Money Mistakes Young People Make

Published on May 25th, 2018

The liberating feeling of graduating from college and being on your own in every sense of the word is both exhilarating and scary. If you don’t spend your money wisely, you may find yourself in the need of a spur-of-the-moment payday cash loan. If you need help navigating the financial world in your 20s, here are some common mistakes you can’t afford to make.

Not Saving for Retirement

It’s never too early to start saving for your retirement. This isn’t something that likely crosses your mind very often when you’re young, but the earlier you start, the more your money will compound. As soon as you begin working, try to save at least 5 percent of your pay. When you’re older, you’ll be glad that you did!

Nonexistent Credit

Having no credit is often times worse than having bad credit. Before you know it, you’ll be wanting to apply for an apartment or insurance for a house, and you won’t know what to do because you don’t have credit. If you don’t have a credit card, it’s often easier to get one such as a student credit card. From there, pay bills on time and your credit score will increase.

Relying on Your Parents

It’s time to cut financial ties with your parents. If they helped pay for your schooling, thank them for their generosity and move on. Although it may be scary to navigate financial waters on your own for the first time, it will help you learn.

If push comes to shove and you need a payday cash loan to help you when you’re in a financial crunch, Short Term Loans can help!


Source: Money Under 30

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