Let’s face it, social media is full of advice about money, how to earn it, grow it, and spend it. From influencers touting “get rich quick” strategies to enticing posts about buying the latest luxury items, the financial advice you see online can often feel overwhelming or unrealistic. But when it comes to learning the foundational money lessons that truly matter, there’s no substitute for real-life knowledge.
Here’s what social media won’t tell you about budgeting, saving, and managing your money wisely.
From finding get rich quick strategies to learning how to be a personal investor and everything else in between, what you’re seeing on social media about the 'best money management strategies' is the highlight reel...not the full picture. Social media is a landmine of information and has great tips for recipes and traveling, however, it’s not the best place to learn the fundamentals of savvy money management.
Financial literacy equips people with the tools, resources, and knowledge to build a financially secure life. It can come from a variety of sources like books, blogs, experience, and even your local credit union. Peach State offers a variety of educational resources no matter where you are in your financial journey.
A budget is basically a mentor for your money. In your 20s you’re likely starting out with a few bills like a car payment, cellphone or credit card, but eventually you’ll graduate to also paying for rent, utilities, student loans, groceries, and life’s unexpected expenses. Learning wise budgeting techniques and building easy financial habits now will save you from accumulating needless debt later on.
The 50/20/30 budgeting rule is perfect for most 20 years olds because it’s simple and designed to fit any budget. Here's how to get started.
50/30/20 Budgeting Method
As you earn more money or take on additional financial responsibilities, you can adjust those percentages to fit your needs. Following the 50/30/20 budgeting strategy allows you to pay your bills, save money, AND enjoy life.
Helpful Tip: Net income is also known as your take home pay. It’s the amount you get to keep after taxes, health insurance, 401k contributions, etc. has been deducted from your paycheck.
Saving money might not feel like something that's doable in your 20s, but there are plenty of easy and safe ways that make it possible. Here are a few ways you can #StartSavingNow:
How Compound Interest Works: Compound interest is the interest you earn on the money deposited in your savings account AND the interest that accumulates on the deposit over time. Let’s say you have $1,000 and it earns 5% interest each year. At the end of year one, you'll have $1,050 (making an extra $50). At the end of year 2, you'll have $1,102.50 – an extra $100 on your initial $1,000 AND an extra $2.50 on the $50 interest.
While influencers and social media can be a source of inspiration, they also have the power to sway your purchasing decisions. The rise of Buy Now, Pay Later (BNPL) services has made it even easier to fall into the trap of trying to keep up with social media trends. BNPL allows people to split payments into smaller installments, making luxury items seem more affordable. However, being able to pay the monthly payment is not the same as being able to afford the item itself.
Debit cards are a great tool for managing everyday expenses, but only when you’re mindful of your balance and spending habits. With a debit card, you don’t get a bill every month because the money comes directly out of your checking account every time you make a purchase. Since debit cards are so convenient, it’s important to have discipline when it comes to making purchases. This ensures you’re not spending more than you can actually afford.
Responsible Ways to Use a Debit Card
Remember, neither Peach State nor any of our third-party vendors (i.e., Visa) will never call, text, or email you asking for your, PIN, two factor authentication codes, or credit/debit card numbers. If you believe you were contacted from someone claiming to be from Peach State, please reach out to us immediately at 855.889.4328, stop by your local branch, or email us at psfcu@peachstatefcu.org.
It’s important to start building healthy financial habits and creating a positive relationship with money while you’re in your 20s so you can set yourself up for long-term success. Whether you’re opening your first checking account, looking for a new one, or need a Fresh Start, Peach State has a variety of checking accounts designed to fit your needs.
With our CARES Visa Debit Card, you'll be helping to make meaningful impacts and support your community. With each debit card purchase you make, we'll donate a nickel to the Peach State FCU C.A.R.E.S. Foundation, which makes donations to community programs that enrich the lives of our neighbors.2
1 A separate club account will automatically be opened when signing up for and using the Visa Debit Card Round Up program.
2 $0.05 per transaction of Peach State Federal Credit Union’s merchant interchange income from our Visa Debit Card program is used to benefit the communities we serve. We will determine where/how funds are disbursed. This does not affect members’ accounts, nor will any member information be disclosed. You will not incur any additional fees or charges from this program. Merchant interchange income is derived from fees that a merchant pays to accept credit/debit card payments. The C.A.R.E.S. program may or may not apply to ATM transactions, certain commercial transactions, or other transactions not processed by Visa.