4 Ways Not To Go Broke In Your 20’s

This is not for those that have made it in life or have figured out how to be and stay rich. This is for us, the people that have not ‘blown’ yet or figured how to be and stay insanely rich. This is for us, young people who work hard and try to make ends meet, pay our bills, save, invest, try not to go broke and still try to live a somewhat good version of our best lives (because living the best version of our best life would cost us money, and we’re still managing, Thank you very much).

So, since that’s out there I can confidently say, I’m talking to my people. I think I should add this, I’m a Chartered Accountant (and before you start about how I must be in money. Stop. Just stop. I’m far from rich). I just wanted to brag that I’m chartered. That was the point of adding that clause.

I’m not going to tell you things I’ve read or heard, I’m just going to tell you things that are true to me. Things I practice and things I’ve learnt, and I hope it helps you too.

And so, I start.

The big question is how can you not to go broke as a 20 something year old? First, we’re lucky, we’re still young and nobody expects us to be rich so rather than calling ourselves poor, we just say we broke. Now, how can we not stay broke and just be comfortable, I’d share with you a few things I’ve learnt.

If you’re like me, when I’m broke, I’m super humble. There’s this humility that comes with being broke. Your wants are restricted, your thinking is different, but you see when it’s the last day of the month for salary earners like myself or it’s pay day for people in business, I can’t explain the pride that comes with alerts. My God! My shoe starts to look like it needs an assistant, my taste buds starts to crave pizza and ice cream, watching movies in the comfort of my room starts to sound cliché, I have money and its begging me to spend it.

Naturally, by the 5th day of the month, I’m flat broke. I’ve learnt, the best thing to do before spending is to plan before the money comes. Draw up a feasible spending plan, make a budget and stick to it.


2. SAVE.
Now this is one hard, hard thing to learn but it’s possible to achieve. The trick is to save first before spending. Immediately your alert enters, move your savings to your savings account before spending out of it. In other words, spend what is left after saving. This would save you from stories that touch the heart.


Having just one source of income is the surest and fastest way to getting broke. Your free time can be spent making extra money. Forget what Davido says, you can never have too much money. As the money increases, your wants multiply. Money is never enough. This is the digital age where you can make money in the comfort of your rooms. Take advantage of this. There are a lot of side hustles to choose from. Research to find what works best for you and start balling.

There are several legit ways to invest money. You can invest in a business venture, in digital currencies like bitcoin, foreign exchange, or even yourself. Yes, you can invest in yourself by writing examinations and getting professional qualifications that improve your employability. (Yes, I just had to add that)


This is last but it’s very important. Please stay in your lane. Live within your means. Cut your cloth according to your cloth, basically don’t buy things you cannot afford. This would save you from money problems. Avoid impulse spending on things you don’t really need.
Trust me, doing all these comes with a remarkable level of discipline and sacrifices, but if you’re tired of being broke, it’s all worth it in the end. We’d keep pushing till poverty dies.

Stay Safe❤️.

Over to you…

What practical methods do you use to ensure you don’t get broke? Let’s hear from you in the comments!


This post was written by Elizabeth Ayewoh

To connect with her or ask any finance related questions, you can send her an email; ayewohelizabeth@gmail.com


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3 thoughts on “4 Ways Not To Go Broke In Your 20’s”

  1. Honestly this post is necessary because I for one suck with money. I save when I need to but generally I’m not disciplined as I want to be. I like to save, but at the same time I impulse buy a lot. My wardrobe is thanking me for it now but my account is screaming! I totally get you on the shoe looking at you like it needs an assistant! Haha! But you won’t see me rushing to cinema sha, couldn’t be me. I just love shopping for clothes, shoes and food. God help us. Oh yes, props too. I’m still yet to figure out this investing of a thing! I’m hoping to attend the PiggyVest program on finance to get more clarity, but at the end of the day it all comes down to practice as opposed to just theory. A decent blog post you have here, Mide!


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