Your 20s can be some of the best times of your life. So much can happen in those 10 years. Maybe you graduate from college, get married, get your first career job and have your first child.
But in the middle of all the excitement, it’s easy to make some bad decisions—or put off important decisions—that end up costing you a lot in the long run.
When it comes to your money, what are some mistakes to avoid in your 20s?
5 Buying a House Too Soon
4 Believing the Lie That You “Have to Have a Credit Score”
3 Failing to Save
2 Forgetting You’re a 20-Something, Not a 50-Something
1 Not Making a Plan for Your Money
This is as simple as it gets. You can’t fly by the seat of your pants with your money. If you want to live paycheck to paycheck, that’s fine. But if you want to build a future for yourself and your family, then you need to make a plan. It starts with a budget. Sit down every month and write out your budget on paper, on purpose. And get out of debt as fast as you can. Bottom line: Make a plan to make smart decisions with your money.
If you follow this advice in your 20s, you should have a nice foundation to build from by the time you turn 30. Don’t let the excitement and the independence you feel in your 20s distract you from making a plan for your future!