my twentysomething self over coffee, I would pour out years of my hard-earned mistakes, lessons, and wisdom in the hopes that I could spare her some of the financial stress she’s endured throughout her tenure. Years.
Here’s advice I wish I’d followed when I was younger, simple, practical advice that would have saved me heartache, sleepless nights, and a lot of dollars.
1. Start saving, even if it’s $5
I know saving seems impossible when you’re barely covering rent or student loans, but even $5 a week adds up. It’s not about the amount, it’s about the build usually. By the time you’re 30, you’ll thank yourself for having a pillow for emergencies. Life happens: flat tires, broken phones, sick pets. Having savings can turn a crisis into a mere inconvenience.
2. Credit cards are not “free money”
No one handed me financial proof when I got my first credit card. I treated it like magic – swipe, get stuff. Except “things” turned into debt, and magic turned into misery. Only use credit cards for the things you want You can actually afford it And pay their installments every month. Avoiding credit card debt in your 20s will make life much easier in your 30s and beyond.
3. An Emergency Fund Will Save You (Literally)
If you are 20 years old, you will feel like life is invincible. But spoiler alert: emergencies happen. If I had saved 3-6 months of living expenses in my 20s, I could have avoided a debt spiral during job losses, medical bills, or surprise car repairs. Start small, but start now.
4. Limit spending on children’s activities
As a mother, I spend a lot of money trying to give my kids “every chance.” Gymnastics, soccer, dancing – you name it, we’ve tried it. But here’s the truth I wish I’d realized sooner: Exposing children to nature, art, and other free or low-cost experiences is far more valuable than all the paid activities in the world.
Children don’t need busy schedules to succeed. Exploring the trail, playing in the park, baking together, or getting creative with sidewalk chalk can give them skills, memories, and fun that money can’t buy. And let’s dispel this myth: starting a sport or activity later in life will not prevent its success. I promise you that no football star is six years old (Or a gymnast) Guarantees a professional career.
What kids really need is your time, creativity, and freedom to explore. You’ll save money, build resilience and imagination, and everyone will be less stressed. Plus, you can breathe easier knowing you’re not increasing your budget to “keep up.”
5. Learn how to budget – it’s not a dirty word
I know budget sounds boring. But when you tell your money where to go, it doesn’t just disappear on you. I wish I had started tracking every dollar sooner. Apps, spreadsheets, laptop – whatever works for you – just that Do it. Budget doesn’t limit you; It gives you freedom. Yes, I know my projections are against a traditional budget. However, you will be proud of my recent work in this field and its rating. Maybe more on that in the new year.
6. Don’t ignore retirement just because it seems far away
Retirement seems like something only “old people” think about, doesn’t it? That’s what I thought when I was 25 years old. But here’s the deal: Saving small amounts even in your 20s allows compound interest to work its magic over decades. In the future she will thank you a million times over for starting early.
7. Be smart about windfalls – don’t screw everything up
Whether it’s a tax refund, a bonus at work, or an unexpected gift, getting a windfall is great. My younger self treated those moments like free tickets to crazy spending, like new clothes, trips, or exorbitant amounts of money I couldn’t otherwise justify. It felt great…until the money ran out, and I had nothing to show for it.
Here’s the smarter way to handle windfalls:
- Pause and make a plan before spending a single dollar. Give yourself 24-48 hours to think about it.
- Divide it using a simple rule, like 50/30/20: 50% for debt, 30% for savings, and 20% for something fun. This allows you to enjoy a little money without hindering your progress.
- Use the opportunity to tackle a big financial goal, such as paying off a stuck credit card or building your emergency fund.
Windfalls are rare, and when handled wisely, they can change your financial future. Trust me: The joy of knowing you’re safer lasts much longer than the glow of a shopping spree.
8. Build a “fun box” for a rainy day
This may seem like a small thing, but it is very important for your mental health. Life is not just bills and budgets. Set aside a little “fun money” each month to do something for yourself: dinner with friends, a short trip, a new hobby. If you don’t plan for joy, you’ll end up splurging recklessly and feeling guilty.
This has always been crucial for me. I always planned a trip, even if it was just (and it was often) a road trip to visit family in Georgia. Having those experiences that I look forward to has saved me on so many levels. You did it well…and I support it 100%.
9. Budget history (and pay attention to financial values)
Dating may seem expensive, but it doesn’t have to be. Some of the best dates don’t cost a dime — think long walks, picnics in the park, visiting a free art gallery, or cooking a meal together at home. Focus on getting to know someone, not impressing them with fancy dinners or expensive outings. Don’t expect that from your partner. The best relationships are built on communication, not credit card debt.
And while we’re on the subject, pay attention to their financial values. It’s easy to get caught up in romance, but financial habits are important. Find someone who shares your viewpoint: someone who values budgeting, saving, and living within their means. If they think swiping a credit card is “no big deal” or they constantly prioritize appearance over security, consider that a red flag.
Building a life with someone who aligns with your financial goals will save you heartache (and money) in the future. A good relationship should make you feel secure, not stressed about what’s in your wallet.
10. Mistakes happen, but don’t ignore them
I’ve made more mistakes than I can count. You’ve blown budgets, racked up debt, and ignored overdue bills. What I’ve learned is this: The more you ignore a financial problem, the worse it becomes. Face it, fix it, and forgive yourself. Financial mistakes do not define you. How to recover does.
A final note to my 20th person (and maybe to you)
I’ve failed a lot over the years, but I’ve also learned how to pick up the pieces and move forward. If you’re in your 20s, or even your 30s or 40s, start where you are. It’s not too late to change your financial story. I’m in the midst of exactly that right now. But I wish I had started much sooner.234
One day, you’ll look back and be so glad you did it.
Now go save that $5.
Here’s to making my 50s the best decade ever!
~Hope
Hope is a creative, solutions-focused business manager who helps clients grow their businesses and operate more efficiently by leveraging expertise in project management, digital marketing, and technology solutions. She has recently become an empty nester as her five foster/adopted children spread their wings. She lives with her three dogs in a small town in northeast Georgia and prefers the mountains to the beaches any day. She has the travel bug and does her best to help each of her children finish school and become independent (but it’s hard!) She’s been running her own consulting company for nearly twenty years! Hope began sharing her journey with the BAD community in the spring of 2015, and feels like she’s finally in a place that allows her to truly focus on making wise financial decisions.
