---
title: 24 Money Tips You Need to Know Before Turning 24
description: The money tips most relevant to you can change as you get older and financially wiser. Here's some money advice you need to hear before you turn 24.
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---

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## MONEY SMARTS

Discover how to wisely manage your finances

# 24 Money Tips You Need to Know Before Turning 24

 March 31, 2025

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![24 Pieces of Money Advice You Need to Hear Before Turning 24 Primary Image](https://students.1fbusa.com/hubfs/24%20Pieces%20of%20Money%20Advice%20You%20Need%20to%20Hear%20Before%20Turning%2024%20Primary%20Image.jpg)In high school, you probably learned about mitochondria and read Shakespeare’s plays, but you may not have been taught how to handle money. Unfortunately, financial education is something that’s missing from many school lesson plans. That means that students often manage their money for the first time in college without much help or guidance (until now). Keep reading for money advice you need to hear before you turn 24. 

 

## **1. Create financial goals**

Knowing what you want to achieve is the first step to a healthy financial future. Your financial goals can be anything from saving for retirement to [setting aside money for a vacation](https://students.1fbusa.com/money-smarts/how-to-save-for-a-vacation). Having a goal to work towards will help you stay motivated. Try using the SMART goal strategy (specific, measurable, achievable, relevant, and time-bound) to make your money aspirations easier to reach. 

 

## **2. Start a budget**

Regardless of your goals, you will need a budget. While [creating a budget in college](https://students.1fbusa.com/college-life/how-to-create-your-budget) is relatively easy, the real difficulty lies in sticking to your plan. You will need discipline and self-control to stop spending money on eating out, clothing, entertainment, etc. when you hit your budget limits. Budgeting helps you develop good money habits for the future while holding you accountable for your financial decisions today. 

 

## **3. Remember the 50/30/20 rule**

For those who are just beginning to manage their money, the 50/30/20 budgeting rule is a good method to try, as it’s simple and straightforward. The rule states that 50% of your income should go to needs, 30% should go to wants, and 20% should go to your savings. However, you can adjust the percentages to meet your needs as your financial situation changes.

 

## **4. Understand credit and why it matters**

Credit allows you to purchase something now with a promise to pay it back later, often with interest. Having a [good credit score](https://students.1fbusa.com/money-smarts/credit-scores-101) can positively impact your ability to borrow money. With good credit, you may be approved for a car or home loan at a more favorable interest rate. On the other hand, poor or limited credit can lead to loans that have higher interest rates, require a cosigner, or may be denied altogether. You should continually [work to build your credit score](https://students.1fbusa.com/college-life/tips-on-how-to-build-credit-as-a-college-student) to save you time and money in the future. 

## **5. Use credit cards responsibly**

A credit card is a useful tool for covering unexpected expenses, especially for students. When you need to purchase an extra textbook or fill up your gas tank for a trip home, a credit card can be a lifesaver. While you could [opt to use your debit card for purchases](https://students.1fbusa.com/money-smarts/what-is-the-difference-between-debit-and-credit-cards), using a credit card helps you build your credit history (provided you make your payments on time) and offers better protection against fraud. Having a [student credit card](https://students.1fbusa.com/money-smarts/student-credit-cards) and using it responsibly is one of the easiest ways to build your credit.

 

## **6. Pay your credit statement in full**

Many people believe the [common credit myth](https://students.1fbusa.com/money-smarts/credit-card-myths-you-need-to-hear-the-truth-about) that you must carry a balance in order to build credit. This is simply not true. In fact, frequently using too much of your credit limit and not paying it off can hurt your score. No matter how much you charge to your card, aim to pay off your balance in full each month. Consistently covering your entire credit card bill shows lenders that you are responsible and know how to manage your money wisely.

 

## **7. Automate everything**

Sometimes your daily life can be hectic, making it easy for a bill payment to slip your mind. Not paying one of your monthly bills can cause late fees and other repercussions. Consider automating your monthly expenses, like rent, utilities, loans, and credit cards, to be withdrawn from your checking account whenever possible. Additionally, contributions to savings or investments can typically be automated, allowing you to start saving for your future without having to think about it.

 

## **8. Use student discounts (if applicable)**

If you’re in college, you should use any [student discounts you can get](https://students.1fbusa.com/college-life/student-discounts). With a college student ID, you can reduce your costs of electronics, food, entertainment, transportation, insurance, subscription services, retail items, and more. Whether you’re in the grocery store or online shopping, it never hurts to ask if a store or restaurant offers a college discount. 

 

## **9. Pay off debt**

Paying off debt can be daunting, but it’s necessary to achieve financial wellness. If you have multiple debts, paying off the debt with the highest interest rate first is usually the best method to choose. If you’re able, you should pay off more than the minimum payment each month and strive to make additional payments whenever you can. This will allow you to pay less money in interest in the long run.

 

## **10. Consider student loan refinancing**

If your credit has improved significantly from when you first applied for student loans, refinancing may be a good option. Refinancing is the process of taking out a new loan to [pay off the student loan(s)](https://students.1fbusa.com/adulthood101/tips-to-help-you-pay-off-student-loans-fast) you already have at a more favorable interest rate. Before you rush to refinance, talk with a customer service representative from your loan provider, as you could lose your eligibility for student loan forgiveness or income-driven repayment plans. 

 

## **11. Build an emergency fund**

Because life is unpredictable, you should always plan for the unexpected. One way to be prepared is to have an [emergency fund established in college](https://students.1fbusa.com/college-life/why-is-it-important-to-have-an-emergency-fund). Typically, this is a regular or high-yield savings account that contains three to six months of your income. Your emergency fund should only be used for situations that you couldn’t predict or budget for, such as unexpected job loss, home repairs, or loss of a loved one.

 

## **12. Make sure you have proper insurance**

Along with an emergency fund, it is necessary to have insurance. Accidents happen randomly, and without adequate insurance, you could end up paying thousands of dollars in medical bills or car repairs. Additionally, if you are renting an apartment or house, it is smart to have renter’s insurance. Pet insurance and phone insurance could also come in handy in your day-to-day life. No matter the type of insurance, it is always wise to protect the things that are important to you.

 

## ![24 Money Tips You Need to Know Before Turning 24 - 1](https://students.1fbusa.com/hubfs/24%20Money%20Tips%20You%20Need%20to%20Know%20Before%20Turning%2024%20-%201.jpg)**13. Avoid comparison**

Throughout life, it is easy to compare yourself to others financially. Although you may admire friends or influencers who have fancy cars and designer clothing, it’s important that you [avoid the financial pressure to keep up](https://students.1fbusa.com/college-life/how-to-avoid-financial-peer-pressure-in-college). Social media can portray fake wealth, as people could be drowning in debt to fund their lavish lifestyles. Although saving for your future doesn’t look glamorous in your feed, you will thank yourself later for avoiding comparison and living humbly. 

 

## **14. Begin saving for retirement early**

It is never too early to begin saving for retirement. One smart way to save is to automate part of your income to go to a retirement account. If your company offers a [401(k) plan](https://students.1fbusa.com/adulthood101/what-20-somethings-should-know-about-401k-retirement-plans) with employer-match benefits, make sure you take full advantage. With these plans, your employer will match a percentage of the amount you contribute into your plan. You don’t want to miss out on this free money!

 

## **15. Live below your means**

Although it may feel necessary, trying to keep up with the lifestyles and spending habits of the people around you is not sustainable or healthy. As you make more money, you should [avoid lifestyle creep](https://students.1fbusa.com/money-smarts/how-to-avoid-lifestyle-creep), or the increase in spending as you bring in more money. Instead, you should increase the amount of money you’re saving and live below your means.

 

## **16. Set saving fun**

Saving money doesn’t have to be a chore; you can set fun savings goals to make the process more enjoyable. For example, you could start with the $5 Challenge, meaning that you put every $5 bill you come across into an envelope for a year. Another example involves designating no-spend weekends throughout the year. A [creative savings challenge](https://students.1fbusa.com/money-smarts/creative-money-saving-challenges-for-college-students) can make saving money more enticing both during and after college!

 

## **17. Learn the basics of investing**

Investing involves purchasing assets with the expectation that the assets’ value will increase in the future. You can invest in the stock market, mutual funds, real estate, and more. Although there is the potential to make money while investing, there is also a risk of losing money. Before investing, do your research and consider working with a certified financial planner to help you decide which type of investment portfolio is right for you. Start small, and don’t expect to get rich quickly.

 

## **18. Talk about money in long-term relationships**

If you have a long-term significant other, money is a topic you cannot afford to avoid. Every relationship is different, but being on the same page about your finances can help you align your financial futures. When [discussing money with your partner](https://students.1fbusa.com/adulthood101/tips-for-talking-to-your-partner-about-money), you should have an open mind and remember to always tell the truth.

 

## **19. Start a side hustle**

[Side hustles provide an additional stream of income](https://students.1fbusa.com/money-smarts/best-side-hustles-for-college-students) alongside your full-time employment. A side gig can range from creating and selling a product you’re passionate about to offering services like car detailing. When your current job is your only source of income, losing it can be really challenging. Without an income, living expenses can quickly eat up your savings, potentially hindering the financial progress you’ve made. A side hustle could help you avoid the financial risk of putting all your eggs into one basket. 

 

## **20. Keep learning about money**

Once you have a good handle on how to manage your money, you should continue to [increase your financial literacy](https://students.1fbusa.com/money-smarts/ways-to-improve-your-financial-literacy). You can gain more knowledge from reading personal finance books and blogs, listening to podcasts, or following financial literacy pages on social media. You may have thought that education ends after you graduate, but learning to make smart money decisions is a life-long journey. 

 

## **21. Don't stress over mistakes**

As you make more financial decisions, you’re bound to have a mishap, like missing a savings goal or buying something that wasn’t in your budget. While you should [avoid money mistakes if possible](https://students.1fbusa.com/money-smarts/money-mistakes-to-avoid-at-all-costs), what matters most is how you recover from them. Reflect on what went wrong, and identify the steps necessary to avoid a similar situation in the future. By looking at money mistakes with a new mindset, you can see them as an opportunity for growth rather than a source of stress. 

 

## **22. Share your knowledge**

As you learn more and increase your confidence in handling money, you shouldn’t keep all of your knowledge to yourself. Through conversations about money, you may find opportunities to help others in their financial journeys. Friends, classmates, or siblings may be facing similar challenges to ones that you’ve been through. By sharing your experiences and offering advice, you can support each other in improving your money management skills and foster accountability. Keep an open mind, as you may learn something from them as well. 

 

## **23. Be patient and stay consistent**

A lot of people desire to have enough money to live comfortably right now. Even though it would be nice to become a millionaire overnight, your investments and savings need time to grow and harness the power of compound interest. You need to be patient to allow your money to work for you. Although you may have to make sacrifices now, your smart money decisions in your 20s will pay off in later stages of life. 

 

## **24. Don’t forget to live**

Managing your money can be time-consuming, but it shouldn’t take over your entire life. Make sure you are taking time to look away from your budget sheet to experience life around you. There are plenty of [affordable and fun things to do](https://students.1fbusa.com/college-life/affordable-and-fun-things-to-do-with-friends-in-college), like going for a hike in a nearby park or exploring free local events. Budgeting is important, but it’s just as important to take care of your mental and physical health. Make it your personal mission to find simple activities that can enrich your life without straining your finances. 

 

Although you may not have learned this information in school, now is the second-best time to start applying it in your own life. Soon, you’ll be managing your finances with ease and helping others grow in their finances, too. Whether you’re 24 or 44, it is never too late to increase your knowledge about money and start [working towards your financial goals](https://students.1fbusa.com/money-smarts/financial-goals-from-real-college-students). 

 

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