Your 20s financial toolkit: budgeting, saving, and apps to empower you

finances in your 20s

Dreaming of that Andrea Iyamah two-piece or that gorgeous Shokiban bag can make your account balance frenzy. Taking out a loan to make these dreams come true can be risky without a proper payment plan. If your budget and payment plan do not match, it may become difficult to keep up. However, we understand the desire to want something badly enough, and we know how confusing it can be to manage your spending habits, especially in this economy. 

In your early 20s, income can be a bit unpredictable, and finances might feel like uncharted territory. Despite the absence of formal education on money management, cultivating smart spending habits is just as vital as building a strong savings foundation. It’s a time when financial decisions are in flux, making the art of balancing spending and saving a crucial skill to master. Don’t just dream about financial liberation; take steps to make it happen. Start by making minor changes to your spending habits. Here are some reasons why you should take your finances a bit more seriously;

  1. Budgeting can help you pay off debts, have a focused plan for your money, and allocate the appropriate amount for your expenses. 
  2. Planning combines pleasure with future preparation, considering retirement, insurance, and mortgage. It’s a good idea to start these plans in your 20s.
  3. Saving provides a safety net against unforeseen challenges, even though we don’t anticipate them. Savings can fund aspirations like your dream car or home and provide a safety net during medical emergencies.

We understand that tracking how much goes in and out of your account can be quite a drag. Thanks to advancements in technology, you no longer need to calculate everything manually; technology has provided convenient solutions for financial planning. Here’s a compilation of apps tailored to your financial needs.

Five apps for tracking finances in your 20s

Piggyvest (iOS and Android) 

Piggyvest, an automated version of the traditional piggybank, functions as a savings app with investment features. The app offers various savings features, including safe lock, target savings, and flex account. The app is linked to your bank account and automatically deducts the specified amount of money at the allocated time. Over some time, your savings will yield interest in your Piggyvest account, making it a profitable savings endeavour.  

Monefy (iOS and Android)

Monefy is a comprehensive budget and expense app designed to monitor your spending meticulously. It offers visual charts for a clear overview of your regular expenses. Whether it’s food, clothes, gas or even hospital bills, it generates detailed summaries based on your entries and provides an in-app calculator for further calculations. The app can be synced to all your devices for easier access. 

My Budget Book (iOS and Android)

My budget book offers a technical and professional approach for its users. This app aids in monitoring and projecting your balance while clearly visualising your expenses through charts and graphs. It ensures a secure and private user experience, devoid of in-app advertisements or concealed charges, except for the initial 1,800 naira payment. Moreover, it enables you to conveniently export your data as an Excel file, facilitating easy viewing and even printing for your convenience.

Wallet (iOS and Android)

Wallet: Budget Planner Tracker automatically links to all your accounts and monitors your expenses. The app uses a colourful template that helps you see if you are exceeding your allocated budget for certain expenses like food and shopping. It also provides a savings feature to help you save for a goal like a new vehicle or a house. 

Cowrywise (iOS and Android) 

Cowrywise is a wealth management app that enables you to save and invest money easily. With a very stringent focus, it facilitates saving for short- and long-term goals. The app has features like periodic and life goals savings plans. It also provides a feature that permits you to save in foreign currencies. 

Financial independence in your 20s extends beyond mere wealth. It can shape your destiny, make choices, and lead your desired life. It’s about self-sufficiency for yourself and your family, eliminating dependence on others. If you’re a goal-oriented woman striving for financial freedom, effective planning, saving, and budgeting pave the path. Integrate these apps as your stepping stones towards fiscal responsibility, offering vital features that keep your goals within reach on your device. Empower your finances in your 20s and seize control of your future.


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