Let’s face it, financial independence is something we all crave for - we all want to be able to afford the fancy things of life, live comfortably, travel the world, and retire at a young age. However, making financial decisions that will aid these dreams can be a little daunting, and putting in the work; even harder. 


But with the right knowledge, you can be well on your way to financial independence in your 20s or 30s. 

This blog post explores 5 money facts you need to heed in your 20s and 30s. And how they can affect your financial independence. Let’s find out 

5 Financial Commandments You Need To Keep In Your 20s and 30s

Asides from budgeting, saving, and taking your insurance seriously, here are 5 money facts you should know before you reach your 30s. They Include:

1. Bank Fees Can Eat up Your Savings


ATM charges, card maintenance fees, bank maintenance fees, VAT, SMS charges… Seriously?! 

You know all these pesky bank fees that seem to show up from nowhere, break down your multiple zeros, and make you scream at your bank/financial service provider? Well, they can really eat into your savings if you're not careful.

For example, your bank charges you for SMS and a monthly maintenance fee for an ATM card/bank account you don’t use. It will only take a little while before those charges pile up to an overdraft,  especially if the account doesn't have enough money to cover the fees. This will add a lien to your account and may be deducted from any future accounts you open with the bank

So be smart about your banking and ensure you're taking advantage of all the free services your bank offers, like online banking and bill payment. You can also make a switch to any of the digital banks that meet your needs. And if you're not using a particular account, close it! There's no need to pay for something you're not using. 


2. "Breaking the Bank" Could Break Your Back in Future

You've probably heard the saying "breaking the bank." But what does that mean? This means going overboard and spending more money than you actually have. And believe it or not, this can have some pretty serious consequences down the road. 


For example, if you're always borrowing (from your savings, emergency funds, family, and friends) or racking up loans from loan companies and banks just to spend on frivolities, you may have a hard time clearing your debts. By this, we mean spending your savings on unnecessary/ unplanned events or items that do not yield monetary returns. 


The good news is that it's never too late to get your finances in order. You can start by creating a budget and sticking to it. And if you need help, there are plenty of resources, like online calculators, budgeting apps, digital banks, or even a physical piggy bank that could help you manage your spending.

So take a deep breath and start thinking about your financial future. Because the earlier you start planning, the easier it will be to reach your goals.

3. Invest in Yourself by Taking Courses and Learning New Skills

It’s easy to get lost in the thought of ‘growing up’, till you miss out on life-changing opportunities because you don’t have any skills or potential to offer. 

You're in your 20s and 30s, so it's time to invest in yourself. And I don't just mean financially. I mean, take some courses, learn new skills, start a new business, and broaden your horizons.

The more you know, the more valuable you are to a potential employer or target market. And the more options you'll have when it comes time to make a career change. Plus, you never know when you might need that new skill set.

So what are you waiting for? Get out there and start learning!

4. Expensive Weddings Are Forgotten the Next Saturday

Chances are, you’re planning your dream wedding right now, but remember that it's just a day - it'll be a distant memory before the next Saturday. So, Instead of emptying your savings on a one-day event, why not save up for a down payment on a house or invest in your future?

You can do so many things with your money that will benefit you in the long run. So think carefully about how you want to spend your hard-earned cash. A wedding is a beautiful celebration, but it's not worth going into debt.


5. Life Insurance is Never Old-School

Here's a fact that might surprise you: life insurance is never out of fashion. In fact, it's one of the most important things you can have in your financial arsenal.

Why? Because life insurance eases the financial burden of losing a loved one or a family’s breadwinner. Not just life insurance, you can also insure your properties, landed assets, businesses, etc. This will cover up for ‘starting over’ in case of potential losses or damage.  

Getting life insurance is also pretty easy. All you need to do is speak to an agent, and they'll help you find the right policy for your needs. Plus, you can set up a payment plan that deducts the money in bits, so you don’t feel the brunt of giving up your savings or living expenses. 

Bonus Point:  Health is Wealth

Not to sound cliche, but this is one of the most neglected aspects of financial freedom. 


We all know life can be unpredictable, and health challenges can hit anyone unannounced. However, some actions and inactions could affect your health in the long run. Actions like eating healthy, exercising, practicing good hygiene, etc can improve your health and reduce health emergencies. Adverse health practices like drug abuse, smoking, vaping, excessive drinking, and alcohol addiction can also affect your overall health, increase organ failures, and decrease life expectancy. 

To be safe, it’s advised to live a healthy lifestyle, so you don’t spend all your savings treating illnesses that could have been avoided. On the flip side, you can’t make more money and wealth on a sick bed. 



Your 20s or 30s are perfect for buckling down your expenses and investing in your financial future. The tips above will help you to stay on the right course on your journey to financial freedom. Avoiding these Financial mistakes can make the journey a lot easier. And help you stay ahead of the curve in your expenses. 


In a nutshell, here are some money facts you should always keep in mind. They Include

  1. You're not too young to start saving for retirement.
  2. Your credit score is important - start building good credit now.
  3. Debt shouldn't be taken lightly - make a plan to pay it off as quickly as possible.
  4. You need insurance - health, dental, life, and disability insurance are all important.
  5. Investing is key - start early and invest consistently to see the best results.
  6. An emergency fund is important for financial security regardless of age.