Are you making these money mistakes?
Not Using a Budget.
If you don’t have a system to identify where your money is going, you’ll likely be on your way to other poor financial decisions.
Not being realistic.
Once you have that degree in your hand, you may feel like your picture-perfect career is right around the corner. In reality, that might not be the case.
Young adults sometimes overspend, because they expect their financial goals to be met. Stay focused on your current financial situation and be prepared for anything.
You may not be able to save thousands right away, but you can start small. Let go of the mindset that saving is only for retirement. Everything, from planning a vacation to taking care of car repairs, requires setting money aside.
A good approach to saving is to continue living like a college student. Keep spending as little as possible, allowing yourself to save whatever you can.
Putting off retirement.
It’s necessary to keep retirement planning somewhere on your list of priorities. Start saving for retirement when you land your first job, as many employers offer a 401(k) or 403(b) plan with a company match.
If you don’t take advantage, you’re leaving free money on the table. Plus, getting into the habit of saving now can make you a saver forever.
Neglecting credit reports.
Not taking the time to look over your credit reports is a huge no-no. Reviewing your reports gives you a chance to correct any errors and evaluate your overall creditworthiness.
A good rule of thumb if you want to keep your reports clean? Start out using credit judiciously, and always pay down your credit cards.
How do you avoid making money mistakes? Let me know on my Facebook page!