Big money mistakes you are making in your twenties

By Miss Wanza | 1 month ago
A young man dealing with financial stress.

Being in your twenties is a stage where people spend most of their time learning to maneuver along the adult life lanes. This is the age that you are in between your final years of college and fresh into the career world.

Several tough choices in most cases have to be made. Just a few years to attain the prime age of 30, this is a time of learning and growing as an individual but it is also a stage where we are in a potential risk of making the worst mistakes that can cost the rest of our lives.

Financial advice and strategies should be a priority for everyone in their 20s. Most of the mistakes made under this sector occur when we try to find ways to manage and handle the peanuts in our accounts. Some of the major money mistakes you may fall victim to include:

1. Throwing away your receipts.

Getting rid of your receipts immediately you step out of the supermarket is a habit that has affected most young people. I know you may be wondering why you should keep pieces of papers that would just litter the house. Well that piece of paper my friend is evidence of your spending habits. Receipts are the easiest way to keep track of our expenditures. Take advantage of the fact that supermarkets these days have everything and save up your receipts to know how much you are spending.

2. Spending before you save

"Let me have fun, this is my hard earned money", this is a statement that most of us abide to. You resort to spending on unnecessary luxuries rather than save. Make a habit of putting aside a few coins from your earnings before spending it on anything. At the end of the year you will have a decent amount of savings.

3. Budgeting is too old for me

What budget are you working with? Get your pen and paper and jot down a rough estimate of your monthly expenses. Going through the ups and downs of life always seems better than rushing in clueless. Create a budget and try to stick to it. Your receipts will help you know how to budget for the next few months or even the entire year.

4. Impulse buying

Ladies fall victim to this more than their male counterparts because we women love our shopping, don't we? This pattern has a tendency of throwing our finances off balance and suddenly one realises it is mid-month and all your cash is drained out. Regulate your impulse buying habits and you will be fine.

We all make mistakes and we learn but most importantly we grow as individuals as we sail through our 20s.

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