The twenties is the time most of the individuals waiting for since childhood. It is also the time when you need to make a meaningful life decision regarding your future and career path. Whatever foundation you lay at your twenties will directly shape up the life at your later phase.
Reason to mistake
Often, fresh out of college and new into the adult world, youths at this age segments do gets confused. Many times, they do not have accurate guidance especially in the matter of savings. Especially if you are in your first job, you could end up making the wrong financial decision.
Thus it may leave your pocket dry at the nick of the time. Therefore, you need to have proper financial planning which will help you to plan with your earned money meticulously. You can jot down all these plans in Appstar, a financial app and download it after reading appstar reviews. Here are some top mistakes that you should definitely avoid in the twenties in money matter:
Start saving as much as possible. In the 20s, people do get swayed away by the thrill of making own money. It leads to impulsive and unnecessary spending that will never contribute to saving. It is advisable to start saving for yourself in a small amount in a savings bank account. Talk to your bank about various savings options that are available and start saving for future.
Spending much of your income on your marriage or engagement party is definitely not an economically viable option if you have started earning fresh. It is advisable to keep your courtship and marriage as simple as possible. Instead, you can put aside the money you intended to spend on bashes, to buy home, car or assets that will secure you and your new family’s future.
Stop Credit Misuse:
Receiving first credit card can be pretty much exciting thing. However, to stay at the top payment list, many millennial tend to overuse the credit card that could ultimately affect the credit score. Not only late payment, but many other factors bring down your credit scores. Learn all about them widely and make sure those are not repeated.
Postpone the ride:
If you get a new job or have started a new venture, then it is advisable not to buy a fancy car immediately. You can invest in them after you have enough savings. For now, take that pool ride or shared ride and concentrate on building a solid fund.