5 money mistakes to avoid in your 20s

You will regret it

___8854207___2018___9___14___12___download_1

Some money mistakes, however, are unforgivable and you may regret them for the rest of your life.

In your 20s, you should be setting your foundation for a better future through proper money management.

Here are some money mistakes that you should never make in your 20s:

1. Living beyond your means

Letting your friends dictate the kind of life you lead whereas they earn more is a misleading idea. You end up taking debts to support a lifestyle that you can hardly sustain just to belong to some class.

2. Not saving for emergencies

Some people don’t actually make the effort to save. While you may not have experienced any emergency so far, you are never sure of what will happen tomorrow. Always have an emergency savings account just in case you get ill or lose your job.

3. Not tracking your funds

As early as now, you need to start budgeting for your income no matter how meagre it is. This way, it will be easier to plan for more money once you get there. When you don’t budget, you are likely to overspend or leave out some more important issues unattended.

4. Not repaying your HELB

You might think that you have all the years to repay your student loan but the earlier you pay the better. The more the interests gets accumulated, the more you will have to pay for an even longer period. You don’t want to be gambling between repaying your HELB and paying your kids’ school fees.

5. Getting a car on loan

Do you actually need a car in your 20s? Well, it’s more of a luxury at this time and unless you have the money, you shouldn’t be taking a loan for a good ride. You would rather take a loan and invest in business than acquiring a liability on loan.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Guys, here are 15 truths your girlfriend never wants to admit to you

Guys, here are 15 truths your girlfriend never wants to admit to you

4 side effects of being a virgin for too long, according to research

4 side effects of being a virgin for too long, according to research

Why do men get so, so angry when they're cheated on?

Why do men get so, so angry when they're cheated on?

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

Over 100 strangers surprise Kenyan couple on their wedding day [Video]

A guide on How to Simp, and why it's necessary

A guide on How to Simp, and why it's necessary

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding

Ben Cyco, Wanjiru Njiru finally married, stunning photos from the couple's wedding

Can you stomach rejection? 8 tips to help when she says 'No' to you

Can you stomach rejection? 8 tips to help when she says 'No' to you

5 activities every adult should know how to do

5 activities every adult should know how to do

8 signs your guy really wants to marry you

8 signs your guy really wants to marry you