How to Strive for Financial Freedom in Your 20’s

Ok so I totally get it, you’re probably thinking ‘what the f**k is this chick on about?’ and I know it seems ridiculous to be considering Financial Freedom in my early 20’s but it’s definitely something that future me will thank 22 year old me for and I figure it’s good to get a head start.

Full disclosure; I don’t have a job. I actually have 2 at the moment, I have an unpaid internship and I work mornings serving breakfast at a local hotel for minimum wage. Honestly, it sucks, I can barely scrape together any money let alone save any, but I’ve tried to make a plan to attack my financial situation head on.

First things first, find out how much you owe and the interest. This is actually quite a tough part because it’s pretty scary. According to student loans, I owe around 50,000 at 4.6% interest and that is pretty f**king scary. It also means that with the interest I have to pay around £2,000 a year, which also f**king sucks. Lucky for me at the moment, student loans is all I owe at the moment (I don’t really feel that lucky haha) but for those who owe several different loans it’s important to figure out which ones actually cost you the most and tackle those ones first, it’ll save you in the long run.

Next, make yourself a budget book. This will help you to break the loans and savings down into manageable chunks. I chose blocks of £200, each time I pay off £200 I’ll shade in a box. A debt of £50,000 sounds like an impossible mountain but I know I can pay off £200. Writing out all your savings and aspirations helps you to process what you owe and where you owe it. I am trying to save for a flat deposit, furniture, driving lessons and a little second-hand car, and finally paying off my student loans.

Now it’s time to make a plan. I’m aiming to get a proper salaried job soon so it’ll be easier then, but for now I’m aiming to pay £100 into my debt and £100 into my savings account each month. I know this isn’t going to change much of anything, but a little is more than none and future me will thank me.

Finally, get a side hustle. A side hustle is basically anything that you can do in your own time to make money. This can be running your own Etsy shop making something, it can be dog sitting or house sitting or it can be what I do, selling clothes on Ebay. With Ebay predicting that most households have around £4000 worth of stuff just sat in cupboards unused, it is so worth having a clear out. Once you’ve had a clear out go to charity shops and buy big brand clothes on the cheap and sell them at a good price. If a Ralph Lauren men’s jacket was originally £150 and you buy it for £10 then you can sell it for £80 and everyone’s happy. (more on this later)


(I uploaded these last night hence there are no watchers or bids)

I hope this helps you guys who are struggling with debt its a horrid position to be in but there is definitely light at the end of the tunnel, if you start now, you will thank yourself later.



2 Comments Add yours

  1. Brian says:

    Great work striving toward FI! It’s helpful to start as soon as possible. Once you’re able to get a salaried position, you will make progress that much faster. Great idea with the blocks too.

    Liked by 1 person

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