Moneyadviceblog » Moneytitle_li=Accountstitle_li=Budgettitle_li=Budgetingtitle_li=Investmenttitle_li=Wealth » Money Advice: Financial Advice for Gen Z

Money is a big struggle for people who have just finished their college journey, and saving in your twenties is tricky because, let’s be real, you aren’t making bank as soon as you leave college and have to settle for the bare minimum. Because you don’t have any experience in the job you are starting, let’s be real, who is going to hire someone without a degree for an office job, especially higher-paying office jobs. As someone who just finished an English degree and who just started a new job, I speak from experience when I say it is hard as hell to save when you are getting paid crumbs, and sometimes it is the bare minimum to get by but saving even if it is $5 a weekly is a great way to start your journey. So, without further ado, let’s get into the advice that us Gen Z needs to know about money.

Diversify your income stream


Personally, I am one of those people who hates fitting in the norm and this is also true when it comes to choosing your career path. Working a 9 to 5 in an office is not for anybody and to quote my queen, Dolly Parton:

“Working 9 to 5, what a way to make a living

Barely getting by, it’s all taking and no giving

They just use your mind, and they never give you credit

It’s enough to drive you crazy if you let it.”


Let’s be honest, more and more of us older Gen Z are shifting away from traditional 9 to 5 jobs because we grew up in a world that taught us that we could be whatever we want and slaving away for 50 years in the hopes of making a decent living and a good retirement is not for most of us. With the internet and the diversification of the job market, most of us are starting more unconventional jobs like content writers, community managers, or even influencers. You no longer have to have an office job to make a decent living now. Also, if you are in your 20 like me, get yourself a side hustle on top of your current job because it will improve your life and you don’t have to focus on only one career nowadays.

Adopt the 50/30/20 budgeting system


There are a lot of budgeting systems and methods out there, and for me, the 50/30/20 is the one that works best and is the method that allows me to save more money. The system is a wise way of spending and saving your money. So, you spend 50 % of your income on your essentials like bills, wifi, rent, food and transport, 30% of your income will go towards your needs and this is anything form going out with your friends, buying no essentials like books, makeup, clothes or daily coffee runs. The remaining 20% will be the money that you will be saving. By adopting this system to your salary, you can end your money more confidently and won’t feel bad about overspending because you know that you are saving a fixed sum of money each month.

Practice self-control

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This is easier said than done, and I have difficulties respecting this specific tip but do as I say and not as I do when it comes to self-control. One of the many challenges of living your college journey as a broke student is that you tend to lose your sense of self-control when you start working a full-time job. Now you have your own disposable income that no one can tell you how to use and spend, and using your credit card is very quick when you go to happy hour and eat out with your friends. So, most of us start the month like a monarch and end the month broke and living off ramen noodles, and the latter hasn’t left my side since I started college and is always there during the hard and broke days. However, I had to get myself together because living broke isn’t always fun, and I had to perform self-control; one way to do this is to follow the above budgeting rule. Self-control allows you to have a better grasp over your finances, and you will be able to build a positive credit history.

Sound off in the comments section below and tell us if you want to read more about managing your finances as a Gen Z or in your 20s.