There are specific purchases you can make in your twenties that drastically change how much money you spend. I’m less than a year away from turning 30 and have saved a ton of money from the products below. You may even use some of these products already, but I bet there are a few products you’ve never heard of before.
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Here are smart purchases to make in your twenties.
So many of us leave college and start a career without even knowing how to contribute to a 401(k). This is a terrible mistake because investing as young as possible is one of the best ways to end up with the most money when you hit retirement.
Below is a good example on why it’s crucial to invest money each month and the benefits you get when starting at a young age.
I learned how to invest from the course Build Wealth By Investing In Index Funds. This course is for beginner investors who want to build wealth through investing. I invested over $70,000 in my twenties with the knowledge from this course.
This course is simple, straight to the point, no fluff. You learn exactly what you need to know to start investing in your 401(k). I also recommend checking out the course creators instagram page because it’s filled with a ton of useful information on investing.
Related article: How To Build Wealth By Investing In Index Funds
Instant pots are time and money savers. There are tons of recipes online where you can throw all the ingredients into the Instant Pot and press start. This is the Instant Pot I use and love.
The Instant Pot is a multi-cooker that functions as a pressure cooker, slow cooker, rice cooker, steamer, sauce pan, yogurt maker and warmer. There are even 14 1-touch smart programs for foods like soup, beans, rice, yogurt, desserts, so you can make many foods on autopilot. The components and accessories are even dishwasher friendly.
I love to make chili, pasta, stroganoff, and plant-based turkey roast.
Related article: 10 Budget-Friendly Instant Pot Recipes
Taking care of your health can save you money on health costs by helping you avoid doctor visits.
Here are some ways I take care of my health:
- Routine visits to my primary once a year and we even do lab work to check my body function
- Regular PAP smears
- Eat a plant-based diet and supplement with B12 and Vitamin D
- Exercise daily whether it be Peloton or a chill walk around the neighborhood
- Visit a dentist every 6 months for cleanings
- Visit a specialist for my chronic illness every 6 months
- Wear sunscreen any time I go outside
These are just some of the things I do for preventative care which may limit how often I go to the doctor and rack up medical bills.
Related article: 50 Healthiest Foods For A Tight Budget
There’s something transformational about working on yourself. When you spend time on personal growth, you see a huge boost in confidence which trickles into everything else in your life. When you regain confidence and learn how to meet goals and overcome problems, you see a crazy improvement in relationships, career, and how you treat yourself.
For several months last year, I even took part in a life coaching membership that taught me how to overcome obstacles, problems, and reach the goals that I never thought I could obtain. This life coaching membership is called Grow You and allowed me to get access to life coaches from home via laptop.
Here are some of the topics covered in Grow You
- Weight loss
- Feeling stuck
- Mastering relationships
- Money mastery
- Career direction
- Goal setting
- Rewiring brain
- Rewriting your past
How Grow You membership works
- Each month, there’s a new topic introduced, along with a new course and workbook.
- There are weekly live coaching calls that you can watch live. You can also watch the replays as many times as you want.
- A coaching forum where you can get written coaching 24/7.
- A private podcast for Grow You members.
- Weekly calls that are topic-specific and include a new lesson plus coaching.
- Weekly video called Sunday Start with a weekly lesson to start your week off right.
Related article: Honest Grow You Life Coaching Membership Review
There are some people who are really against credit cards and I’m not one of them. I believe if you can manage and handle credit cards responsibly without racking up debt, they are one of the best things you can do to get free money.
In the past year alone, I’ve gotten thousands of dollars from sign up bonuses and credit card rewards.
For example, the Chase Sapphire Preferred Credit Card has a current sign up bonus of 80,000 bonus points if you spend $4,000 in the first 3 months of the account opening. Since I already spend that money on groceries, bills, and entertainment, it made sense for me to sign up for that card.
I’ve also signed up for the Chase Freedom, Chase Amazon, American Express, and American Airlines credit card to take advantage of their amazing credit card sign up bonuses.
There are certain books that will get you a lot farther in life if you read them in your twenties.
For example, reading You Are A Badass At Making Money completely transformed my mindset around money in all areas of my life. I learned how to get rid of roadblocks that made me believe I could only make a certain amount of money. I started attracting a lot more money when I transformed my mindset.
I also really enjoyed reading I Will Teach You To Be Rich, which is a practical and nonjudgmental approach that is based around the four pillars of personal finance: banking, budgeting, investing, and saving, along with the wealth-building ideas of entrepreneurship.
You may want to read my blog post on 10 Best Lessons From My Favorite Personal Finance Books. I highlight the most helpful lessons I’ve learned from the variety of personal finance books I’ve read.
Related article: 10 Books To Read To Get Rich
One of the easiest and cost-effective ways to save money is installing a programmable thermostat today. These range in price from $23-$100 and some even allow you to use an app on your phone to set up times. This is especially convenient for people who travel a lot because you can turn off or turn up your thermostat while you’re gone, which saves money.
Here are even more benefits of programable thermostats that surprise you.
Regular car maintenance is key to making sure your car stays in good shape and lasts as long as possible. I make sure to regularly visit the dealership where I got my car to keep up to date with maintenance. I really feel like this makes the car last longer and keeps it in good shape.
Having adequate insurance is not only responsible but potentially life saving. It is worth paying the money for insurance to get peace of mind in case anything happens to you.
Here are the types of insurance financial experts recommend having in your twenties:
- Health insurance
- Renters insurance
- Life insurance
- Auto insurance
- Disability insurance
On top of those things, I also have pet insurance for my dogs because they’re old and I don’t want to risk getting a $20,000 bill.
Family ICE Binder
If you’re living on your own, married, or starting a family, you need a Family In Case of Emergency Binder. We have one and I can’t believe we went so long without one.
The Family In Case of Emergency Binder is a one-stop shop for all of the important documents your family needs. This includes things like finances, login information, legal documents, pet care information. This binder is specifically for if something were to happen to you. Your family would be left with a binder that tells them everything they need to know. In all honestly, the binder isn’t 100% just for you. It’s for your family in case anything happens to you.
Even if you didn’t pass away, the binder helps proving you who are in case you were in some kind of crazy event, like a tornado and all of your belongings were gone. It’s really convenient to have an emergency binder and plan in case in case anything catostrophic happens.
In my household, I take care of everything financially and all appointments, so it’s key that my husband knows what to do and how to access important things in case something happened to me. The Family ICE Binder is our cushion in case anything happens.
Related article: Family In Case of Emergency Binder
A bike is one of the best purchases to make to save money and increase your health and well-being. There are so many unexpected benefits of buying a bike but I think the best benefit is how you feel during and after a bike ride outdoors.
Paper towels are incredibly wasteful and not to mention expensive. I hated buying paper towels because they seemed to go so quickly and $15 for some paper towels sucked.
I decided to DIY cloth napkins instead of buying them brand new on Etsy or Amazon. I used bath towels we had already and barely used and cut the towels into paper towel sized pieces. I have a clean and dirty bin in my kitchen and that keeps it organized and convenient.
My friend uses these reusable paper towels and says they’re great. I’ve used them at her house before and they’re high quality and washer-friendly.
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