There is a lot to live up to for a twenty-something these days.
Fidelity producer Nafeesa Zaman admits "the allure of instant gratification is hard to ignore".
"Living my best 'Instagrammable' life — whether it's a new outfit with next day delivery, taking a holiday in Fiji or ordering Uber Eats — life can get expensive."
But she had an epiphany when she recently turned 25.
"I decided it was finally time to stop being reckless with my money," Zaman said on the Fidelity blog.
"I value my financial independence, so it makes sense to make strides towards it."
And she reckons developing better financial habits makes her "feel good".
"Rest assured, I'm still living my best Instagrammable life. It's just on a budget."
In a lesson for all ages, Zaman is achieving her monetary goals in three ways:
1. Young investors have something older folks cannot buy
Zaman admits that scrolling through social media gives the impression that many twenty-somethings are already rolling in cash.
"Some live in fancy high-rise apartments, others wear the latest designer brands. It's a luxurious world but it's a far cry from the reality many young people live."
In the real world, young people are suffering even more than older folks from high rents or mortgage repayments, and cost-of-living pressures.
"It's no surprise then that the get-rich-quick mentality is appealing to people of my generation."
However, she has realised falling for promises of quick wealth is not the path to real financial freedom.
Instead, Zaman's realised young people have something that older investors cannot buy with all the money in the world.
"At 25, my greatest asset is time. That's because the longer you invest for, the more opportunity there is to benefit from the stock market's long-term growth."
Starting investing at 35 as opposed to 25 can still mean you end up with hundreds of thousands dollars less when you're older.
"That's why I'm opting for a get rich slow mentality. That means regularly saving to look after some of my medium-term goals and for my future retirement."
2. Develop good habits while you're young
Zaman confesses her financial behaviour was pretty sloppy before she turned 25.
"I didn't check my bank statements. I didn't budget. And I didn't save as regularly as I would've liked. Even checking my bank account made my heart skip a beat."
But ignoring problems isn't doing anyone any favours, so she now keeps an eye on her numbers, regardless of discomfort.
"I review my monthly spending. I allocate a budget for my day-to-day costs like food, travel and socialising.
"I ensure I have enough cash for my bills and most importantly I use my hard-earned salary to save for the future."
Zaman also regularly sets aside cash into a separate savings account to be used for emergencies.
"Before I knew it, these good habits had become second nature to me."
3. Start caring about retirement
Although compulsory superannuation rules every worker in Australia, keeping a tab on this is critical for young women.
"Australia's gender pay gap has been stuck between 13% and 19% for two decades with women still paid less than men in many industries, despite more modern laws and changing attitudes," said Zaman.
"The pay gap translates into a much bigger superannuation gap of around 30% when women retire."
As well as not receiving the same amount of wages as their male counterparts, female workers often have their work contributions interrupted by stints caring for others, such as children.
"This results, on average, with women currently retiring with $67,000 less than men," Zaman said.
"While I don't know what the future holds, I'm conscious of doing what I can, when I can, to help close this gap. I've been known to contribute birthday money and bonuses, as well as one-off contributions occasionally too. I know it all adds up."
