You might sure have one poor decision you made in your 20s or you are making right now. There are new trends, new standards that the world is fixing for people in their 20s so everyone is trying to keep up especially when they have a job. While you are trying to live up to that standard there are some mistakes you should not make. Let us find out below.
- Living for the moment
You just got a job and you want to make up for all the stress you probably had at university so you want to enjoy while life lasts especially when you have a steady heavy paycheck. Nobody expects you to live a ‘garri’ lifestyle but if you concentrate on living in the moment before you know it you’d be poorer than when you were a student and at a point where at the end of the month you can’t wait to receive your salary. Instead of living within your means and for the moment, make a budget and spend less than you earn every month.
2. Not saving for emergencies
Studies have proven that 24% of adults have no emergency savings. There are often financial surprises that are unavoidable such as ill-health, death, natural hazards and many more. You can avoid this mistake by starting an emergency fund. You can delegate a particular amount to put into your fund every month. This is will greatly reduce your financial surprises.
3. Zero Investment
Many people often assume investments are for the old and they can catch up later when they have a lot of money at their disposal. Did I read your mind?. Well, being able to invest early is a financial decision you should start making in your 20s given that your money grows with time and the market provides a better rate of the money in the future. So many people prefer keeping their money in a bank or even under their mattress because of the so many existing Ponzi schemes where they are scammed. But deciding to invest will entail research so that you put your money in the right place
Make good decisions now to you avoid repeating the same errors as others out there.