Master Money in Your 20s With These Personal Finance Blogs and Tips

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

a group of young people chatting about finances
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less

Are you wondering what kind of repayment plan is best for your student loans? How about how much you should be contributing to your 401(k) or which career path is best for you?

Welcome to the wonderful world of your 20s, where you have a lot of questions but not a whole lot of answers (yet).

Although it’s up to you to figure out how to live your best life, you’re not alone when it comes to figuring out how to manage your money. Dozens of personal finance blogs are spilling the beans about smart money management.

Follow these tips from expert personal finance blogs

To get started, check out these eight financial tips for 20-somethings from the writers behind a few leading personal finance blogs.

1. Pay off your debt ASAP

Even though you’re young, you might already have some major debt to deal with in the form of student loans. In 2017, the average graduate left school owing $39,400 in student loan debt.

You might also be dealing with an auto loan or credit card debt, which can be especially tough to pay off because of high interest rates.

Instead of letting debt hang over your head, Marissa Lyda of The Budgeting Wife recommends making debt payoff a priority.

“Pay off your student loans, car loan, and credit cards as quick as possible for a foundation to your financial future,” said Lyda.

If you make extra payments, you can get out of debt ahead of schedule. Once you’re debt-free, you can shift your focus to other financial priorities.

“When you’re young and in your 20s, you have the power to build some serious wealth for your future,” said Lyda. “But it all starts with being debt-free.”

2. Build a 3- to 6-month emergency fund

Although paying off debt is a priority, it shouldn’t eat up all your spare money. It’s also important to put money into an emergency fund so you’re prepared for any unexpected expenses that come up.

“If you don’t have a strong financial foundation in place, you need to start there,” advised Brad Ruttenberg, a certified financial planner and co-creator of The Money Twins. “Among other things, that includes an emergency fund of three to six months of your monthly needs.”

Of course, not everyone’s salary makes it easy to build a multimonth emergency fund. But setting aside even a few hundred dollars could be a big help if your car breaks down or you need to make an emergency room visit.

Stephen Nelson, who runs the personal finance blog Per Diem, recommends putting your emergency funds into a savings account so you’re not tempted to spend it. In particular, he said online banks are your best bet since their accounts come with high interest returns. Ally Bank, for instance, has a savings account with a 1.65% rate.

“This is a phenomenal place to park money you are saving,” said Nelson. “It also adds a layer of self-restraint because there aren’t any ATMs around for these accounts. You have to first transfer it to your regular bank account, which takes a few days. This allows you to think twice before dipping into your savings.”

Plus, you can set up recurring transfers between your checking and savings account so you’re building your emergency fund one week or month at a time.

3. Create a budget and stick to it

According to David Carlson, founder of one the top personal finance blogs for young people, Young Adult Money, the best step you can take in your 20s is to create and follow a budget.

“Set aside time to review your spending each month,” said Carlson. “If you don’t know how much you spend on certain categories like groceries, restaurants, or transportation, you will struggle to manage your spending.”

Carlson recommends setting a monthly target amount for each category. Then, track your spending to make sure you don’t go past your limits.

You might use a simple spreadsheet, or you could download an expense-tracking app to do the heavy lifting for you.

Apps such as Mint and YNAB will automatically track your spending and make sure you stay on course to reach your goals.

4. Avoid the trap of retail therapy

Following a budget sounds easy enough, but sticking to your spending limits is a lot harder, especially when you’re having a bad day.

Zina Kumok of Conscious Coins advises 20-somethings to not “spend their feelings.”

“Anytime I feel sad, lonely, or depressed, I somehow end up online shopping,” said Kumok. “Sometimes I’ll order a new top or nail polish color. I usually regret my purchase.”

Instead of charging your credit card, Kumok recommends finding more cost-effective ways to make yourself feel better.

“Take a nice walk, call a friend, or find an affordable therapist,” she said. “Those are cheaper and more sustainable solutions than a new dress.”

If you’re feeling down, the lift you get from retail therapy will be short-lived. And if you’re not careful, it could lead to high-interest credit card debt.

5. Start saving for retirement (yes, really)

Drew Parker, creator of The Complete Retirement Planner, said 20-somethings just starting their career probably aren’t thinking of retirement. But starting when you’re young will pay off in the long run.

“Create a written retirement plan as soon as you start working,” said Parker. “It’s not as much about retirement as it is about controlling your destiny, whatever you want that to be.”

By coming up with a plan, you can set yourself up for financial security. And if you can set aside some money each month into an individual retirement account or 401(k), you will reap the benefits of compound interest over time.

If your employer offers a 401(k) match, try to contribute enough to get the full benefit.

“A financial plan is all about what happens well before retirement so that you won’t have to worry about what will happen during retirement,” said Parker. “You may not be able to predict the future, but you can certainly prepare for it.”

6. Don’t be afraid to negotiate your salary

Although many personal finance bloggers shared tips for saving money, Catherine Agopcan, co-founder of Sisters for Financial Independence, emphasized the importance of making money.

“Don’t be afraid to negotiate [or] ask your employer for a benefit,” said Agopcan.

Learn about effective negotiation strategies before your meeting so you’re prepared when you meet with your manager or human resources. It’ll also help if you do your research on average salaries for comparable positions in your industry.

Besides negotiating your salary, consider alternative employee benefits as a way to boost your earnings, including tuition reimbursement or a gym allowance.

“Small things can add up,” said Agopcan. “It never hurts to get these extras added as part of compensation negotiation at hiring or during bonus time.”

You might have an even better chance if you’re working at a new company.

“Startups and smaller companies are constantly revamping their benefits offerings,” said Agopcan. “Give your feedback so you can take advantage of these alternative financial wins.”

Even if your company doesn’t offer specific benefits yet, it can’t hurt to ask about adding them to your contract.

7. Start a side hustle

Working a side hustle is another way to boost your income. According to Bankrate, more than 44 million Americans have a side gig of some kind.

“Instead of binge-watching the next Netflix show, find a side hustle you can make extra money with,” said Kelan Kline, who co-founded The Savvy Couple with his wife, Brittany. “Make sure it’s something you enjoy because your time should never be traded for money.”

Your side hustle could involve anything from freelancing to starting an online business to driving for Uber. But as Kline said, make sure it’s something you like so you don’t get burned out trying to balance it with your full-time job.

8. Spend less than you make

No list of financial advice would be complete without the golden rule of personal finance: Spend less than you make.

“While this advice is repeated ad nauseam, it is absolutely the bedrock to building any amount of wealth,” said Nelson.

To make sure your spending doesn’t exceed your earning, Nelson recommends setting up automatic savings.

“Each month, have part of your paycheck directed to your savings account automatically,” he suggested. “This will ensure that [you’re saving and] living below your means.”

And who knows? If you follow all the tips listed above, you might be able to live the dream and go into your 30s completely debt-free.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 5.87% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 5.87% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.


2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

  1. VARIABLE APR – APR is subject to increase after consummation. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance: Fixed rates from 3.899% APR to 8.179% APR (with AutoPay). Variable rates from 2.570% APR to 6.980% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. SoFi rate ranges are current as of September 14, 2018 and are subject to change without notice. See APR examples and terms. Lowest variable rate of 2.570% APR assumes the current index rate derived from the 1-month LIBOR of 2.08% plus 0.740% margin minus 0.25% AutoPay discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.


5 Important Disclosures for CommonBond.

CommonBond Disclosures

  1. Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). The following table displays the estimated monthly payment, total interest, and Annual Percentage Rates (APR) for a $10,000 loan. The Annual Percentage Rate (APR) shown for each in-school loan product reflects the accruing interest, the effect of one-time capitalization of interest at the end of a deferment period, a 2% origination fee, and the applicable Repayment Plan. All loans are eligible for a 0.25% reduction in interest rate by agreeing to automatic payment withdrawals once in repayment, which is reflected in the interest rates and APRs displayed. Variable rates may increase after consummation. All variable rates are based on a 1-month LIBOR assumption of 2.08% effective July 25, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate DisclosureVariable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of August 1, 2018, the one-month LIBOR rate is 2.07%. Variable interest rates range from 2.57%-8.17% (2.57%-8.17% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit http://studentaid.ed.gov/. We also have several resources available to help the borrower make a decision at http://www.citizensbank.com/EdRefinance, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled, must be in repayment of their existing student loan(s) and must make the minimum number of payments after leaving school. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a co-signer who is a U.S. citizen or permanent resident. The co-signer (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.
  7. Estimated average savings amount is based on 14,659 Education Refinance Loan customers who saved on loans between August 1, 2017 and July 31, 2018. The calculation is derived by averaging monthly savings across Education Refinance Loan customers whose payment amounts decreased after refinancing, calculated by taking the monthly payment prior to refinancing minus the monthly payment after refinancing. We excluded monthly savings from customers that exceeded $4,375 and were lower than $20 to minimize risk of data error skewing the savings amounts. Savings will vary based on interest rates, balances and remaining repayment term of loans to be refinanced. Borrower’s overall repayment amount may be higher than the loans they are refinancing even if monthly payments are lower.

2.57% – 6.98%3Undergrad
& Graduate
Visit SoFi
2.47% – 5.87%1Undergrad
& Graduate
Visit Earnest
2.47% – 8.03%4Undergrad
& Graduate
Visit Lendkey
2.80% – 6.22%2Undergrad
& Graduate
Visit Laurel Road
2.48% – 6.25%5Undergrad
& Graduate
Visit CommonBond
2.57% – 8.17%6Undergrad
& Graduate
Visit Citizens
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.